I don't know what to do

Janspain

The sale of my flat was completed on Wednesday 12th March.
The buyer moved in on Thursday 13th March.
It is an ex council flat and because I wanted a quick sale I let it go really cheaply as the buyer said he wasn't bothered about having any searches done. He is very happy
My Solicitor has paid off my mortgage (she did this on Wednesday) but she keeps saying she has to wait for something from the Council until I can have any money that is left over from the sale after paying her bill, the estate agents, and the mortgage company.
I had agreed to a £500 retention fee whatever that is but she is holding all of the money left over.
Can she do this?
Any help would be soooooo appreciated.

sarah_elton

What exactly is she waiting for?

susieb

Is this just to confirm if you have to pay the council anything, isnt there a clause on council houses that if you sell within a certain time the discount has to be repaid? maybe shes just checking on that

TBeckett100

also if your service charges are like mine, you are still paying for 2005 and owe a bit. we are going to have to let 1k go to retention i think.

clutton_2

it is more than likely the service charges - some councils send out Estimated accounts at the beginning of the financial year, then send an Actual account at the end and sort out the difference in credit and debit - a purchase part way through the year may need a careful calculation.

Janspain

Thank you all so much. I have the money now. Apparently she is (still)waiting for a home pack and she said she wanted to save me a £45 electronic fee and send me all the money, including the retention fee, all together. She has now just kept the £500 retention fee.
Does anyone know how long she can keep this money?

Richard_Webster

it is more than likely the service charges - some councils send out Estimated accounts at the beginning of the financial year, then send an Actual account at the end and sort out the difference in credit and debit - a purchase part way through the year may need a careful calculation.

This is probably what it is about. However you can reasonably ask your solicitors to explain in writing what the retention is all about. They shouldn't have made it unless you agreed it or it is in their terms of business somewhere.

If it is about the service charges, when does the Council work out the final annual service charge? It will depend on the service charge year used. Most councils will use 1st April to 31st March so once all the bills are in for expenditure on your block up to 31st March this year they can calculate their actual expenditure. My local council doesn't produce its final accounts until October so you may have to wait until after then. When the buyers get their bill they will presumably contact their solicitors who will then contact yours if any money is owed by you for your time at the proeprty during the service charge year. Your solicitors should have agreed a cut off date by which time if they had no claim from the buyer's solicitors they could send the money back to you.