My daughter and her husband owned a small studio flat with a mortgage, they bought it for £76,000.
When the time to move on came, they discovered to their horror that the market value was £62,000 some £5,000 less than their outstanding mortgage.
After months on the market, I agreed to buy the property off of them. This was done for £67,000 the total amount of their mortgage.
Now we have finally got around to sorting out the Land Registry stuff and I am told by the Management Agents who reside in London and I believe are reasonably notorious on here for their fees require the following:
1. Notice of Transfer £105.00
2. Certificate of Compliance / Deed of Covenant / Licence to Assign £200
They then go onto list a number of things which they require provided :
Formal notice of transfer, All transferee details, Certified LR paperwork -- all of these are obviously fair enough
Then they go onto list
A copy of the Lessees title confirming the requirement in terms of the restriction
An extract from the Lease specifying the Covenants relative
My question now is - what exactly are they doing to justify what seems to me an exorbitant cost for changing a name and address on their records and issuing a piece of paper ?
The Lease is their bog standard one, which I am perfectly aware they use throughout the country in their many properties managed - my feeling is that this Company based in N3 are trying it on.
What should I do ? This should have been a simple conveyance which myself and my daughter could have arranged between us, however their requirements make this nigh on impossible and more expensive.
When the time to move on came, they discovered to their horror that the market value was £62,000 some £5,000 less than their outstanding mortgage.
After months on the market, I agreed to buy the property off of them. This was done for £67,000 the total amount of their mortgage.
Now we have finally got around to sorting out the Land Registry stuff and I am told by the Management Agents who reside in London and I believe are reasonably notorious on here for their fees require the following:
1. Notice of Transfer £105.00
2. Certificate of Compliance / Deed of Covenant / Licence to Assign £200
They then go onto list a number of things which they require provided :
Formal notice of transfer, All transferee details, Certified LR paperwork -- all of these are obviously fair enough
Then they go onto list
A copy of the Lessees title confirming the requirement in terms of the restriction
An extract from the Lease specifying the Covenants relative
My question now is - what exactly are they doing to justify what seems to me an exorbitant cost for changing a name and address on their records and issuing a piece of paper ?
The Lease is their bog standard one, which I am perfectly aware they use throughout the country in their many properties managed - my feeling is that this Company based in N3 are trying it on.
What should I do ? This should have been a simple conveyance which myself and my daughter could have arranged between us, however their requirements make this nigh on impossible and more expensive.
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