Mgmt fees -paid in advance or arrears?

[Trustmeh]

Just wondering what is the normal practice?
Do you pay for the year coming up or the year gone past?

Mine appears to be the year going forward...as in paid for last year, immediately got invoice for next year a few days later.

 

[Yorrick]

Under the new legislation due in the Autumn owners will have to meet and decide on a budget and fee for the coming year. The payment will be required in advance. I think that is the norm at the moment in any case

 

[Inca]

Should be paid in advance or at the very least on a monthly basis as costs are incurred. Otherwise, managing agents may not be able to meet current expenses especially if some members are in serious arrears. If this happens everyone suffers including those who are fully paid up to date.