Management compant

[Buklau7]

Evening All.

Thanks in advance for any help!! We were just about to sell our property when our buyers opted for new solicitors (not sure why). The new solicitors then raised an enquiry regarding some wording in our management company.

1. We didn’t even know this existed as it wasn’t an issue when we bought the house
2. We have since found out some lenders don’t worry about the clauses but Nationwide (the buyers lenders) do.

Our solicitor has got in touch that the buyers solicitor has raised an enquiry stating “We note there is a clause that states if the rent charge goes unpaid for a period of 21 days you can repossess the property”.

Although the 9 houses involved are each shareholders in the management company I can’t see this clause ever being activated. Houses have been sold a total of 26 times with this never being an issue but it is now causing issues with us selling the property. Our lender never seemed to have an issue with it (Barclays). The management company director has said they will not change the deed of variation!

PLEASE if anyone has any advice???

[echat11]

Hi BUKLAU7

Welcome to LB

You could find out if '21 days' is standard for other management company contracts.

Even so you should challenge it as being 'unfair', i.e. banks, credit cards default an account after 3 missed payments.