TC103: PROPERTY TRANSFERS – IMPLICATIONS FOR PROPERTY MANAGERS
ARMA ONLINE TRAINING
As you are aware, we are all in unprecedented times. We know that the COVID-19 Pandemic will have an impact on people and companies on an unparalleled scale and exactly how it will unfold is still uncertain.
Recently imposed restrictions to daily life have forced us to quickly adopt different ways of working, learning and connecting with each other.
We know that social distancing measures will be in place for the foreseeable future and during this time ARMA has adapted its classroom training courses and will now offer them as live online training.
We are aware during these difficult times that training courses will need to be run to suit our members needs and rather than running a full-day course over one full-day we are running these over consecutive days to allow you to plan your day accordingly around this. Full details of the dates and times are provided on each course by selecting READ MORE/BOOK.
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Leasehold properties change hands on a regular basis. During the life of a lease, the leasehold interest is likely to be sold, transferred or otherwise disposed of. And the lease will set out the requirements that outgoing (and incoming) lessees need to adhere to. In this training course, we’ll explore the typical requirements found in leases relating to property transfers, equipping attendees with the confidence to read leases constructively and deal with the process to ensure a smooth transfer of the property to the purchaser. We’ll also consider how managing agents should approach and enforce compliance with those requirements. We’ll also consider the position on arrears. If there are service charges which haven’t been settled, what happens to those arrears on any sale, transfer or disposition? Who should be pursued: the outgoing leaseholder or the incoming one? And what procedure can (and should) be followed?
- Locate and interpret the specific lease covenants relating to transfers of property, identifying the actions required by the relevant parties (e.g. property managers, conveyancers, leaseholders, etc.).
- Identify the responsibilities of the conveyancer – Including the use of LPE1 and LPE2 forms over ad hoc information requests, etc.
- Complete an LPE1 and LPE2 document accurately and as completely as is appropriate for the purposes of the transfer.
- Identify the requirements for/compliance with: Licences to assign, Deeds of Covenant, Certificates to satisfy restrictions at the Land Registry, etc. – when and why they may be required.
- Stock transfer forms and issuing new share certificates (dealing with lost certificates!).
- Receipting notices of transfer and/or charge.
- Ensure all charges due are accounted for and paid to the point of transfer. (This includes any remedial action that may be allowed if an account is not cleared).
- Deal appropriately with possible year-end deficits/credits as part of the conveyance process.
- Identify the key elements of effective welcome correspondence to new leaseholders.
- RTM companies: what additional steps need to be taken.
- Legal staff who need to understand the requirements of the lease in the transfer of property.
- Property managers whose input is required during the property transfer.
- It may also be suitable for any other members of staff who are involved in property transfer and Company Secretary duties.
- This course would also be suitable for those in lettings moving into residential leasehold management.
Level: Beginners / Intermediate / Refresher