Leasehold Property Sinking Funds | Specialist Solicitors (2024)

I had need of the services of a solicitor to guide me through a Settlement Agreement. Bonallack and Bishop helped make the whole process as simple as it could be.

With their help and support we got everything sorted within 2 weeks which allowed me to get on with my life

Clive Bingham

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When my husband and I bought a buy-to-let flat it had a lease of less than 80 years and we knew we would need to either extend the lease or try to buy a share of the freehold. I made some enquiries with a local solicitor and Niki Adkins at Bonallack & Bishop was recommended to me. Since my first contact with Niki I have been extremely impressed. She provided us with invaluable information right at the start, which helped us to work with the three other flat owners to decide next steps. She recommended a surveyor who was able to help us determine what it might cost to extend the lease or to purchase the freehold. Luckily, all the flat owners decided that buying the freehold was the best option and we instructed Niki to undertake this work for us.

Although we were prepared for the process to take a year or more, we were delighted that Niki was able to help us secure the freehold in under 12 months. She made the process very clear, particularly around the costs involved, which all the leaseholders found invaluable. I would not hesitate to recommend Bonallack & Bishop and, in particular, Niki Adkins for any leaseholder considering securing the freehold on their property.

Leaseholder, Christchurch

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I want to tell you how grateful I am for the professional, empathic and helpful way in which you handled my affairs and to wish you well in the future.

Bonallack and Bishop have an excellent matrimonial/ family affairs department and I should have no hesitation in recommending you to anyone in need of your services.

My best wishes too, to your Secretary Georgina, who has also been most professional and helpful in every way.

Stephanie

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‘With very many thanks for all your efforts on my behalf on my divorce! I will definitely recommend you to others!!”

Family Law Department

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“Thank you for all your help over the last year”

Family Law Department

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“Kate has guided me through what has amounted to an emotional rollercoaster in a very calm fashion. She has advised me at all times in a very clear, concise manner and has been a rock through the whole difficult process. I can honestly say that through her efforts I have come out of a divorce in much better place emotionally and financially than if I had not engaged her services. I can recommend Kate without reservation for anyone who is in need of advice / contemplating separation. It will be one of the best decisions to make in difficult circ*mstances.”

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“Once again a huge thank you to Kate Brown and all of the staff at Bonallack & Bishop, you have provided and excellent service and I will have no hesitation in recommending your Company to anyone I know, who finds themselves in a similar position.”

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“Thanks again for all your help in this, it’s not the best of times in a person life and I want to say that you have been brilliant and very professional and I will be highly recommending you/B&B”

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“I’m very happy and pleased that everything has been completed so quickly and efficiently. Thank you very much Jennifer Slater for all your efforts. Best regards”

Mrs Marisa Taylor

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“I am extremely grateful for all your help and support, can’t thank you enough for all you have done.”

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“I followed the advice you gave me, which was to keep my dignity … to meet on neutral territory … and things were settled. Thank you for your advice.”

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“The Legal Advice and help that I received has been first class. Should I ever have problems in the future I would not hesitate to contact Bonallack and Bishop. You have delivered a high class service and been patient with me.”

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“The Legal Advice and help that I received has been first class. Should I ever have problems in the future I would not hesitate to contact Bonallack and Bishop. You have delivered a high class service and been patient with me.”

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“I was very happy with the assistance and service I received. I felt my needs were understood and met perfectly. I have already recommended your name to several others.”

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“Thank you very much for all your help. A very difficult time in my life made easier by you.”

Wills & Probate Department

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“Thank you very much for your support and interest.”

Wills & Probate Department

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“I followed the advice you gave me, which was to keep my dignity … to meet on neutral territory … and things were settled. Thank you for your advice.”

Wills & Probate Department

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“I would just like to thank you for your service to me.”

Wills & Probate Department

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“It was a pleasure to receive such an excellent and friendly service.”

Wills & Probate Department

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“Thank you soooo much for this. We have decided that your new name really should be Awesome Adkins! (This refers to a lease extension carried out by Niki Adkins – a member of specialist team)

Miss C Jacobs, Whitchurch, Hampshire

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“Throughout the lease extension negotiations you have been both charming and polite, despite the additional pressure imposed on you when unexpectedly having to take on a former colleague’s workload, and I know I speak on behalf of the whole family in thanking you for your efforts in achieving our goal of the lease extension and its registration with the Land Registry.”

A client from Downton, Wiltshire

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“Niki has provided a professional, efficient and above all clear and understandable service throughout my lease extension process. Every e-mail request was dealt with promptly and the clearness of her advice was without fault. I cannot praise Niki enough for her hard work during this matter as unfortunately we had quite a ‘difficult’ landlord to deal with. She is also very approachable and affable which comes across in her e-mail content. I would highly recommend Niki to any of my friends and associates.”

Christine Woodroffe, London

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“We were really impressed with how quickly and smoothly you organised the lease extension and we were happy we chose you. No doubt I’ll need a solicitor in the future and I’ll definitely contact you again.”

Rachael T, London

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“I would thoroughly recommend that anyone needing to extend their lease should get specialist advice early on in the process. I can also thoroughly recommend the services of Niki Adkins in this regard as she is a true professional”

Greg Baker

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“Mrs Adkins did an excellent job and I was pleased with the prompt and efficient way in which she handled the lease extension. She explained the law and procedure well, dealt with all queries and correspondence quickly and recommended a specialist surveyor who provided useful advice regarding the valuation of the flat. For work of this type I would have no hesitation in recommending her and the firm.”

John Duckworth

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“Thank you Niki for taking the confusion and worry out of my recent lease extension/freehold purchase. You are a star and I would certainly recommend you to others”.

Ms H – Salisbury

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Can I just say a big thank you for all of your help on the lease extension. You’ve been fantastic throughout. You are a credit to the profession.

Mr S, Dorset

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“Niki conducted the lease extension for my flat in a very professional and timely manner. I was extremely pleased with the service and personal attention that I received. This complicated matter was conducted to my entire satisfaction”

Pam Corfield

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“Mrs Adkins did an excellent job and I was pleased with the prompt and efficient way in which she handled the lease extension. She explained the law and procedure well, dealt with all queries and correspondence quickly and recommended a specialist surveyor who provided useful advice regarding the valuation of the flat. For work of this type I would have no hesitation in recommending her and the firm.”

John Duckworth

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“Niki conducted the lease extension for my flat in a very professional and timely manner. I was extremely pleased with the service and personal attention that I received. This complicated matter was conducted to my entire satisfaction”

Pam Corfield

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“I’m very happy and pleased that everything has been completed so quickly and efficiently. Thank you very much for all your efforts.”

Conveyancing Department

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“We wanted to say how much we appreciated your support and guidance during the sale of our property.”

Conveyancing Department

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“We dealt with Sara Fewell who was always friendly available and professional. We recommend her without hesitation”

Conveyancing Department

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“You were absolutely tremendous – on top of the case at all times and proactive, thus avoiding delay and confusion. We are most grateful.”

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“I am pleased with the outcome of my case and would like to thank you and your colleagues for your work on my behalf.”

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‘Special praise should be sent to Alex Haider as his services were good. I would definitely recommend him to others’.

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‘I was impressed with the work that Alex Haider undertook on my behalf. He made the whole process very clear and instilled both confidence and realism…above all he secured a very favourable settlement’

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“Local. Easy to access. Someone available to communicate. Acted on instructions given. Not complicated. Friendly!”

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“Bonallack and Bishop are professional, polite and approachable. Sara Fewell answered all my emails and send emails updating me all through the process of buying a property”.

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Sara and Nikki are very professional in their work. You could not improve it at all”.

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“Easy to relate to conveyancer, very could contact ability high-efficiency clear communication of all relevant information”.

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“Friendly reassuring advice and efficient service. We were very satisfied with everything thanks Sara fuel very much for her work.”

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“Sara was a beacon of professionalism in a sea of ineptitude. Cannot praise Sara highly enough. Without her I’m not sure the purchase will take place at all”.

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“I think that you provide an absolutely fantastic service. You are always friendly but polite with a great deal of experience of the more tricky aspects of conveyancing and how to resolve them. The best part of your service, however, is your speed of response.You also go the extra mile.

I really admire you dedication to your work / clients and your thoughtfulness.

I am (as you know) a property lawyer with over 10 years of experience of property law so I can really appreciate the service and client support that you offer. I think that you are brilliant and have recommended you to the estate agent to use on other sales.

Thank you again for making what could have been a very stressful move (on the legal side) run as smoothly as possible.”

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“We will always be grateful for the worry free and cost effective manner in which the sale and purchase was conducted”.

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“As one of the leading and longest established firm of chartered surveyors specialising in leasehold reform, we have worked with Bonallack and Bishop on many occasions. The process is complex and a procedural minefield. Bonallack and Bishop certainly know the ropes and we have always found them knowledgeable and efficient and a joy to deal with”.

Andrew Pridell, Andrew Pridell Associates Ltd – specialist Lease Extension Chartered Surveyor and Valuer, Hove

Andrew Pridell

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“I have worked alongside Niki on numerous lease extensions and have been impressed by her efficiency, regular communication and knowledge of the subject.”

Stephen Higley, Smith Robinson Higley Ltd, Chartered Surveyors, Poole

Stephen Higley

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“We are grateful for the prompt and efficient handling of our business… And our perception of black and Bishop is as a group of warm and wonderful human beings without parallel in the world of soliciting”

Alan

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“I would just like to thank you for your advice and support throughout, it was not easy for me to start legal proceedings,particularlyas I am in the military but I always felt sufficiently well informed and advised, and for that I am very grateful”

Simon

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“I just wanted to say a big thank you for your help and assistance with the PI claim. Please also pass on my thanks to your colleague …… who helped to settle the employment matter. I am delighted with the outcome of both matters and would have no hesitation in recommending Bonallack and Bishop solicitors. My sincere thanks and appreciation.”

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“Bonallack & Bishop recently helped us with writing our wills and the service we received was speedy and professional. Our situation was not particularly straightforward, but the lawyers who dealt with us gave us confidence that they really did know their way around the relevant legislation. We have no hesitation in recommending B&B to others.”

Anita Cordery

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“I was extremely pleased with the legal advice and help I received.”

Family Law Department

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“Thank you for all your help, support and advice Colin”.

Rachel

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“Thank you so much Colin for the help you gave me. The kindness from yourself at a very difficult time was very welcome”.

Doreen

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“I recently required the services of a solicitor relating to an employment matter and as I had previously used Bonallack and Bishop it made common sense to use them again and I knew that they had a specialist solicitor in that area of law.

I feel that their concern for their clients is explanatory at all times from all their staff. From the moment you enter the building they make you feel very welcome as they understand that it can be quite an intimidating ordeal visiting a solicitor. I felt very comfortable talking about my problem with my solicitor in a relaxed atmosphere who showed a great deal of sympathy and patience with me at all times when I was very emotional and upset. He talked honestly about my case and gave me the best advice in a very professional matter. I always felt that he was happy to give me as much time as necessary and never felt rushed.

I would recommend Bonallack and Bishop to anyone requiring legal advice because I feel that they are very knowledgeable, have a good professional ethic and are very friendly. I must say that my whole experience of using Bonallack and Bishop was extremely professional and I would certainly use them again.”

Teresa

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“I would like to thank you very much for the service I received from you. I have been impressed with your professionalism, your efficiency in dealing with all my queries and your promptness in keeping me informed during the whole process of my lease extension”

Conveyancing Department

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“I would to thank you very much for the service I received from you. I have been impressed with your professionalism, your efficiency in dealing with all my queries and your promptness in keeping me informed during the whole process of my lease extension”

Conveyancing Department

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“I’m very happy and pleased that everything has been completed so quickly and efficiently. Thank you very much for all your efforts.”

Conveyancing Department

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“Sara was a beacon of professionalism in a sea of ineptitude. Cannot praise Sara highly enough. Without her I’m not sure the purchase will take place at all”.

“We wanted to say how much we appreciated your support and guidance during the sale of our property.”

Conveyancing Department

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Used the Salisbury office of Bonallack and Bishop for conveyancing. They provided a friendly service and good value for money, also good communication throughout.

Richard Bell

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“My military clients when buying a property through me need a recommended solicitor who will act fast. When required I introduce them to Bonallack and Bishop who understand their transient lifestyle and are willing to communicate with them wherever they are by phone, post or email in order that the sale is completed as easily as possible. Not every property transaction is straightforward but their team ensures that whether my client is lending money to a Developer, buying a Buy-to-Let residential or a commercial building – their needs can be met. I have had nothing but positive feedback from my clients, and will not hesitate to instruct them again.”

Rachael Troughton

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“I used Bonallack & Bishop when buying my first home, as a first time buyer I knew very little about the whole legal process and Bonnallack & Bishop where there every step of the way with timely responses and excellent support and advise. For me they turned the whole process from legal jargon to informative information that i understood! From my initial contact with them to the day I signed on the dotted line took only 6 weeks. I couldn’t be happier with the service and even received a welcome to your new home card of which I thought was an excellent personal touch!”

Kat T

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“I used Bonallack & Bishop for conveyancing of my first house purchase, as i did not know the process I was put at ease with a dedicated account handler who kept me a breast of where we were and anything that was needed. The sale went through without a hitch and within a reasonable period of time, I would not hesitate in referring them to a friend or business”

Ben Jacob

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“When my partner and I finally decided to become home owners, Bonallack & Bishop made the whole process a lot less stressful. Despite being familiar with the concept of buying a house, nothing quite prepares you for doing it yourself. Bonallack & Bishop were fantastic; keeping us up to date with progress on our purchase, clearly explaining everything we needed to know and always responding swiftly to the many questions we had! A friendly and professional experience from start to finish.”

Rebecca Bishop

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“I used Bonallack & Bishop for the purchase of my first property. I had a bit of a nightmare with everything apart from the Conveyancing which is the part Bonallack & Bishop very professionally handled. Dealing with Bonallack & Bishop was a very easy process. Fingers crossed I will be using them again in the next few months for a house….. Thanks again. “

Neil Emmerson

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“I have used Bonallack and Bishop Solicitors in Salisbury on a number of occasions, preparing joint wills and conveyancing for a property purchases. I have always found them very professional and approachable offering excellent advice and would recommend them to others needing legal assistance.”

Paul Dolman

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“The Salisbury office did a great job of helping me to get my first purchase of a property right. Thanks to their diligence I avoided a problem, which could have had serious financial penalties for me. A professional and friendly team that makes customer service a key priority.”

Paul Townsend

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“I have used Bonallack and Bishop on many occasions for various different types of requirements from Declaration of Trust, Residential Conveyancing and now a licence agreement for a new office, even some of my staff are using them now. They are really nice easy people to deal with, especially as I needed a great deal of explanation. I would recommend them without hesitation!”

Claire Burroughs

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“Our move from our lovely home in Andover was unplanned; we had planned to move the following year but out of the blue our “dream home” many miles away became available. The only catch was we had to achieve our sale and completed purchase in less than 3 months. From the moment we engaged with Anita Wilson the whole process was energised and when matters needed hastening Anita could be relied upon to deliver the appropriate words in a manner that facilitated prompt responses and actions. There can be little doubt what was achieved in such a short time demanded a high degree of efficiency and effectiveness as the number and volumes of searches relating to our new home testify. Throughout the whole process we relied totally on our one point of contact, Anita Wilson, who proved to be extremely knowledgeable in the subject matters.”

Allyson Thompson

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“I have engaged over the years the services of many conveyancing agents and found virtually all to have one thing in common, a great offer of fantastic customer service. Without exception, the truth has always been short of the claims. What I have found refreshing about working with Anita Wilson, is that on no occasion has she over promised and then, under delivered. Anita has taken the time to understand what level service and involvement I would like and have consistently delivered it. I am also very impressed with her “win, win approach” for both the client and your organisation, it’s invigorating to see a company that cares for all sides. I would without doubt recommend her to anyone who wants to engage the services of a professional conveyance.”

Haywood

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“I just thought I would drop you a line to say a big thank you to your firmfor the wonderful service that Anita provided to me in doing the conveyancing work for the sale of my property in Ramsbury.

The sale certainly wasn’t straightforward at times, but I found Anita was always extremely professional, helpful and supportive throughout the turbulent process of the sale, which helped me to keep a calm head and it took a lot of the anxiety away from me to know that we had someone as capable as Anita on our side moving everything forward.

I will be only too happy to recommend Anita to everyone that I know involved in buying or selling property.”

Alex

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“In her professional capacity when working on the conveyancing for my new property in Dorset, Anita has always shown courtesy, friendliness and professionalism, and I would recommend Bishopslaw to others based on this service.”

Siobain

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“We were very impressed with the service we were given, correspondence was quick, informative and reassuring. We felt the legal advice given was excellent and resulted in a positive conclusion.”

Commercial Law Department

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“Thank you again for dealing so quickly and effectively with this issue.”

Commercial Law Department

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“Without doubt, I have had first class service throughout.”

Commercial Law Department

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Having dealt with Alan Jenner at Bonallack & Bishop; we were very reassured with his approach to a corporate sales agreement. His knowledge was sound and practical and literally left us with the feeling that no stone was left unturned. We came out of it with what we wanted – a sales agreement and solicitors that we would be confident in using again.

Very good solicitors, there advice was great, having dealt with Alan Jenner at Bonallack & Bishop; we were very reassured.

Alan Jenner at Bonallack & Bishop Solicitors is a very good commercial litigator; he advised us on a dispute which came out in our favour (nobody wins). He was able to understand our case quickly & tailored the approach accordingly. Good advice & very helpful.

Went to Bonallack & Bishop Solicitors office in Salisbury for legal advice on ‘Commercial’. Everything was in good hands, and I was able to get on with my life knowing my problem was being solved.

Maziar Shamsnesad

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“I would like to thank you for the sound advice that you gave me. Life is full of pit falls so I am very relieved that I came to talk the proposals through with you before I made any firm decisions.“

Liz

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“I wanted to say thank you for all your help in this matter. You have been wonderful. I will not hesitate to recommend you in the future. Many, many thanks”

Jayne

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“We would just like to thank you for your help with the problem we were having concerning our right of way.
We are just ordinary hard working people who arrived in your office with, what to us was a very worrying problem. You treated us professionally & kindly, for this we thank you.”

Maggie & Steve

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James Johnston, many, many thanks again to you for the thoroughly professional, successful and very satisfactory resolution to the matter.

Niki

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“I would highly recommend using Bonallack & Bishop Solicitors in Salisbury. Excellent communication and prompt service.”

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“Meeting was conducted with utmost professionalism, direct, honest and supportive. No legal jargon used to baffle and provided excellent advice. Value for money most definitely!”

Daisy May

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“I have referred dozens of clients to Bonallack and Bishop because they consistently offer a professional and reliable service. It’s important my clients get quality service and Bonallack deliver.”

Scott Clancy

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“Bonallack & Bishop came highly recommended so I went with them over the firm I used in the past which was somewhat average. All matters were handled professionally and quickly, I was kept in the loop and got the outcome I wanted. I’m very pleased and will call on you again soon. Thanks guys!”

Jim Peaco*ck

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“I used Bonallack & Bishop recently to draw up my will, and to assist with some other legal paperwork. I found the two lawyers that I dealt with to be very professional and courteous. I know pretty much what I wanted, and they helpfully pointed out the legal/financial implications of my requests, so I could make an informed decision before going ahead. I would definitely recommend Bonallack and Bishop if you’re looking for professional, yet friendly and reasonably priced legal services.”

Tina Halperin

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“In a word, Faultless. You expect any Solicitor to be honest, transparent and legally knowledgeable and of course Bonallack & Bishop are all of these. Where they differ in my view, is with their human approach, coupled to an ability to understand and unravel what can sometimes be extremely complicated circ*mstances (as in my case) and then provide the best and most cost effective/prudent solution(s) I have no hesitation in recommending Bonallack & Bishop and in particular Tim Bishop who brings complete integrity and professionalism to all of his dealings.”

Geoff Shilton

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Leasehold Property Sinking Funds | Specialist Solicitors (2024)

FAQs

What is the sinking fund on a leasehold? ›

The sinking fund is attached to the property and not the person. This way, the cost is spread amongst all leaseholders who have benefited from using the building and not met solely by one person who happens to own the lease at the time the works are being undertaken.

What is a reasonable sinking fund? ›

A sinking fund can also be set up by private landlords; simply by putting aside a certain amount of the rent received each month. When calculating the amount to be contributed, it is common for landlords to put aside anywhere in the region of five to ten percent of the rental income to allow to be used.

How do I dispute a sinking fund? ›

If you are unhappy with the amount being charged in terms of sinking fund contributions or how the money is spent, the first thing to do is contact the management company/landlord. They can appoint an independent surveyor to assess the sinking fund charge and consider any evidence you have.

What is the formula for the sinking fund? ›

The sinking fund formula is typically calculated as S= (P * i) / (1 - (1 + i)^-n). This formula helps businesses determine the amount of money they need to set aside periodically to cover the total amount due at the maturity of their debt.

Who pays for sinking funds? ›

The idea behind sinking funds is for the owners' corporation to have enough emergency money to pay for any future works that need to be completed. Each owner pays for the sinking fund through regular contributions.

How to manage a sinking fund? ›

A sinking fund works best when you treat it like any other bill. Make it an item in your monthly budget, set up an automated transfer so you don't have to remember to do it each month, and let your money build up until it's time to spend it.

What are the disadvantages of a sinking fund? ›

Disadvantages of a Sinking Fund

Here are some more disadvantages: Opportunity Cost: The funds set aside in a sinking fund could earn a higher return if invested elsewhere. Over-funding: There's a risk of setting aside more money than necessary, which might affect the cash flow.

What is the biggest benefit to a sinking fund? ›

Having sinking funds can help you achieve greater financial flexibility and freedom! When you're well-prepared for future purchases, you'll avoid the need to take on new debt, which could slow your debt repayment progres​s.

What is the average amount in a sinking fund? ›

As a typical guide, rather than a percentage, we would expect the minimum balance of a sinking fund to be approx. $1500-$2000 per lot. For example, a 10 lot scheme would have a healthy sinking fund if they had a minimum balance of $20,000.

What are the two ways a sinking fund can be handled? ›

Answer and Explanation: The two ways to set up a sinking fund are: The first thing is through trustees who invest the annual payments of the entities in government bonds, and the other way is to either retire the bond issues or selling or purchasing bonds, whichever is lower.

What is the alternative to a sinking fund? ›

sinking fund
  • cache.
  • reserve fund.
  • savings.
  • savings account.
  • stash.
  • stockpile.

How much should you have in a sinking fund? ›

The amounts you save in your sinking funds can be small or large – it's really up to you. Plan to spend $600 on holiday gifts next year? Then you'll add $50 per month to a sinking fund.

What is an example of a sinking fund? ›

Example of a Sinking Fund

(XOM) issued $20 billion in long-term debt in the form of bonds. Interest payments were to be paid semiannually to bondholders. The company established a sinking fund whereby $4 billion must be paid to the fund each year to be used to pay down debt.

What comes out of the sinking fund? ›

The idea of the sinking fund is that the owners of the property contribute over time for the anticipated future maintenance such as painting, roof/gutter replacements, lift and garage door replacements etc over the lifetime of the property rather than keeping levies low and then raising large “special levies” when ...

What is the sinking fund theory? ›

The sinking fund method is a technique for depreciating an asset while generating enough money to replace it at the end of its useful life. As depreciation charges are incurred to reflect the asset's falling value, a matching amount of cash is invested. These funds sit in a sinking fund account and generate interest.

How does the sinking fund work? ›

A sinking fund is an account containing money set aside to pay off a debt or bond. Sinking funds may help pay off the debt at maturity or assist in buying back bonds on the open market.

How long does a sinking fund last? ›

A sinking fund plan must be approved for at least the 10 year period beginning on the first day of the financial year after it is approved, and be reviewed.

How big should a sinking fund be? ›

"Sinking funds should really reflect the size of the building. If buying into a large strata scheme, you would expect a sinking fund to be hundreds of thousands of dollars.

Is a sink a leasehold improvement? ›

If a lessee makes permanent improvements to a property, the improvements are called leasehold improvements. John rented a store and put in free standing shelves and a new sink. The new sink is a leasehold improvement because when John stops renting the store he cannot take the sink with him.

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Introduction: My name is Ouida Strosin DO, I am a precious, combative, spotless, modern, spotless, beautiful, precious person who loves writing and wants to share my knowledge and understanding with you.