Many potential homeowners when embarking upon a property purchase can sometimes be unaware of hidden costs in order to comply with covenants contained in an original Transfer or Lease.
Failure to comply with the covenants prevents a property achieving registration of title at the Land Registry, as a required Certificate of Consent or Land Registry Form RXC cannot be provided by a conveyancer or the Beneficiary of any Restriction registered against the title to the property to protect a Freeholder and/or Management Company that positive obligations in any original Lease or Transfer have been adhered to.
What fees might be imposed?
The terms of Leases and Transfers can differ but fees imposed on an incoming purchaser by a Landlord, Management Company or their solicitors can include:-
- Provision or approval of a Deed of Covenant
- The issue of a Land Registry Certificate of Compliance or Land Registry Form RXC to override a restriction on a title
- Notice fee when advising the Landlord and/or Management Company of the change in ownership
- Issue of a new share or membership certificate for a share or membership in any Management Company
A legal representative should advise of any such fees upon receipt of Contract documentation, to enable a potential homeowner to budget for all necessary fees required to successfully register the title to a property in their name.
Get in Touch
If you are a potential purchaser thinking of buying a property which may be subject to a maintenance or service charge, or if you are a Landlord or Management Company looking for assistance with the administration of completion documentation for properties you own or manage, please do not hesitate to contact us. Fill in our contact form or give us a call on 0845 55 55 321.
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