Common areas not transferred to Management Co.

Clonback

Registered User
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410
I purchased an Industrial unit in 2005 in a new Industrial estate and the common areas are still not transferred.
My solicitor says there is no file in storage as the bank have the deeds.
I attended the AGM last week and was informed for the first time that this issue is outstanding and could take a serious amount of money and time to sort out.Should my solicitor have told me this before the purchase.

If I try to sell now no bank in the current climate will lend without clear title.Was it correct for my bank to lend in the circumstances?

What is my best course of action?
 
"Should my solicitor have told me this before the purchase?"

Well, if they did not know about the issue when you bought, how could they tell you?

"Was it correct for my bank to lend in the circumstances?"

Presumably, it wasn't a problem when you bought?

"What is my best course of action?"

Find out what the issues are and see what you, as a member of the management company, can do to resolve the issues.

mf
 
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