Why do I need to refund to the Seller any percentage of annual charge if I'm moving at the end of March, or May?Hi,
Your solicitor can answer this, and all the questions you've asked today. You're paying them a fee.
Apportionment is simply a way to split annual charges fairly between seller & buyer. If the seller has paid LPT for the year, and you get the property at end of March, you refund the seller 9/12 if the annual charge.
Thanks. I believe that the local property tax was already included in the Annual Management fee you're paying in case of living in an apartment?Because they've paid the charge for the full year.
You're moving in during the year, so part of the charge relates to a period when you own the property.
Apportionment is part of a standard law society sale agreement