Finally nearing completion but something else irritates me

Dannydee333

After almost 6 months since we agreed on the sale, which was ridiculous because the place was empty and I was ready to go immediately, we are finally coming to the end of the process.

My solicitor sent over the management company documentation to me today. This was one of the big hold-ups because apparently, it's a really difficult task to get these items; like securing a ticket to the moon or something equally impossible.

Anyway, it tells me that the monthly management fee for the apartment is £120. Why does this annoy me? Because the vendor told me it was £100. Yes, it's just an extra 20 quid a month but that's not the point, it's still very irritating that the monthly fee is 20% more than I was told. Almost made me want to pull out of the sale (along with all the other reasons for my irritation over the last couple of months of unnecessary waiting), but then I thought of one of my favourite quotes - I didn't come this far to only come this far.

I'm still very irritated at the vendors for messing me around, but even more so now for this additional kick in the teeth having been lied to about the fee.

They have an outstanding debt with the management company of nearly 2k, which my solicitor has reiterated is not mine. So I don't need to worry about it. Plus, it's literally in the vendor's name. I have a copy of the invoice.

I transferred funds to the solicitor to get this thing closed because I've been fed up with these vendors for at least 2 months now.

The home-buying process can be extremely aggravating.

Next time I'll be a cash buyer.

Grizebeck

Remind me not to invite you to my next party

anselld

Dannydee333 said:

Next time I'll be a cash buyer.

How is that going to make it any better?

Edi81

Leasehold flats (which this probably is) are notoriously slow. There is also the possibility that the increase in management fees have taken place recently. Being a cash buyer would not make the slightest bit of difference in this scenario. 

I sold a leasehold and on completion day (we had exchanged already) I was being asked to prove I had paid the management fees from 3 months previously! 

itsthelittlethings

Maybe it’s just gone up for next year.

housebuyer143

You need to chill out. It's likely increased or they didn't know the exact amount as they clearly don't pay it. It took 6 months to sell my empty freehold property with no management pack, so it's quite standard. 

Flugelhorn

likely it has gone up and when they last paid it (before all the arrears mounted up) it probably was £100 .

I have bought 2 leasehold flats for cash and one took 6 weeks to go through and the other was 16 weeks - they all vary and yes sometimes the management company can slow things up a bit, some are much more efficient. Having said that a freehold house took 6 months with no chain

RelievedSheff

It is very possible that the management fee has only just increased to £120. They often increase in April at the start of the new financial year.

The property purchasing process has always been long and drawn out even with freehold properties. Add in leasehold and management companies and it was never going to be a quick sale. Being a cash buyer would have made zero difference to timescales.

You need to learn to be more patient and gain some understanding of how these processes work for next time.

Albermarle

I do not know the value of the flat but lets say it is £170K.
Then £20 is 0.01% of the value, to put things in perspective.

theartfullodger

All part of the process any prudent purchaser should expect and plan for.

Until you are standing in the property having let yourself in with the keys provided to you, after your solicitor said it had all gone through nothing, absolutely nothing, is certain.

I've probably bought about 20 properties over the years.  Some slick simple process, others nightmares, not to mention those that never got through all the hurdles.

It ain't like buying a lettuce from Tescos. (cf Truss...)

Cheers!

propertyrental

The fee will have been adjusted either in Jan (new year) or April (new financial year).

6 months ago was October when the fee probably was £100.

Prices have risen so the fee has risen.