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Problems buying flat in Daisy Spring Works

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15-08-2015, 09:29   #1
Cazzaa
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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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15-08-2015, 23:31   #2
Jeffrey Shaw
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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.
_______
JEFFREY SHAW
Solicitor with Nether Edge Law
Contact me on jss@netheredgelaw.co.uk

Last edited by Jeffrey Shaw; 15-08-2015 at 23:34.
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16-08-2015, 20:26   #3
Cazzaa
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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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13-09-2015, 15:18   #4
Cazzaa
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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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18-09-2015, 15:42   #5
Jeffrey Shaw
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Quote:
Originally Posted by Cazzaa View Post
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.
_______
JEFFREY SHAW
Solicitor with Nether Edge Law
Contact me on jss@netheredgelaw.co.uk
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18-09-2015, 15:54   #6
Cazzaa
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That's good news. Thank you very much for your help. I really appreciate it.
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06-01-2017, 23:18   #7
jovigolland
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Joined: Jan 2017
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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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