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Anyone live at daisy spring works?

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I am 5 months into the purchase of a flat in Daisy Spring Works in Kelham Island and nothing seems to be progressing. I have recently found out that the freeholders of Daisy Spring Works are in receivership and this has meant some delays in getting documents. I have also noticed that a flat in the same block which sold subject to contract in March has just been re-listed for sale - so their sale obviously fell through. According to land registry records, no sales have completed in the block since February 2015.

Does anyone know anything about what is going on down there?

Best wishes

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A Receivership does not change ownership. Receivers are merely agents appointed by creditors (e.g. mortgagees) unlike Liquidators who superintend the rundown of the company. So Receivership is not really a reason for delaying sales- on each completion, the mortgagee issues a Letter of Consent allowing registration of the new Transfer of Part (or, for a flat, a new Lease) at HMLR.

Edited by Jeffrey Shaw

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Thank you very much for the insight Jeffrey. I've been wondering what the implications of freeholder receivership are for someone in my position, and until now have not been given a definitive answer. I'm very grateful for the information.

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Hi Jeffrey,

I'm still trying to buy the apartment in Daisy Spring Works. Should I be concerned that the freeholders are in receivership? Could there be any negative repercussions for the leaseholders of this situation? I would be really grateful for any advice/opinions you have on the issue.

Best wishes

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Hi Jeffrey,

I'm still trying to buy the apartment in Daisy Spring Works. Should I be concerned that the freeholders are in receivership? Could there be any negative repercussions for the leaseholders of this situation? I would be really grateful for any advice/opinions you have on the issue.

Best wishes

Too complex to explain fully here- but, no, receivership of L ought not to be a problem PROVIDED that the lease contains proper provision for future service charge functions via a solvent management company.

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That's good news. Thank you very much for your help. I really appreciate it.

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Does anyone live in Daisy Spring Works, I have just moved in to the building and have no idea how to work the thermostat and neither do the landlords. If anyone could help that would be great.

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Just curious to get opinions of building, management and condition as considering buying there. 

 

Cheers! 

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I have a friend who has a rental there which I do the odd few bits on when needed.

Seems like a good & secure building to me.

With the area being up and coming I think it would be a good buy.

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Hello, I own a unit there which is rented out, I am keen to connect with fellow owners to chat about the freehold management company; pls can you reach out to me nik@nastek.co.uk

Thanks

Nik

 

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I’m considering buying a flat at Daisy Spring Works.  Does anyone know anything about the ‘Section 20’ letter which was sent to leaseholders earlier this year?  I believe that all are required to pay circa £3k towards repair works and am concerned that I could be exposed to costly liabilities going forwards.  The selling agent mentioned roof cladding issues, and I’m  also worried about fire safety post Grenfell and Bolton. Thanks

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Did you finally manage to buy at Daisy Spring Works?  I’m due to exchange contracts on a property next month and am concerned about Section 20 and potential cladding issues post Grenfell.  Would appreciate any info on this.  Thanks

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