QUESTION
Under the tenants’ rights and obligations I have the right to see the records and invoices etc. which relate to my property. Does this include the bank statements which relate to the managing agent.
ANSWER
You are correct that you are entitled to see all of the details regarding the service charge including, accounts, invoices and statements. That said, it is only the details for your development that you have a right to see.
Service charge money paid by leaseholders is trust money and should be held in ring-fenced designated bank accounts (under S42 of the Landlord and Tenant Act 1987).
Therefore you are entitled to see the bank statements and accounts for your particular development, however you are not entitled to see the accounts for the managing agent generally.
I hope this is of assistance and if you have any further queries regarding your service charge etc then please do not hesitate to contact LMP Law Ltd.
Peter Cornell, Director at LMP Law Ltd
