About to exchange - pending estate management fees

brutal_deluxe

Hi!

So I'm at the stage where I'm about to exchange but my solicitors are waiting for a new management pack from a company (Centrick) who has taken over management of the unadopted estate where the freehold property exists.

I have signed everything relating to the purchase and sent to my solicitor, the only thing that remains is to send the deposit money and for contracts to be exchanged.

Thankfully my solicitors have refused to move forward because it came to light they are waiting for a management pack from a new estate management company via the sellers solicitors.

I have also, just to be sure, sent an email and answerphone message to my solicitors to HALT sending anything legally binding to the sellers solicitors until I've seen the management pack myself.

I don't think it's the case, but worst comes to worst, am I too late to legally withdraw from the purchase? Say if the management company's terms are unreasonable?

Many thanks!

user1977

Exchange of contracts is the point at which you're legally committed. Either you give instructions to your solicitor to exchange or you don't.

brutal_deluxe

user1977 said:

Exchange of contracts is the point at which you're legally committed. Either you give instructions to your solicitor to exchange or you don't.

They are refusing to exchange until they have received the new management information pack

itsthelittlethings

brutal_deluxe said:

user1977 said:

Exchange of contracts is the point at which you're legally committed. Either you give instructions to your solicitor to exchange or you don't.

They are refusing to exchange until they have received the new management information pack

That’s very wise of them.

brutal_deluxe

itsthelittlethings said:

brutal_deluxe said:

user1977 said:

Exchange of contracts is the point at which you're legally committed. Either you give instructions to your solicitor to exchange or you don't.

They are refusing to exchange until they have received the new management information pack

That’s very wise of them.

Very!

So my question is, can I still easily withdraw from the sale if there are serious alarm bells as a result of this info pack?

I don't care if it means losing all the legal fees I've already paid.

itsthelittlethings

brutal_deluxe said:

itsthelittlethings said:

brutal_deluxe said:

user1977 said:

Exchange of contracts is the point at which you're legally committed. Either you give instructions to your solicitor to exchange or you don't.

They are refusing to exchange until they have received the new management information pack

That’s very wise of them.

Very!

So my question is, can I still easily withdraw from the sale if there are serious alarm bells as a result of this info pack?

I don't care if it means losing all the legal fees I've already paid.

Yes you can withdraw up to the point of exchange, you may have more legal fees to pay for work that has been done though.

brutal_deluxe

itsthelittlethings said:

brutal_deluxe said:

itsthelittlethings said:

brutal_deluxe said:

user1977 said:

Exchange of contracts is the point at which you're legally committed. Either you give instructions to your solicitor to exchange or you don't.

They are refusing to exchange until they have received the new management information pack

That’s very wise of them.

Very!

So my question is, can I still easily withdraw from the sale if there are serious alarm bells as a result of this info pack?

I don't care if it means losing all the legal fees I've already paid.

Yes you can withdraw up to the point of exchange, you may have more legal fees to pay for work that has been done though.

Thanks that's basically what I wanted to know. The more I read about these cowboys the worse it gets. May as well rent!

gm0

Your solicitor should (if familiar with the type) advise you specifically on the terms.  These arrangements can be necessary (due to non-demised and non LA adopted areas and roads/paths/playgrounds/balancing ponds etc.)  in that there needs to be a solution of some kind.

And they can be a trap/exploitative for residents paying a lot of overhead for a small amount of not very well executed or managed work

A key detail on which the solicitor can advise (if competent) is whether the form of lease and agreement readily allows resident takeover i.e. kicking out an unwanted or expensive solution and replacing it with something simpler - subject to the democracy of the included freeholders + lessees.  People who cannot easily be evicted from their sinecure may be more exploitative than those who know they are easy to to dislodge.  

The trapped sort is a much less attractive purchase.

It is unrealistic to expect "open ended as described maintenance obligations" for areas of land, private drainage, boundaries, roads, paviing - and "fixed" declared costs like the £100 groundrent type.  If the costs are not knowable (and they often are not).  It will not be tightly delineated in many cases.  This is a feature not a bug.  As the things that may need to be done - may throw up uninsured surprises.