Section 20 Refund?Make Text Bigger
The management company at one of our properties in a block raised funds via section 20 process for a new roof. They have now decided to carry out repairs and defer the new roof for hopefully 5 or more years. They plan to ring fence the remaining funds for when the new roof is needed.
Do they not have to refund the balance as it has not been used for the purpose for which it was collected. I don’t object to building a sinking fund, but I don’t agree with how this has been done.
Can anyone advise on the position. Many thanks.
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