Moved by
Baroness Gardner of Parkes
84E: After Clause 124, insert the following new Clause—
“Sinking funds for repairs: leaseholds
(1) The buyer of a leasehold in a shared residential building with common parts is required to make periodic deposits of sums into a fund to be maintained and used for the purpose of making repairs to the building in which the leasehold property is situated.
(2) The fund shall be held and administered by the person designated to fulfil that role by the leaseholders.
(3) The sums to be deposited and the timetable for their deposit shall be determined by those holding rights in the shared building, and the collection of those sums may be incorporated into the building’s service charge arrangements.
(4) The requirement provided for by subsection (1) applies to any buyer of a leasehold who completes the purchase of that leasehold at any point after the day on which this section is brought into effect.”