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Retention Clauses need to be comprehensive to avoid post completion headaches
Retention clauses are a smart way for buyers to withhold some of the contractual money to pay for a future financial liability. For example, it is common for a clause to be used in a contract for the sale of a residential leasehold property to provide for the seller’s conveyancer to hold a retention pending the final apportionment of service charge. Once the final service charge bill is issued, then the solicitor can discharge any liability falling due to his client from the monies held on account.
However, it is vital that such clauses are drafted comprehensively; not only to be able to determine with precision when the retained money can be released, but also what dispute resolution mechanism should apply in the event of the parties disagreeing.
At Parkes Wilshire Johnson, we pride ourselves on providing a quality conveyancing service. We are an approved member of the Law Society’s Conveyancing Quality Scheme.