Advice on flat sale

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    Advice on flat sale

    Guys, hi!

    I represent a RTM Company, I am the Director of it, 11 flats in our block.
    He have some people willing to sell their flat, and I am really “flat” on the legal aspect;

    I need to give them: the Deed of Covenant, the Assignment Pack, I need to lift and re-apply the restrictions and to finalise the sale.

    I beg you, guys, please give me some advice!
    even a lawyers company, the flat residents could pay for this…

    am I going to be able to do this myself, or not at all?

    the Homeground used to issue these docs, but since we are now independent, they expect us to be “pro” at this and to so it.

    I am rather a “plant” at this…

    please help me, guys!!!!!!!!!! Ionela Preda


    #2
    You will need to answer a lot of questions on the LPE1 form and collate a lot of information, accounts, HSE reports, asbestos, fire etc etc and there are serious repercussions for errors, that's why it costs upwards of £250 for dealing with sale enquiries.
    Best find a competent solicitor (if that's not an oxymoron) to deal with this for you. Buyer will pick up the bill
    Don't be lonely on this Preda !

    Comment


      #3
      Thank you hugely!

      is there any serious one around, you know of?

      I quite know the terms in the lease, building built in 212, no asbestos, quite clean, but the restrictions and stuff like this, I do mot know how to deal with…

      Comment


        #4
        As far as i know, you will have to get the freeholder's permisssion to assign the lease, as you are managing the place on his behalf.
        The LPE1 may even have to be done by the freeholder ( w ho would pass it on to the correct person in the RTM company to fill in what they know.)

        Someone correct above statement if not quite right.

        Comment


          #5
          Ionela Preda,

          Have pm'd you a good firm.

          Comment


            #6
            Guys, I can’t believe that you take your time to help! Nice people still exist!

            Comment


              #7
              ram,


              Yes, Homeground is now representing the Free Holder and gave me the authorisation to carry this.
              they normally do all these themselves, but only for a Management Company, not for our RTM one…

              They declined any help, even paid one.

              the LPE 1 form, we have it from the previous flats that were bought in the past, including mine. I filled it in.
              we know how much we have as a reserve fund, all is clean here, too.
              Fire Assessment, done. Asbestos aspect-none. Block built in 2012.


              All clean here. No debts on the ground rent or service charge.

              We struggle with that “restriction” that has to be lifted by us? And then re-added.if not, I started to get a bit more.

              but not totally…

              Comment


                #8
                Originally posted by Section20z View Post
                Ionela Preda,

                Have pm'd you a good firm.
                thank you! I read the post and I can’t wait to be Monday, so I can ring them…

                Comment


                  #9
                  ram,

                  The free holder only asked me to pass the info about the new buyer, so they know at the end.
                  and of course, to add him into the RTM, too.,

                  Comment


                    #10
                    Hi. As a director of an RTMC with a managing agent in toe we can leave the sales pack work to our managing agent, but there is one point that doesn't make sense to me here. Unless the lease requires the seller to get prior consent to assign -- as apart from the more standard requirement for the buyer to submit a notice of assignment within 30 days of the purchase -- I don't understand why you needed the freeholder's 'consent' to deal with LPE1 enquiries?

                    An RTMC is an independent legal entity - not an agent of the freeholder. The freeholder and his agent won't get involved with sales enquiries unless they are collecting their own ground rent - not automatically a duty put on an RTMC.

                    Given the RTMC can charge a fee for dealing with sales pack enquiries, makes sense to delegate outside. Loads of advice available on line but important to get it right.

                    re Post #9 the freeholder cannot tell the RTMC to 'add the buyer in' as membership of the RTMJC is voluntary for the flat owner and they have to sign and submit the guarantor statement and the freeholder has no legal role in any of this. I'd suggest you keep the freeholder out of the RTMC's work other than - should they apply - making them a voting a member as landlord.
                    Do not read my offerings, based purely on my research or experience as a lessee, as legal advice. If you need legal advice please see a solicitor.

                    Comment


                      #11
                      After the RTM has taken over administration of the service charge account , the freeholder is left with collecting the ground rent and forfeiture of lease. Usually the solicitor for the prospective buyer will be asking if any service charge owing by the seller and any expensive maintenance work planned and provide copies of last 3 years service charge accounts; and you can charge a fee before replying .

                      What are the restrictions for ? Lifting and reapplying does not sound right for a RTM company.?

                      Comment


                        #12
                        Gordon999,

                        Hi,

                        this is what I thought about restrictions…

                        so, the Freeholder only asked me tell him at the end who the new owner is.

                        he does not want to take part in the company.

                        how difficult would be for me to provide:

                        1. Deed of covenant
                        2. Certificat of compliance
                        3. licence to assign?

                        Do you have any drafts of these?

                        Comment


                          #13
                          I am not a solicitor and do not have drafts for 1, 2 and 3.

                          I suggest you speak to the leaseholder 's conveyancing solicitor for advice if these items 1, 2 & 3 are necessary and functions required by the RTM under the terms of your lease.

                          Comment


                            #14
                            Alternatively, you could book a 20/30 min consultation with a local solicitor ( experienced in residential long leases ) to explain the requirements under your lease and charge the expense for legal advice to your service charge account.

                            You would have to take 2 copies of your lease to the meeting. Sometimes a meeting with local solicitor may help to explain the lease terms much more quickly.

                            Comment


                              #15
                              ram,


                              All fine now with the LPE 1 form. I know how to fill it in, I have it.

                              The certificat of compliance is the only one I do not know how to do…

                              Comment

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