Why do we need to contribute to a Reserve Fund?

Click on the video below to listen to Property Manager Jamie, explain why you need to contribute to a Reserve Fund.

 

 

"Your lease will dictate whether monies can be collected for a Reserve Fund. And if the lease confirms a Reserve Fund can be collected, then this will enable the Freeholder and their agent to plan financially for future works such as exterior or interior re-decorations. When the Reserve Fund is sufficient and major works can be carried out, the leaseholders may avoid any additional charges to cover the works."