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How much would they retain to cover unknown / unpredicted liabilities that are discovered 11 months later?
Howard-
It depends on the annual charge, this is not something unusual a decent solicitor would ask for this, we are not talking about major works - but the annual service charge going over budget which in my case has done so both over and under every year in the last 4, anything between £60 and £280 per flat.
mustardbeak
Slightly muddling my thoughts in the first post.
A decent convayncer will hold a retainer. They then take the proportion up to completion from the seller and the balance after from the buyer. Returning any balance to the seller.
However if that is not in place a quick Google says that the buyer is legally liable. :(