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Buyer's solicitor issue - management company
Manc2012
Posts: 1 Newbie
Hi,
I've been a 'lurker' on the site for quite a while now.
I sold my property using an on-line estate agent in early October.
The buyer's solicitor has been poor overall, with my own solicitor having to send information on multiple occasions.
The main issue is that this:
My property is a small apartment block (24 apartments). I bought the property as new in October 2012 - not all apartments had been sold so the service charges (£706 per year) did not actually start and invoiced until the following September (2013) which is when RMG (the management company) took responsibility.
My buyer's solicitor (after all this time) had recently raised 10 issues (fine that they did but they had the information since mid November). All queries have been responded to but they aren't satisfied that there isn't any audited accounts available.
RMG is one of the biggest property management companies in the UK, they also are members of ARMA (a self regulatory group for managing agents). As the company (a limited company specifically for my apartment block (but belongs to RMG) was only set up in September 2013 the accounts are currently being audited and will be published at Company House 6 months after the financial year end (Sept).
Despite me purchasing the expensive 'Sellers' pack from RMG and my solicitor sending this to my buyer's solicitor (which contains a breakdown of the budget - which my buyer knew about), they still are not satisfied.
The buyer's solicitor has said that they have referred the issue to the mortgage lender for "approval" as they have stated " I have had to refer the matter to your mortgage provider as the management company are unable to provide accounts since the development completed. Without this information we do not know if the management company is being run properly and efficiently financially. “
It's now been a week since anyone (including my buyer) has heard anything (My estate agent chased it on Wednesday morning and the buyer's solicitor told them it was with the lender and that they would be making a decision that day! - but no one has heard anything and no one can get hold of buyer's solicitor.
I've already had to get a mortgage offer extension and I'm worried about the sale falling through, which means I'll have to pull out of the house I am buying (which is on the verge of exchange).
Is it anything to do with the mortgage lender, and should I be worried?
Any advice would be gratefully received.
I've been a 'lurker' on the site for quite a while now.
I sold my property using an on-line estate agent in early October.
The buyer's solicitor has been poor overall, with my own solicitor having to send information on multiple occasions.
The main issue is that this:
My property is a small apartment block (24 apartments). I bought the property as new in October 2012 - not all apartments had been sold so the service charges (£706 per year) did not actually start and invoiced until the following September (2013) which is when RMG (the management company) took responsibility.
My buyer's solicitor (after all this time) had recently raised 10 issues (fine that they did but they had the information since mid November). All queries have been responded to but they aren't satisfied that there isn't any audited accounts available.
RMG is one of the biggest property management companies in the UK, they also are members of ARMA (a self regulatory group for managing agents). As the company (a limited company specifically for my apartment block (but belongs to RMG) was only set up in September 2013 the accounts are currently being audited and will be published at Company House 6 months after the financial year end (Sept).
Despite me purchasing the expensive 'Sellers' pack from RMG and my solicitor sending this to my buyer's solicitor (which contains a breakdown of the budget - which my buyer knew about), they still are not satisfied.
The buyer's solicitor has said that they have referred the issue to the mortgage lender for "approval" as they have stated " I have had to refer the matter to your mortgage provider as the management company are unable to provide accounts since the development completed. Without this information we do not know if the management company is being run properly and efficiently financially. “
It's now been a week since anyone (including my buyer) has heard anything (My estate agent chased it on Wednesday morning and the buyer's solicitor told them it was with the lender and that they would be making a decision that day! - but no one has heard anything and no one can get hold of buyer's solicitor.
I've already had to get a mortgage offer extension and I'm worried about the sale falling through, which means I'll have to pull out of the house I am buying (which is on the verge of exchange).
Is it anything to do with the mortgage lender, and should I be worried?
Any advice would be gratefully received.
0
Comments
-
It is ultimately up to the mortgage lender if they want to lend. The buyers solicitor also acts for their lender so has a duty to inform them of any potential issues.
Has RMG at least provided unaudited accounts? This must surely be better than no accounts at all as the buyers solicitor seems to be suggesting.0
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