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Old 7 Apr 21, 09:50 PM  
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duchy
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Withholding sale funds after house purchase

We are selling my husband’s mother’s house (she died in the summer). The purchaser’s solicitor has now announced they want to withhold £750 of the purchase price in case of any debts that show up in the 12 months after the sale.
Why they even think a comfortable 93 year old with a perfect credit score would have debts is beyond me but the solicitor said this was “normal”.
We’ve both bought and sold various properties over the years and never come across this. Is it really normal ?
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Old 7 Apr 21, 09:51 PM  
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jdndt
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Never heard of this. We live in the third house we've bought (sold 2) and never had this happen.
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Old 7 Apr 21, 09:57 PM  
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skalexander
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Debts attach to a person, not a property (save for on the title/deeds of a property which will be dealt with as part of the sale), so I cannot imagine what this could be for? I’ve bought 2 houses and sold 1, so my experience is limited, but it doesn’t sound usual to me.
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Old 7 Apr 21, 10:01 PM  
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shelle
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Surely the purchaser wouldn't be responsible for any debts anyway so withholding money would be completely pointless.
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Old 7 Apr 21, 10:04 PM  
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FloridaFairy
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Originally Posted by duchy View Post
We are selling my husband’s mother’s house (she died in the summer). The purchaser’s solicitor has now announced they want to withhold £750 of the purchase price in case of any debts that show up in the 12 months after the sale.
Why they even think a comfortable 93 year old with a perfect credit score would have debts is beyond me but the solicitor said this was “normal”.
We’ve both bought and sold various properties over the years and never come across this. Is it really normal ?
Why £750?
A debt maybe far more or far less ...
If they are holding money ,then it would need to be held in a clients account ...solicitors name re Mrs X... decd ...
Once the estate is finalised then any residual funds are disbursed .
I think it sounds strange mind you and I’ve never heard of either but my knowledge is limited
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Old 7 Apr 21, 10:12 PM  
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Princess Alison
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Could the information here be relevant?

inbrief/property-l...y-transaction/
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Old 7 Apr 21, 10:14 PM  
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Welsh_Dragon
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Is the property leasehold and/or is there an annual service charge of some kind?
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Old 7 Apr 21, 10:18 PM  
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Princess Alison
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Here's another that explains it - it does seem to be a bona fide thing to do and suggests an outstanding issue that hasn't been resolved, but which they don't want to hold up the purchase for.

howtoreallybuyaproperty.co.u...ntion_mean.php
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Old 7 Apr 21, 10:33 PM  
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BevS97
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Those links make it sound like there must be a specific concern that the funds are linked too. Not just a generic ‘just in case’
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Old 7 Apr 21, 10:34 PM  
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Princess Alison
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Originally Posted by BevS97 View Post
Those links make it sound like there must be a specific concern that the funds are linked too. Not just a generic ‘just in case’
I agree - I'd go back and ask what the issue is
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