Buying repossed house, management comp issues

Ghbuyer86

Hey there,

I've been having some problems buying a house, in a nutshell the house was repossed and we are buying from the bank via estate agents.

The problem is that the deeds for the house state a management company should be looking after a shared carpark but hasn't been in the 8years since properties were build, the other tennants are aware of this and have been maintaining themselves however when my solicitor has contacted the company as they are part of the deeds they could not clarify and don't seem to want to deal with the issue. We were meant to complete last week and have given notice on our current rented house which will run out this Friday which was the most recent agreed date. What I really want to know is if this is really such an issue.

Our solicitor doesn't want to complete untill this is resolved however we do not care and are willing to complete without this and sort it out later, can I insist my solicitor completes without all this being resolved as we will have no where to live otherwise, thanks in advance any advice would be very welcome!

eddddy

I guess there is the risk that you will buy the house, then find that you are liable for 8 years of outstanding management/maintenance fees.

Or perhaps you'll find that the company plans to re-lay the car park in in a few months time, and your share of the costs will be thousands.

Management Cos will often refuse to deal with prospective buyer's solicitors. The normal approach is that the vendor (or the vendor's solicitor) would deal with the management co etc, and confirm that all outstanding fees had been paid etc.

But I'm guessing that the bank don't want to get involved, so are just selling 'as is'.

Maybe ask your solicitor to summarise the risks of proceeding, so that you can make an informed decision.

You can insist that your solicitor completes - except that if you're buying with a mortgage, your solicitor may have to report the problem to your lender, who may refuse to lend until it's sorted out.

Ghbuyer86

Thanks for the reply eddddy guess we're just keen to go ahead and the deposit for this house is very large meaning 50% or less mortgage.
Don't know at this stage what to do but they have suggested that a yearly charge of aprox 100pounds would apply so if they did ask for arrears this wouldn't be a big deal compared with the massive discount were getting due to it being a repossession, would be tempted to go ahead but unsure of what the bank would do... Guess will just have to keep my fingers crossed the solicitor can make headway soon