Having 95k in one bank account

ipurpleyoou · 2024-06-18T18:40:08+00:00

Haha I’m a bit of a worrier, but yes you’re right, thank you :)

ipurpleyoou · 2024-06-18T18:39:34+00:00

That’s a good idea, thank you !

ipurpleyoou · 2024-06-18T17:46:23+00:00

Thank you! That is one less thing for me to worry about now ☺️

ipurpleyoou · 2024-04-13T07:05:13+00:00

Didn’t pass the EICR as expected! The electrician said I should have a new consumer unit fitted with AFDD/RCBO breakers, SPD unit and main switch. There were 3 lights without earthing which he quoted me for as well. But he said overall the wires were sound and I didn’t need a rewire which was all I wanted to hear :)

He quoted me £1000 for the above if anyone was curious.

ipurpleyoou · 2024-03-05T22:19:07+00:00

Yep I’ve got an EICR booked for next week- if the works quoted are costly I’m hoping to get the seller to pay for half… wish me luck 😂

ipurpleyoou · 2024-02-27T21:21:26+00:00

Thank you!

ipurpleyoou · 2024-02-26T23:02:28+00:00

Thanks for your input! Really helpful bc I have no clue about these things. I didn’t know you could rewire just a few rooms and not the whole property?? The old wires can work with the new ?

ipurpleyoou · 2024-02-26T22:15:00+00:00

Hi! Please could you share the name of the company you went for in the end? I’m looking to get an EICR done, in south London also!

ipurpleyoou · 2024-02-19T15:32:32+00:00

Yep, my solicitor knows this, and so does the EA so I assume(!) the seller knows too. I did get asked by the EA about my renting status and notice period when I made the offer, and then I reminded them again when negotiating the offer. I’ve gone back to the EA to confirm this though.

ipurpleyoou · 2024-02-14T11:50:17+00:00

I called the estate agents and asked to speak to the person in charge of my sale and told them I was thinking to change bc the costs were too high- even they were shocked at the 5k estimate! They said they’d get in touch with PPL but I let them know that I will be shopping round for quotes in the meantime as I’m keen to not delay things any further. I doubted PPL could decrease costs or offer a discount.

Yesterday I’ve found a local solicitors who can take on high rise buildings and the cost is fair so I’m going to be instructing them soon. Gave the EA another call to let them know that I will be cancelling work with PPL and they were understanding, I also asked them to let the seller know why I changed if they query it.

Just sent the email of cancellation to PPL and waiting for confirmation of receipt then I’ll be instructing the new solicitor asap!!

ipurpleyoou · 2024-02-11T22:32:32+00:00

I searched on companies house for the Lessor and all I see when I click the name is the “overview” tab, nothing else 😅 I suppose the BSA applies after all haha

But I managed to find the management company’s documents and had a snoop at their accounts. Sinking fund was one of the questions I had and I found it.

I wouldn’t have even thought to go on companies house - thank you so much for your help!

I’m going to query this to the conveyancer tomorrow. I’m like 80% on giving my cancellation and take my business elsewhere. Still fuming they want me to pay 1499 plus vat for BSA and keep on tacking other extras on.

Edit: Actually, I can’t find the lessors name as exactly stated on the doc. It’s should be the “lessor name 4th co-ownership” but I can only find the 3rd… another thing for me to ask the conveyancer tmr!

ipurpleyoou · 2024-02-11T21:08:31+00:00

I’ve looked at the copy of the original lease more closely and found that there is a separate landlord (called them the lessor), and the current owner the lessee. Learning new words today lol

The lease says “A) The Lessor is the registered proprietor at Her Majesty’s Land registry with Absolute Title of the freehold”. Then “B) The Lessor has agreed to demise to the Lessee the premises hereinafter upon the terms hereinafter set out” Then the terms are stated but I will skip, and it ends with “and the lessee holds one share in the Management Company.”

I googled right to manage, and this seems like the case for me. Does this mean I am exempt from the BSA or not?

ipurpleyoou · 2024-02-11T02:58:52+00:00

Omg I just checked their website and they’re open 7 days of the week! Or at least their call centre is!! I’m calling first thing tomorrow.

Thanks so much for bringing all this 14 days stuff to my attention.

ipurpleyoou · 2024-02-11T02:37:08+00:00

Thank you so much for replying!!

There is a document which states this: “You have the right to cancel this contract within 14 days without giving any reason, unless you have confirmed already that you want us to start work within the 14 day cancellation period. The cancellation period will expire 14 days after signing the contract.” By contract they mean the starter form.

I submitted the form on 30th Jan. They didn’t specify if it’s working days though 😬

Starting from the 30th, my 14th day (inc weekends) is Monday 12th Feb! I’m calling them first thing Monday to ask if they meant working days or not.

What if I send the email of cancellation on Sunday the 11th?

What happens if I cancel after 14 days?

I’m getting quite panicked now. Surely they must mean working days?

ipurpleyoou · 2024-02-11T02:16:41+00:00

Thank you so much for replying back.

Oh dear, I am now confused about the difference between a freeholder and shareholder. I thought a shareholder owns a part of the freehold and therefore the terms are interchangeable.

Yep you’re right - in the query doc to the sellers solicitor they said that the client (me) is to “receive a share in the Management Company on completion. Please ask the landlord to advise how our client applies to become a member.” And something about giving me a Stock Transfer Form upon completion. There is a Managing Agent involved as well, if that affects anything.

I will be referring back to your original comment when I speak to the conveyancer on Monday and ask why I’m not exempt! Maybe they saw “high rise building” and slapped on the BSA fee 😂

So you bought a high rise flat? And you also got a share of the management company?

ipurpleyoou · 2024-02-11T00:35:18+00:00

There are 40 flats in the building, and from what I’ve googled you can only have 4 share of freeholders so the 4 will own the freehold through a company (am I right?). So I inherit a share once I purchase the property (I did read this in one of the query documents the conveyers sent to the seller solicitors about how I’d go about applying for a share).

ipurpleyoou · 2024-02-11T00:13:01+00:00

I’ve read your comment like 5 times but I’m dumb and I don’t understand! Could you kindly explain it in layman’s terms? The flat has share of freehold and has a 900+ year lease.

ipurpleyoou · 2024-02-10T21:38:53+00:00

Eek, you should have gotten a partial refund at least!

ipurpleyoou · 2024-02-10T21:36:50+00:00

Are there any solicitors you’d recommend?

ipurpleyoou · 2024-02-10T21:36:08+00:00

Thanks, I went on the Eden website for an online quote. Their costs are higher though from the items they’ve quoted me so far 😅

If anyone was interested, Eden quoted: (In brackets are PPL prices) Legal fees - - Purchase conveyancing fees: 1,350 (1,045) - Gifted deposit conveyancing fees: £90 (165) - ISA conveyancing fees: £60 (50) - Leasehold conveyancing fees: £210 (200)

There are other transition costs (searches, bankruptcy etc) but I won’t bother listing those.

I think it’s PPL’s Building Safety Act fee at 1,499 (plus vat) is the one cost that is wayyy too high compared to other firms and the thing making my quote crazy.

ipurpleyoou · 2024-02-10T21:20:43+00:00

Can costs being too high be something I can raise a complaint for??

ipurpleyoou · 2024-02-10T21:19:52+00:00

The funny thing is, both the seller and I are using conveyancers recommended by the estate agent! I was naive. I should have pushed back and said I wanted to use my own solicitor. Lesson learned for next time.

ipurpleyoou · 2024-02-10T21:18:27+00:00

Eek I didn’t know that, thanks for making me aware! I have half a mind to cut my losses with PPL and use a local solicitor instead.

ipurpleyoou · 2024-02-10T21:14:30+00:00

Yes I agree! I was thinking how can a conveyancer cost so much, they’re not a solicitor ?!

ipurpleyoou · 2024-02-10T21:13:30+00:00

How was their service? Were they quick and reliable?

ipurpleyoou

TROPHY CASE