Sale completed- no money

Collapse
X
  • Filter
  • Time
  • Show
Clear All
new posts

  • Sale completed- no money

    My solicitors have advised me that my house sale completed this morning. I'm due about £200,000 from the sale. My solicitor says "sending you the money will take 48 working hours because our accounts department has to check everything".

    This doesn't make sense to me. If there was a chain my money would be sent this morning.

    Is what they are doing reasonable?

  • #2
    I have no idea, but for £200,000, a couple of days to check seems pretty damn reasonable to me. But what are they even checking?

    Comment


    • #3
      I've no idea what they're checking. They've paid off my mortgage. I guess they just need to deduct their fees, that's all.

      They probably have the money in an interest bearing account to their profit, while I'm being denied £20 a day interest.

      Comment


      • #4
        Totally unreasonable. They should have produced a statement of sale before completion and transferred the funds to you via CHAPS.

        Comment


        • #5
          Not having to pass it on to a related purchase, they are sitting on it.

          Ask them where the funds were kept and that any or all interest earned should be accounted to you.
          Based on the information posted, I offer my thoughts.Any action you then take is your liability. While commending individual effort, there is no substitute for a thorough review of documents and facts by paid for professional advisers.

          Comment

          Latest Activity

          Collapse

          • Changing frequency of external and internal redecoration
            Lorimer
            Our lease states that the freeholder must do external re-decorations every 3 years and internal re-decorations every 5 years. We feel that this is too frequent and we would like to have the cycles spaced further apart e.g. external re-decorations every 5 years and internal re-decorations every 7 years....
            15-08-2017, 21:25 PM
          • Reply to Changing frequency of external and internal redecoration
            JK0
            I'd have thought you could include a postscript to any extension to 999 years that the decorating is done less often. Presumably if every flat goes with UPVC windows in due course, you would only need to do masonry about every ten years?
            17-08-2017, 09:13 AM
          • Reply to Changing frequency of external and internal redecoration
            Lorimer
            The only other thing that is obviously missing from the leases is the ability for the freeholder to pass on to the service charge any admin or legal costs incurred in taking or defending action against any of the leaseholders. We found that out recently from reading an old LVT decision on the building...
            17-08-2017, 06:12 AM
          • Reply to Changing frequency of external and internal redecoration
            Lorimer
            Thanks for all your contributions. I am glad I posted the query as your responses at least confirm that the freeholder was not pulling the wool over our eyes when he said that the cycles cannot be changed informally and that he is legally bound to follow the terms of the leases.

            The consensus...
            17-08-2017, 06:06 AM
          • Reply to Changing frequency of external and internal redecoration
            Gordon999
            If leaseholders can collectively buy the freehold , then stretching the interval between redecoration from 3/5 years to 5/7 years, you may be able to save £2K per flat over 7 years cycle . Also there is a saving of 7 years ground rent payment = £350 . total saving = £2350 .
            16-08-2017, 21:27 PM
          • Residents association - getting to 60%
            dominco
            Hi All,

            Has anyone got any ingenious methods of getting membership of a newly formed RA to the 60% level needed for recognition by landlord? I'm talking about 650 flats with around two-thirds of owners overseas and/or not owner occupiers. The landlord is understandably not willing to share...
            14-08-2017, 23:28 PM
          • Reply to Residents association - getting to 60%
            Gordon999
            RA is just an association with no legal powers. but RTM is a special purpose company with the legal right to take over the service charge account from the freeholder.

            The RTM would replace the managing agent appointed by the freeholder and take over collection of service charge levy...
            16-08-2017, 19:58 PM
          • Right of first refusal
            Clayton
            we we are in a big block of flats where the ground rent is doubling twice. All the leaseholders have formed together and are considering purchasing the freehold. We have read that if the freehold was sold without notifying the leaseholders then you can buy it at the original price sold. The freehold...
            16-08-2017, 19:26 PM
          • Reply to Right of first refusal
            Gordon999
            What do you mean by "ground rent is doubling twice" ?

            You should buy a copy of the freehold title from Land Registry Online and check out the title holder when the transfers of freehold were made.

            if the freeholder was a company before transfer to latest company...
            16-08-2017, 19:47 PM
          • Reply to Residents association - getting to 60%
            dominco
            The estate consists of 3 physically distinct buildings (or plots) 1,2, and 3. Each building is further split into 'blocks'. For example building 1 has six blocks labelled A-F again all physically distinct with different storey heights and separate entrances and though the blocks back onto each other...
            16-08-2017, 17:14 PM
          Working...
          X