cwh Posted June 14, 2007 Report Share Posted June 14, 2007 I have recently bought a freehold property part of which I am leasing out on a long lease. The lease stipulates that I can charge the tenant a reserve for long term large expenditure (e.g. re-decoration of the outside of the building/major repaires) in addition to the annual service charge. Am I right in thinking that I am obliged to hold the reserve money in trust? Does anyone know how I go about setting up a trust for the reserve fund? Does anyone know how much setting up a trust like this costs? Thanks Link to comment Share on other sites More sharing options...
J4L Posted June 14, 2007 Report Share Posted June 14, 2007 Hi CWH I'm gonna just acknowledge your post so you don't think we're all ignoring you. With regard to your question I have absolutely no idea on the answer to this but I'm sure someone will be on soon and answer you. Welcome to the forum and I hope you get the answers your looking for. Link to comment Share on other sites More sharing options...
cwh Posted June 15, 2007 Author Report Share Posted June 15, 2007 I have recently bought a freehold property part of which I am leasing out on a long lease. The lease stipulates that I can charge the tenant a reserve for long term large expenditure (e.g. re-decoration of the outside of the building/major repaires) in addition to the annual service charge. Am I right in thinking that I am obliged to hold the reserve money in trust? Does anyone know how I go about setting up a trust for the reserve fund? Does anyone know how much setting up a trust like this costs? Thanks OK thanks hope so! Link to comment Share on other sites More sharing options...
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