Buyer pulled out due to freeholder

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  • CharlieBear
    started a topic Buyer pulled out due to freeholder

    Buyer pulled out due to freeholder

    Hi,

    How do you sell a flat that has a 'dodgy' freeholder? A buyer recently pulled out of a sale due to the advice of their solicitor, they claim the new freeholders are 'dodgy' (freeholder is in the process of changing hands). I did a bit of googling on them and they have been taken to court a few years ago so there is some truth to their claim. There is also an article about them sending a consultation noticefor an extortionate sum for major works.

    They were also worried that the new freeholder could appoint a new Managing Agent thus increasing service charges. However, our MA are instructed by a Residental Management Company Limited, not the freeholder so the freeholder would not entitled to remove any MA, this would be down the management company.

    How will we sell our property now without putting of the new buyer? What if our new buyers use the same solicitor? Do we need to be upfront with any new potential buyers about this problem? Is there anything else we would need to be worried about?

    Any thoughts or advice would be much appreciated!





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