Retained funds; buyer has vanished....

dbuk44

When selling my house I agreed to a sum of money being retained to cover balancing charges on ground rent.

The terms say these fund should be released when the buyer has satisfied themselves on production of the annual accounts that there are no arrears due.

The accounts are published, there are no arrears. But the buyer never moved in and his solicitor cant contact him to get instructions.

• Does the purchasers solicitor have to wait for instructions (cant they satisfy themselves)?
• Did my solicitor drop off my not putting a fixed date in there?
• Am I in limbo? What can I do about it?

Its not a fortune but its more than a few hundred quid.

DVardysShadow

At 3 months from the accounts, a letter to his solicitor and to the property asking for payment or copies of any bills arising within 28 days.

After 6 weeks, a further letter, referring to the first letter and advising that as no notification of any bills has been sent, the money should be forwarded within 21 days.

After a further 4 weeks a final letter [letter before action], giving 14 days to pay or the matter will go to court.

That takes you to the 25 week mark. At 26 weeks, take it to the small claims court and ask for an order releasing the funds plus payment of your costs. If he has turned up in the meanwhile, he will probably have paid. If he has not, you will probably get a default judgement - he meanwhile will get a CCJ, which will stay on his record unless he pays your costs within the 28 days.

dbuk44

Thank you. !