My solicitor says there is a problem that cannot be solved
Answer
Unfortunately, especially with older properties, this can be the case.
Perhaps you are buying a leasehold flat and the "freeholder is absent" - in other words no one knows who the freeholder is or they do but they have been unable to contact them.
That means they could come back at some point and demand all the ground rent back payments.
Perhaps the property has had some changes made which needed planning permission from the local authority but no consent was ever given and the vendor is not going to spend weeks applying for retrospective permission.
Perhaps you are buying a flat and some major works are planned but costs have not yet been finalized.
You've got three options:
- Take a view - basically accept the issue and the risk. The vendor may well say that is what they did when they purchased the property themselves and if you don't want to they'll sell to someone who will.
- Indemnity Insurance - a type of insurance that will cover the costs of the risk or compensate you for a loss that may or may not happen.
- Retention - for an upcoming cost not yet known. The vendor agrees his solicitor will hold a certain amount back which you can claim within a certain timescale if a certain cost is over a certain amount.
Its worth discussing all these options with your solicitor so see which would fit best.
You'll find more examples and more detail on all of these in my ebook How to Really Buy a Property.
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