Advice on flat sale

Collapse
X
 
  • Filter
  • Time
  • Show
Clear All
new posts

    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

                              Latest Activity

                              Collapse

                              • Reply to Freeholder threatening to cut water off
                                by Macromia
                                Does it?
                                I expect that it probably says something requiring the freeholder to ensure that you always have free access to your property, and that services (including water) are maintained, but I doubt that it's worded exactly how you put it.

                                Regardless, the freeholder hasn't given...
                                20-10-2021, 22:10 PM
                              • Freeholder threatening to cut water off
                                by Disraeli-LLH
                                I was hoping you would be able to help. We own a ground floor flat LLH(970 yrs remaining). The freeholder owns the house and lets the flat upstairs on an AST.

                                The freeholder currently undertaking works including replumbing. We have been on a shared water supply and we connect through their...
                                20-10-2021, 15:35 PM
                              • Reply to Help - Loft Demise - Lease - Trespassing??
                                by REPE1993
                                Lawcruncher

                                Am in similar situation as OP. Lease makes no mention of loft or attic space by word - but the loft is not included in the plan appended to the lease.

                                I would assume that as a detailed plan of the demise is in included - one can assume that what is not on that plan...
                                20-10-2021, 21:39 PM
                              • Help - Loft Demise - Lease - Trespassing??
                                by Mrmckenzie74
                                Hi all!

                                Hope you're all well?

                                I'm new here so I hope you don't mind my direct approach.
                                I may be in a bit of a pickle and could really do with a bit of advice on the following...

                                Snap shot:

                                Top floor flat

                                Purpose built maisonettes...
                                24-01-2020, 16:51 PM
                              • Freeholder/Agent Demanding Money for Repairs
                                by SSLA91
                                Hi all,

                                Long time lurker of this forum and recent new member. Have always found the forum incredibly helpful so thank you! Have now got an issue with our freeholder that I could use some specific advice on (have tried searching for similar posts but to no avail).

                                We have recently...
                                20-10-2021, 20:28 PM
                              • Reply to Freeholder/Agent Demanding Money for Repairs
                                by Macromia
                                The parts of the lease that you quote in the above part of your original post, particularly the bits I've highlighted in red, make it clear that the 'landlord' (i.e. the freeholder) is responsible for maintaining the boundary walls, and that the leases definition of "building" does include...
                                20-10-2021, 21:36 PM
                              • Share of freehold questions - confused
                                by sixunforced
                                Not sure if this is the right place for this query but anyway, I'm a first time buyer and have been searching for a property for like two years now (not continuously but on and off and obv covid halted my search for a while). I found a really nice 2 bedroom flat for under £320,000 in a block of around...
                                18-11-2020, 21:19 PM
                              • Reply to Share of freehold questions - confused
                                by Macromia
                                Realistically, they don't.
                                That's the type of situation that my comments in this old thread were highlighting.

                                If the directors are breaching the lease, and can't be made to understand that they can't do this, the only real option is to get control of the management of the property...
                                20-10-2021, 21:10 PM
                              • Reply to Freeholder/Agent Demanding Money for Repairs
                                by landlord-man
                                I would be raising a formal complaint with conveyancer if they didnt fully advise you.

                                If the wall is that bad (visibly) and you were aware of the lease implications, would you have completed on the purchase?...
                                20-10-2021, 20:46 PM
                              • Reply to Freeholder/Agent Demanding Money for Repairs
                                by Section20z
                                Yep, you have to contribute your share of building upkeep. It does however sound like there should be section 20 consultation so maybe ask to see the quotes. They might be claiming exemption...
                                20-10-2021, 20:43 PM
                              Working...
                              X