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Rather than make a monthly deduction within the service charge, whenever ownership of a property is transferred, a sum of money is retained linked to the number of years that you have owned the property. In this way a fund is accrued to pay for any repairs and renewals that become necessary to common areas and the outside of your property. This gives each owner the confidence of knowing that they will not face hefty, unexpected bills should works become due, combined with the comfort that an ongoing provision has been made to safeguard the presentation of the buildings long into the future.
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