The sinking fund refers to the money that is collected specifically to cover the cost of any potential major works such as a new roof, replacement lift etc.
Services charges are charged by landlords to recover the costs that they incur in providing services to a building such as maintaining, repairing, or cleaning.
Section 146 notice
A leaseholder who breaches their lease could face legal action from their landlord. Action could include the landlord seeking a county court judgement, approaching the leaseholder’s mortgage company and ultimately forfeiture of the lease and repossession of the house or flat. It is not possible to obtain possession without a court order. This process is usually started by the service of a notice under section 146 of the Law of Property Act 1925. The Section 146 notice is the start of taking possession.
The period of time for which a lease is granted.
A body that is established to determine legal disputes, for example, between a resident and their landlord. In the context of leasehold properties, this will be the First-tier Tribunal in England.
A written agreement inserted into the deeds or any other legal contract.