A maintenance account serves as a dedicated account for funds earmarked for future repairs and maintenance. The account holds the float contributed by each owner, as well as any advance payments made towards upcoming repair projects.
Download our document on the suggested rules for running a maintenance account which covers general suggested rules, the process for owners to make payments into the account, and the repayment arrangements if the proposed work does not go ahead. Importantly, the document also details the information that must be provided to owners, including the proposed maintenance details, cost estimates, and the owners’ individual shares.
