"Statement of Accounts"

Tearful1

My buyer's solicitor is awaiting a "Statement of Accounts" from my solicitor, in order for us to Exchange. Does this sound like a Completion statement type thing, or could it be to do with it being a leasehold flat that we are selling and therefore something needed from the Management Company?

My solicitor left early so I am unable to ask her. Both the seller and myself each transferred our solicitors the 10% Deposits today, so I am hoping this isn't a big thing that is going to hold Exchange up!

Oh and another question, say things did go well (for once in this nightmare of a sale!!) and we exchange tomorrow. Should I buy Buildings Insurance now or should I wait until the Solicitor says we have actually exchanged? I have the quote all prepared just need to pay for it.

Building_Surveyor

no idea. i had a completion statement on my purchase but this was done before the deposit was transferred so i knew exactly what to transfer.

building insurance is not your responsibility if you are a leaseholder - its for the freeholder to sort. presumably you have their contact details?

You may choose contents insurance though if you want it.

glos1983

I imagine it is a statement of the management companies accounts - it should have been one of the first things they asked for if you are selling a leasehold property. I would have thought it would be pretty easy for you to get from the management company - we called them up and got it emailed over to us for the previous three years that day. I'm surprised it has got this close to completion without them having that information though, as it an potential cause problems with the sale.

If you are buying a freehold property and need buildings insurance, wait until your solicitors says that you have exchanged and give you a completion date, then arrange the insurance to commence on that date.

Tearful1

Thanks. The management company info pack contained all 6yrs accounts and estimate of this year etc. Im really hoping it isnt anything difficult for them to get. Guess I will have to wait until my solicitor gets in tomorrow and keep pushing for her to get it to buyers solicitor.

On exchange does the money actually get transferred between solicitors or is it just completion that it physically gets transferred?

tim123456789

The money get transferred on completion

but it has to be cleared funds on that day so most people need 7-10 days notice to organise that properly