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Thank you for advising me on the I am looking for Clarification

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Thank you for advising me on the

I am looking for Clarification on the Following Please could you advise me on this ?

I believe that A Managing Agent has to hold our Service Charge / Maintenance Payments in a Dedicated Separate Bank account and that the Interest that this account accrues must be added back to the Maintenance Fund
Hi Roger,

Under S. 42 of the Landlord and Tenant Act 1987, service charge must be held in a separate account and any interest (after tax) must be credited into that account.

This means that no matter what happens to the landlord, the money belongs to the leaseholders/tenants and cannot be used by the landlord for any other purpose.

Hope this helps

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