Results for "balancing credit"

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What to do with Surpluses and Deficits?

Following one of our previous Legal Updates, we have been asked to cover year-end surpluses and what to do with them. As this is a question we often get asked, we today focus on what surpluses and deficits are and how to manage/handle them. What is a Surplus? A surplus for the year arises where the…

Leaseholders who wish to sell but who have unpaid service charges

It is a common misconception that any arrears owing at the point of the sale of a flat will pass to the incoming leaseholder. This view is incorrect and can present landlords with a debt that may be difficult to recover, once the outgoing leaseholder has moved on. In this update we remind readers…

Orders for Sale

Where forfeiture, or the threat of forfeiture, is not available to a creditor owed money by a property owner, there are a number of other options to consider when trying to enforce payment where a debtor has failed to pay a money judgment. The most appropriate option will depend on the very…

Court of Appeal confirms Upper Tribunal’s decision on the reasonableness of service charges where payment is due from a third party

This time last year, we reported on the Upper Tribunal’s decision in Avon Ground Rents -v- Cowley and others [2018] UKUT 92 (LC) ( see here ). In that case, the UT found that the residential leaseholders were not required to make any contribution towards the costs of remedial works, as the NHBC was…