Plumlife uses Sinking Funds (sometimes known as reserve funds) to pay for any major maintenance to your building or development in the future.
They help us spread the costs of any major maintenance over time, rather than presenting homeowners with a large bill when major works are carried out. So Sinking Funds can pay for things like roof repairs, redecorating communal hallways or replacing lifts.
They are held 'in trust' so cannot be used by Plumlife for anything other than the development from which the money was collected. All money is held in an interest bearing bank account and the interest earned is added to the Sinking Fund too.
We collect these funds from you in three ways — via 'Pay as you Go', 'Pay on Exit' or sometimes a combination of the two.
With 'Pay as you Go', money is collected as part of your service charge payment and transferred into the Sinking Fund. This money cannot be paid back to you if you sell your home and the percentage is specified in your lease.
With 'Pay on Exit', you pay a portion of the money you receive when you sell your home.
Plumlife uses Sinking Funds (sometimes known as reserve funds) to pay for any major maintenance to your building or development in the future.
They help us spread the costs of any major maintenance over time, rather than presenting homeowners with a large bill when major works are carried out. So Sinking Funds can pay for things like roof repairs, redecorating communal hallways or replacing lifts.
They are held 'in trust' so cannot be used by Plumlife for anything other than the development from which the money was collected. All money is held in an interest bearing bank account and the interest earned is added to the Sinking Fund too.
We collect these funds from you in three ways — via 'Pay as you Go', 'Pay on Exit' or sometimes a combination of the two.
With 'Pay as you Go', money is collected as part of your service charge payment and transferred into the Sinking Fund. This money cannot be paid back to you if you sell your home and the percentage is specified in your lease.
With 'Pay on Exit', you pay a portion of the money you receive when you sell your home.