|
General Chat This forum is for general topics and chat type threads. |
|
Thread Tools | Search this Thread | Display Modes |
7 Apr 21, 09:50 PM |
#1
|
Imagineer
|
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 ? |
7 Apr 21, 09:51 PM |
#2
|
|
Imagineer
Join Date: Apr 14
Location: Yorkshire
|
Never heard of this. We live in the third house we've bought (sold 2) and never had this happen.
|
|
|
7 Apr 21, 09:57 PM |
#3
|
|
Imagineer
|
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.
__________________
|
|
|
7 Apr 21, 10:01 PM |
#4
|
|
Apprentice Imagineer
Join Date: Aug 08
|
Surely the purchaser wouldn't be responsible for any debts anyway so withholding money would be completely pointless.
|
|
|
7 Apr 21, 10:04 PM |
#5
|
|
Apprentice Imagineer
|
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 |
|
|
7 Apr 21, 10:12 PM |
#6
|
|
Imagineer
Join Date: Jan 09
|
||
|
7 Apr 21, 10:14 PM |
#7
|
Proud to wear my Ears
Join Date: Jun 19
|
Is the property leasehold and/or is there an annual service charge of some kind?
|
7 Apr 21, 10:18 PM |
#8
|
|
Imagineer
Join Date: Jan 09
|
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 |
|
|
7 Apr 21, 10:33 PM |
#9
|
|
VIP Dibber
|
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’
|
|
|
7 Apr 21, 10:34 PM |
#10
|
|
Imagineer
Join Date: Jan 09
|
||
|
|
DIBB Savings |
AttractionTickets.com
Get £10 off each Disney Ticket with the code ATDIBB10 Get up to £50 off per room at Disney or Universal with the code DIBBHOTELS |
theDIBB Blog |
Guests can book their 2025 Hotel and Ticket package early to enjoy Free Dining &... Read More »
The iconic 1900 Park Fare restaurant is opening its doors once again at Disney’s Grand... Read More »
One of the the five worlds found in Epic Universe, How to Train Your Dragon... Read More »
|
theDIBB Menu |
Exchange Rates |
US Dollar Rates
Euro Rates |
DIBB Premium Membership |
Did you know you can help support theDIBB with Premium Membership? Check out this link for more information and benefits, such as... "No adverts on theDIBB Forums" Upgrade Now |