Who pays solicitor charge for retention funds when selling leasehold flat?

IAmPeach

Stupid question - but is it the seller or buyer?

I'm selling the flat and the request for retention funds has come from the buyer. I'm happy to leave retention money but don't see that I should have to pay for the service when I know I'd pay my share of the service charges etc.

The solicitor's information was unclear on this and obviously can't clarify until Monday now.

Thanks for your answers in advance

eddddy

I think the simple answer is that you pay for the work your solicitor does, and the buyer pays for the work his/her solicitor does.

As I understand it, a retention in case of excess service charges is fairly normal when buying/selling a flat.

So my solicitor quotes a fixed fee for a leasehold flat transaction, and dealing with the retention is included in that fee.

Richard_Webster

I charge extra for dealing with these retentions and advise my seller clients not to agree to them.

Whilst there is some logic behind the practice as it protects a buyer against an excess service charge demand that is wholly or partly related to the seller's period of ownership, what happens if the final service charge turns out to be less than the amount collected on account and the seller should then get a refund?

Will the buyer be prpeared to stump up an extra amount to be held just in case this happens?