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NickCJ-
Both. it’s normal practice for our solicitor to withhold an agreed sum to cover the work of which there is just an estimate so you need to add 10-20% to that to cover any increase.
As soon as the bill comes in the solicitor pays us the correct amount to settle bill and the remainder gets paid to the seller.
they (seller) want their solicitor to have the money in their account (but likely not enough to cover the bill) have us pay the bill when it arrives which isn’t a small sum (8-12k) and then show them the bill which they then reimburse us.
Except that if it’s more than what they have on retention we make up the shortfall.
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...