We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
Debate House Prices
In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non MoneySaving matters are no longer permitted. This includes wider debates about general house prices, the economy and politics. As a result, we have taken the decision to keep this board permanently closed, but it remains viewable for users who may find some useful information in it. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Freeholder in Liquidation
randallesque
Posts: 2 Newbie
Hello!
I have exchanged contracts to purchase a flat through a Housing Trust but days before completion have discovered that the freeholder has gone into liquidation.
The management company is still operating, although it is experiencing a shortfall in its service charge pot because a number of flats in the block remain unsold. Therefore they have advised that management of the block will be restricted.
The Housing Trust seems quite calm about the whole thing, while my solicitor is unprepared to advise me whether to go ahead with the purchase or not.
Can anyone tell me the potential pitfalls of going ahead with the purchase or is it advisable to pull out? Cheers in advance.
I have exchanged contracts to purchase a flat through a Housing Trust but days before completion have discovered that the freeholder has gone into liquidation.
The management company is still operating, although it is experiencing a shortfall in its service charge pot because a number of flats in the block remain unsold. Therefore they have advised that management of the block will be restricted.
The Housing Trust seems quite calm about the whole thing, while my solicitor is unprepared to advise me whether to go ahead with the purchase or not.
Can anyone tell me the potential pitfalls of going ahead with the purchase or is it advisable to pull out? Cheers in advance.
0
Comments
-
Robbery
Flooding
Fire
No Emergency Lighting
Roof leakage
Vandalism
Commen area disrepair
Part repossesion & social housing.....
etc etc etc etc etc
Massive management fee increases??Not Again0 -
Yes, all fair points.
The building is insured but I guess things like repairing vandalism will be low down on the list if on the list at all. Cheers.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 351.4K Banking & Borrowing
- 253.3K Reduce Debt & Boost Income
- 453.8K Spending & Discounts
- 244.4K Work, Benefits & Business
- 599.7K Mortgages, Homes & Bills
- 177.2K Life & Family
- 258K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.2K Discuss & Feedback
- 37.6K Read-Only Boards