Did you know you have the right to see invoices?

A recent article by KDL Law eloquently illustrates the rights that leaseholders have to see the accounts and accompanying invoices relating to the management of their property, under Section 21 of the Landlord & Tenant Act 1985.

All managing agents must comply with this legislation, which, very much summarised must show:

Any items which the landlord paid for during the relevant accounting period but for which an invoice was not received within the same period (i.e. a cost which accrued before, or is to accrue, as an on account payment, after the relevant period to which the summary relates).

Any items for which an invoice was received and for which no payment was made during the relevant accounting period (this requires the landlord to outline bills which remain unpaid at the end of the accounting period).

Any items for which an invoice was received and paid during the accounting period.

Whether any of the costs relate to works for which an improvement grant has been or is to be paid; and

Specify the aggregate of the amounts received by the landlord down to the end of the accounting period and still stand to the credit of the leaseholders (for example interim service charges paid by the leaseholders to the landlord by the end of the accounting period in respect of the service charge costs for that year).

The landlord must provide the summary either within one month of the date of the request, or within six months of the financial year end, whichever is later.

Read the full article here: Requests for a Summary of Accounts & Supporting Invoices – thank you to KDL for allowing us to use their really helpful advice.

If you aren’t receiving the correct service, and are thinking about changing managing agents, give us a call on 01634 294994 or email solesky@michaelparkes.co.uk