Sinking funds, reserve funds and depreciation service charges
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Landlord and Tenant Act 1985
Section 19(2) of LTA 1985 provides that advance payments (including contributions to reserve funds) must be reasonable.
Commonhold and Leasehold Reform Act 2002
CLRA 2002 introduces a new s.42 to LTA 1987 requiring all interim payments and other payments (i.e. sinking funds) to be held in designated accounts...