Hi, can anyone please advise if there is a legal requirement for a management company to have a separate designated interest bearing bank account for sinking fund contributions or can the service charges and sinking fund contributions be held in the same account? Many thanks
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No
Chances are the interest will be trivial.
Santander pays £12 pa on £110,000.Rate .01% ie 1% of 1%
Get the idiot telling you this to quote legal reference.
I advise all mine that accounts fee goes up by £50 for each extra bank account
Unless there's some requirement in the lease or Articles or other legal document, no.
Why are you having an audit ?
Missed the word audit
@OP
Did you really mean audit?
Accountants use the word in a precise and VERY expensive way
The service charge money belongs to the service charge payers
Not to be mixed with rent belonging to the landlord
Who has requested an audit?