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Who does my Solicitor work for?
Comments
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This is not a very constructive comment! being in surrey there are only Leashold flats in my price bracket. Also I know they take sometime and this has been on going since Auguest!
Also with the ammount of flats in the block it seems odd that this was not raised before. Please stop bashing my thread I was just looking for advice.
Talk about out of context! What I actually said was:You are spending tens, possibly hundreds of thousands of pounds - leasehold purchases are notoriously slow to complete, you should really have done your homework on this matter at a much earlier stage.
I think you may find it helpful to appraise yourself with the enormous amount of legislation surrounding leasehold properties:
http://www.lease-advice.org/publications/documents/
Note that I have emboldened the advice I gave after suggesting that you should have done some research into leasehold properties. As a veteran of a three year dispute over service charges, I wish someone had advised me to read the LEASE website five years ago. :rolleyes: My leasehold flat took a year to complete and I was a cash buyer for the redundant show flat. My flat would now be impossible to sell due to the disputed arrears on my service charge account.Declutterbug-in-progress.⭐️⭐️⭐️ ⭐️⭐️0 -
The bottom line on this is that a defective lease can devalue a property just as effectively as a poor kitchen or rotten window frames.
What should you do? Talk to your sellers about this urgently. If the SDLT (stamp duty ) goes up £1740 because of the delay, they should at least be sharing your pain. Also, they may have some notion about how to solve the problem, as their solicitor may have come across the same problem originally.No reliance should be placed on the above! Absolutely none, do you hear?0 -
The bottom line on this is that a defective lease can devalue a property just as effectively as a poor kitchen or rotten window frames.
What should you do? Talk to your sellers about this urgently. If the SDLT (stamp duty ) goes up £1740 because of the delay, they should at least be sharing your pain. Also, they may have some notion about how to solve the problem, as their solicitor may have come across the same problem originally.
Are you saying they should cough up part of the cost? I don't think they have an idea how to slove the issue and I have found out countrywide are the mangerment company! yuck!0 -
GDB2222
How would you approach this! I can't just say give me money?0 -
I agree with what others have said. It sounds like your solicitor is doing a good job and being thorough. How do you know there isn't an issue with the lease and your vendor's solicitor didn't do such a good job and missed it when the sellers were buying?
Your solicitor works for you but they also pass on what they find to your lender. It is possible that lenders can raise issues with things that the buyer doesn't.
When you say you know the terms of the service charge, who told you? If it is the vendor or the estate agent then their interest is in selling the property. I would take your solicitors word above theirs. If in future you have an issue with the management company and the lease is unclear and open to different interpretations you could end with a potentially lengthy and costly dispute.
With regard to renegotiating the price due to not completing by the end of the year just state that due to an issue with the flat (the lease is part of the flat) completion is not possible by the end of the year so you are reducing your offer by the corresponding amount of stamp duty you will have to pay. Then wait and see what happens.0 -
GDB2222
How would you approach this! I can't just say give me money?
Just ask for a price reduction? The only trouble with this approach is that prices have increased a few % since August, anyway. At the very least, you should let your vendors know that you will have this additional cost as a result of the delay, as otherwise they may be looking for a price increase.No reliance should be placed on the above! Absolutely none, do you hear?0 -
Who does my Solicitor work for?
Himself... same as everywhere..., any job...0 -
When asked, I say that I work for my wife ...No reliance should be placed on the above! Absolutely none, do you hear?0
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