Service charge retention pending final apportionment
Service charge retention pending final apportionment

The following Property precedent provides comprehensive and up to date legal information covering:

  • Service charge retention pending final apportionment

Service charge retention pending final apportionment

    1. 1

      Definitions

      Current Year

      1. the Service Charge year in which Completion occurs;

      Retention

      1. the sum of £[amount];

      Service Charge

      1. the service charge payable under the Lease.

    1. 2

      Service Charge Retention

      1. 2.1

        The Seller and the Buyer acknowledge that the amount due in respect of the Service Charge for the Current Year has not been [finalised OR certified OR finally determined].

      1. 2.2

        The Seller’s Solicitors must retain the Retention from the Price and [hold the Retention as stakeholders OR place the Retention in a joint deposit account at [name] Bank plc in the names of the Seller’

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