Leasehold property - freeholder might be local council - problematic?

greatcrested

JeffMason said:

I asked some questions and actually got answers through the EA - the complete roof replace etc works that happened a couple of years ago haven't yet been paid for as the vendor are waiting for a final invoice. They say they've been given an estimate of the costs and are putting that aside with their solicitor. They made it clear that they would be responsible for this and not the future buyer. 

Any thoughts on this? Should I be concerned?

No - just make sure your solicitor is aware.

It's a routine arrangement for that amount (+ a bit extra for contingency) to be held back by the solicitors at Completion rather than being paid to the seller. When the final invoice comes, that will be used to pay it. If the invoice is less than the amount of the retention, the balance is then paid to the seller.

JeffMason

greatcrested said:

JeffMason said:

I asked some questions and actually got answers through the EA - the complete roof replace etc works that happened a couple of years ago haven't yet been paid for as the vendor are waiting for a final invoice. They say they've been given an estimate of the costs and are putting that aside with their solicitor. They made it clear that they would be responsible for this and not the future buyer. 

Any thoughts on this? Should I be concerned?

No - just make sure your solicitor is aware.

It's a routine arrangement for that amount (+ a bit extra for contingency) to be held back by the solicitors at Completion rather than being paid to the seller. When the final invoice comes, that will be used to pay it. If the invoice is less than the amount of the retention, the balance is then paid to the seller.

Yes, will do - thanks.
And if it's more than they've held back? I assume the previous owner has to deal with that too. 

greatcrested

JeffMason said:

greatcrested said:

JeffMason said:

I asked some questions and actually got answers through the EA - the complete roof replace etc works that happened a couple of years ago haven't yet been paid for as the vendor are waiting for a final invoice. They say they've been given an estimate of the costs and are putting that aside with their solicitor. They made it clear that they would be responsible for this and not the future buyer. 

Any thoughts on this? Should I be concerned?

No - just make sure your solicitor is aware.

It's a routine arrangement for that amount (+ a bit extra for contingency) to be held back by the solicitors at Completion rather than being paid to the seller. When the final invoice comes, that will be used to pay it. If the invoice is less than the amount of the retention, the balance is then paid to the seller.

Yes, will do - thanks.
And if it's more than they've held back? I assume the previous owner has to deal with that too. 

That's why I said add a bt for contingency, but your solicitor will advise.

If the retention IS insuficient, getting the previous owner to pay can become a potential nightmare....