FWIW I'm on the seller side of an apartment in a complex that the Common Areas have been transferred, but due to sloppy legal work some legacy mortgages were left on the deed. In theory these mortgages should be irrelevant (according to multiple legal firms) but at least one buyers' bank has taken issue with them and ultimately refused to allow drawdown of the mortgage. Interestingly other apartments sold in the past, before the Common Areas had even transferred, so there may be some banks that are more flexible or they may be getting stricter.Hi Dano'B,
I was wondering if this was ever resolved and if so what was the outcome?
7 and a half years later I am facing the exact same issue. I have found an apartment that is perfect. I was at the stage of signing contracts when my solicitor discovered the common areas have not been fully signed over to the management company.
I'm wondering if you went ahead with the sale in the end or if you would recommend walking away?
Any information and help would be greatly appreciated.
Kind Regards,
M
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