Reserve Fund

The Leasehold Forum is considering making a recommendation to Hounslow Homes to introduce a system of Reserve Funds to manage the cost of major works projects. They want to know your views first.

Here is how it would work: if Hounslow Homes has identified major works needed in the next 5 years, that affect your home and you are liable for paying a share of the costs, you will be notified of the nature of the works and the estimated cost of the contract. A Reserve Fund would then be set up, and all affected leaseholders would start to pay their total share of the cost, in monthly instalments for the period up until works are completed.

Our statutory consultation following Section 20 would be undertaken as normal and your comments would be taken into account, before any contract is agreed. The fund will be held in trust for the leaseholders and interest would be paid to the account; when the relevant contract works are completed, any adjustments are made to the final invoice and the invoice is settled by transferring the savings from the Reserve Fund, once the leaseholders have agreed to release the funds. Your rights to contest an invoice or have your concerns about the quality of work are not affected by this arrangement.

Have your say

To give your views on the Reserve Fund Proposal, tell us if you support/do not support the proposal, and together with any other comments, your name, address and phone number send to us:

All feedback must be received by 30/04/2013.