30 year plans to maintain your home
If you’re a leaseholder or shared owner and you live in a block of flats, you’ll know that it’s your responsibility to contribute to the maintenance of the building you live in.
Included in the service charges you pay every year is a contribution to the sinking fund for your block. Sinking funds are used to cover the costs of major works, maintenance and any repairs if there is enough money in them to do so.
Having a sufficient sinking fund gives you peace of mind that when works are needed, like roof repairs, replacement windows or communal decoration, the funds have built up over time to cover this.
We’re currently reviewing the amount that all leaseholders and shared owners pay into sinking funds, and will be making some changes ahead of April 2024.
30 year plan
As well as reviewing your sinking charges, we’re making a detailed plan for your building to show you what work will be needed over the next 30 years, 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 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, not all plans will be completed by 1 April 2024. If your plan isn’t completed by then, we’ll set sinking fund contributions at £500.
If you have any questions please get in touch with the home ownership team on 0333 400 8222.
Answering your questions
If you have any questions or would like to know what you’re currently paying towards your sinking fund, please contact your housing officer, customer accounts or the service charge team on 0333 400 8222. We've answered some of the most frequently asked questions asked about sinking funds below.
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 two 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 for all plans to be complete by April 2024. If your plan isn’t completed by then, we’ll set sinking fund contributions at £500.
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.
When is this change going to happen? - This change will take affect from 1 April 2024.
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.Back to latest news listings