This article applies for:
What is the 30 year plan?
Published on:
We’re making a detailed plan for your building to show you what work will be needed over the next 30 years, an approximate time frame of when it will take place and how much it’s likely to cost.
These plans, alongside your sinking fund, will help you plan for these costs and to avoid or significantly reduce having to pay out large sums of money in the future.
Developing a 30-year plan for your home is a long-term ongoing project, and we are working towards completing all plans for our homes. If your plan isn't completed by then, your sinking fund contribution will remain at £519 with an applied CPI increase of 3.8% until complete.We will write to you with the detailed plan for your block once it is completed to notify you of the change, and when you should expect to see the adjustment.
If you have any questions please get in touch with the home ownership team on 0333 400 8222.
Answering your questions
What is a sinking fund?
A sinking fund is a savings account for your home. It is specifically for large expensive works such as roof works, replacement windows, communal decoration etc. When this work is needed the sinking fund should cover the cost. Your lease may call it a reserve fund.
What is a 30-year maintenance plan?
Over the last three years we have surveyed most of our blocks and developed a maintenance plan for them. We use this information to work out the costs and what sinking fund contributions are needed to pay for the maintenance work that'll need to happen over time.
Are all 30-year maintenance plans complete now?
We are aiming to complete 30 year plans for all our homes. If your plan isn't completed by then, your sinking fund contribution will remain at £500 with an applied CPI increase of 3.8% until complete
Why are you making this change to sinking funds costs now?
We understand that there are lots of pressures on everyone's finances at the moment, however we need to make this change sooner rather than later to make sure that your home has a sufficient fund to cover any large costs resulting from major works or communal decoration. Having a sinking fund will give you long term financial support when maintenance and repairs are needed.
I cannot afford this increase. What do I do?
If you cannot afford this increase, please get in touch with us to discuss your options by speaking to your customer accounts officer on 0333 400 8222.
What if my lease doesn’t have a sinking fund provision?
Where there is no provision for a sinking fund within your lease and you do not pay into a sinking fund, it is our suggestion that you should consider putting aside amounts to cover what is in the 30 Year programme of works, so that when the time comes to undertake the works, you will have sufficient funds or a large portion of funds to pay towards any major works projects or cyclical decoration programmes. Even if you do not pay into a sinking fund, we will still write to you to give you details of the 30 Year Maintenance Plan for your building.