-
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.
well no. they agreed to pay for the work as a condition of sale and that’s also a condition of our accepted offer. they are sneaky by going back on their word and shifting the onus on us to make up any shortfall.
Yes they could pull the plug but would you really want to go back on the market now when a sale was agreed back in the summer before the financial fall-out and you can have nearly half a million in the bank? they can try it on i guess but that could end up with them losing out big time with prices falling or flat over the next 6 months. all that for 2-5k?Edit: looks like the bill is hopefully around 8.5k they have proposed 6k we want 12k but have proposed splitting it in 2 parts so the bigger bill (6-7k?) which should arrive soon is settled and then it’s just the smaller amount retained for work that nobody knows when is likely to start.
Mr_Smyth-
Keep in mind their solicitor will be telling them their way is the best as it protects their interests.
Both suggestions are arguably normal practice.
No one likes open-ended unknown costs. I’d try to agree a sum to just deal with it now. Maybe £8.5k is the number. Maybe it costs £8k, maybe £9k but if the risk feels fair to both parties you may be able to agree it.
Compromise is often the answer.
-
they are sneaky by going back on their word and shifting the onus on us to make up any shortfall
Lesson learned - specify the retention amount upfront next time and don’t rely on “normal practice” (because there’s no such thing).
For what it’s worth I would be less concerned about which solicitor holds the cash (assuming theirs is a reputable outfit).
Hefty
NickCJ
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).
No - or at least in general the retention should be governed by someone who acts in the seller's interest.