New leaseholder, management company refund - who does it go to?

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    New leaseholder, management company refund - who does it go to?

    When I purchased my leasehold flat, it came with a substantial unpaid debt by previous leaseholders. Naturally, as part of the purchase, the debt was paid off on exchange so that I wouldn't "inherit" it.

    The management company is being changed, and as part of the change, they are refunding any money paid into maintenance funds etc. that has not been spent. In the order of £1,000 to £2,000 per flat.

    As a new leaseholder, do I inherit the money owed back to the flat in the same way I would have inherited the debt, or is this money to be paid back to previous leaseholder?

    #2
    Its normally repaid to the current leaseholder. Has your conveyancing solicitor registered you as the new leaseholder?

    Comment


      #3
      I suspect that it is the end of year accounts where there is a surplus and your contract of sale allows for the refund of such surplus to the old vendor ( or a share of it) Contact your solicitor.

      Change of agents is irrelevant all monies are held on trust and in effect all that changes is the control of the bank account.
      They are likley simply doing what they should do.

      A less scrupulous owner might take the money ( if it's not just a credit on your account) and put in an interest bearing account and wait to see if the vendor comes looking for it, though the honest thing to do is check your purchase papers to see what provision if any was made.

      If its not your money....you'll never get to heaven...
      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

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