We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
PLEASE READ BEFORE POSTING: Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Service Charge accounts not finalised for 2019 or 2020
andycorleone
Posts: 48 Forumite
Hi, Buying a Flat in a relatively large development with over 500 flats.
The service charge account are still no finalised for 2019 or 2020 (2020 is understandable) my solicitor recommend to seller a retention for both these service charge years of 25% of total service charge that is been paid. But seller solicitor Not agreed. they claim "Your clients will take the benefit of any positive balancing charge and we are not asking for that to be paid back to our client"
What Should I do? I tried emailing Management company but they can't tell me when they will finalised the reconciliation. What are the chances of I will have to paid extra money for almost 2 years of service chanrges?
The service charge account are still no finalised for 2019 or 2020 (2020 is understandable) my solicitor recommend to seller a retention for both these service charge years of 25% of total service charge that is been paid. But seller solicitor Not agreed. they claim "Your clients will take the benefit of any positive balancing charge and we are not asking for that to be paid back to our client"
What Should I do? I tried emailing Management company but they can't tell me when they will finalised the reconciliation. What are the chances of I will have to paid extra money for almost 2 years of service chanrges?
0
Comments
-
Offer to do the same, and have a retention on both sides. Almost certainly there will not be a surplus, much more likely to go the other way and there be extra to pay. You never know though!0
-
I thought service charges had to be finalised 6 months max after the end of the service charge "year". You could google for what happens if this isn't done. Although having said that, if you are talking about service charges 19/20 and 20/21, where the end of the service charge year is perhaps July, they still have time to formalise the 19/20 accounts.
The seller is foolish if he thinks any buyer is going to buy without a retention, regardless of what he personally chooses to do. It sounds like the seller's solicitor can't be bothered to go through a process which clearly might take a couple of years to sort out.0
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 354.3K Banking & Borrowing
- 254.4K Reduce Debt & Boost Income
- 455.4K Spending & Discounts
- 247.3K Work, Benefits & Business
- 604K Mortgages, Homes & Bills
- 178.4K Life & Family
- 261.5K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards