Q&As

On a sale of a residential flat where a reserve fund contribution is paid on account by the seller, can the seller require the reserve fund contribution to be apportioned between the seller and the buyer with the apportioned part to be reimbursed to the seller by the buyer at completion?

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Produced in partnership with Chris Bryden of 4 King’s Bench Walk
Published on: 10 May 2019
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It is commonly the case on the sale of a leasehold property that ground rent, service charges and any contributions to a reserve fund are payable in advance on a date set by the lease. Unless the sale of the leasehold property coincides with a service charge or reserve fund period, this means that the seller will have made a contribution in excess of their period of Ownership of the property. Additionally, where variable service charges or reserve fund contributions are made based on estimates, with an adjustment after actual spend has been incurred, it may not be until some time after payment is made that the true liability is known, with a rebate or an offset (or an

Chris Bryden
Chris Bryden

Barrister, 4 King’s Bench Walk

Chris was called to the Bar in 2003 and since that time has built a busy practice across a range of areas, with an emphasis on Chancery practice. He enjoys a well-deserved reputation for his knowledge and expertise in each area. He appears regularly in the County Court, Family Court and the High Court as well as various specialist Tribunals, and has been involved in cases up to and including the Supreme Court. He regularly is instructed at Appellate level. He has extensive and wide-ranging experience particularly in the areas of wills, probate and inheritance disputes; property including adverse possession, boundary disputes and issues arising out of trusts of land; company and commercial work and financial remedies. Chris is head of the Family Group and head of the Property Team at 4KBW.

Chris is the author of numerous articles in publications such as the New Law Journal, Counsel and Family Law, amongst many other titles, and is the co-author of Social Media in the Workplace: A Handbook (2015, Jordan Publishing).

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Jurisdiction(s):
United Kingdom
Key definition:
Completion definition
What does Completion mean?

means completion of this agreement in accordance with clause[s] [insert number of the clause(s) dealing with completion of the agreement];

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