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Why are people so sneaky?
You say sneaky, they might think they are protecting their interests. From their POV, they probably can't entertain a situation where their liabilities are unlimited, for work that they won't ever enjoy any benefit from.
(We were actually on the other side of this, and went down the route you describe, for the above reason, and yes the buyer bitched about it but we just asked if they wanted the place or not. I should probably follow up with the solicitor to ask what the bill was in the end).
all funds are held by the buyers solicitor
No - or at least in general the retention should be governed by someone who acts in the seller's interest.
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What's in dispute - who holds the money or how big the retention should be?
Howard
NickCJ
@Mr_Smyth
Why are people so sneaky?
Seller agreed to pay for 2 parts of upcoming scheduled works on the flat we are buying (one part has just been done, other smaller part will start soon)
Normally a retention is held back to cover the work, once the bill is known it’s paid with the money and the remainder is then given to the seller. all funds are held by the buyers solicitor, this is the normal way of doing things.
They have just proposed that their solicitor withholds the money (which isn’t enough to cover the likely final bill) and then pays it to us once we get the bill with any shortfall made up by us.
Don’t think so mate, here’s the conditions of offer where it clearly states you are paying for all the work...
Played it with a straight bat to mid on where it kissed the rope for 4 runs, expecting a bouncer next which i will politely leave...