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nicolas

Bank account for service charges

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I  am having trouble opening a bank account for the service charges for the building that I am freeholder for. It is a small building with 3 long leasehold residential flats, and the freehold is held by myself personally, not in a company name, and not by any of the other leaseholder (I own the lease of one of the flats as well as the freehold). I do not feel we require the services of a managing agent for such a small property and am trying to make arrangements to manage the freehold personally to reduce costs. However, the set-up of the bank accounts for the service charges and reserve fund is proving difficult. The banks will not recognise that the funds are held in trust for the leaseholders where there is no managing agent involved yet this is a requirement of LTA 1987. Has anyone any advice or contacts that can assist in setting up these accounts please?

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Hi Nicolas

Think you're after a client account rather than a personal current account. You can find some more discussion on it here in another Landlord forum where they provide some suggestions. Best of luck!


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