7. Registering notices
If you intend to remortgage your property at any time, you should contact us first to discuss the matter. We will not agree to provide the information required by the lender if you have outstanding service charges or are in breach of the terms of your lease. Once the remortgage has taken place, the lender will need to provide a notice of charge to us to record with the Land Registry. Until this is done your lender’s security will be at risk.
Assigning (or selling) your lease
If you bought the flat from Arun District Council within the last 5 years under Right to Buy provisions, some of the discount you received on the purchase price will have to be repaid. This is now based on the current sale price.
If you intend to sell your flat, please let us know when you have instructed estate agents or solicitors. We will need time to prepare detailed and comprehensive information for the prospective purchaser.
If we are not informed of the potential sale this could cause delays which could prevent the exchange of contracts taking place. We will notify the solicitors involved of any arrears of ground rent, buildings insurance or service charges. These must be paid before we agree to the sale taking place.
Notice of transfer or assignment
Once the sale has taken place the notice of transfer, and probably notice of charge, will need to be sent to our solicitors to record with the Land Registry. Until this is done, you, as the outgoing lessee, will be responsible for any issues relating to the leasehold property.
There are fees that need to be paid for registering remortgages, notices of charge, and notices of transfer and providing the information required for the assignment of a lease. The fees are reviewed in April each year so it is best to check with your leasehold officer for the current amount.
Apportioning the service charges with the purchaser
You may sell your lease part way through the financial year, which means that the actual cost for the annual service charges will not yet be known. Until the final accounts have been issued, you will need to arrange retention with the purchaser’s solicitor to cover any actual service charges. We will need to keep in contact with you and your solicitor to sort this out once the actual costs are known. This is usually from June to September when the final accounts are issued for the previous financial year