Leaseholders- Buying And Selling
What happens when Leaseholders buy and sell an existing leased property?
The seller's Solicitor sends an enquiry form to Poole Housing Partnership, which we complete. The enquiry form is for the potential purchaser's solicitor, who may ask further questions. Solicitors are then charged for the enquiry; their fee is agreed with the Law Society. We encourage solicitors to use the Bournemouth & District Law Society enquiry form, as this reduces paperwork and assists in the selling process.
When the sale is agreed, a Notice of Transfer/Mortgage is sent to our solicitors by the purchaser's solicitors within one month of the purchase date.
Poole Housing Partnership are informed of the assignment, and the new quarterly charge will be invoiced to the new Lessee. Please be advised that Poole Housing Partnership DO NOT get involved in the negotiation process. It is entirely the responsibilities of the buyers and sellers of the Lease.
The seller will be expected to agree to pay for service charges up until the date of sale as part of the sales process, unless otherwise agreed between buyer and seller.
The Willow Park properties are subjected to a retention of 0.25% of the purchase price, as well as the Notice of Transfer fee. The 0.25% fee is a vetting fee and is in the Lease Agreement. This is payable by the seller. The Notice of Transfer is sent to Borough of Poole and is dealt with by Legal Services.
Purchasers must satisfy themselves that they wish to proceed on the basis of their own independent legal advice.
Employees of Poole Housing Partnership will NOT advise on whether a person should purchase a property. The information supplied to prospective leaseholders representatives is based upon the facts available to them at the time the enquiry is made.
If you require further information on enfranchisement or extending your lease, please contact the Leasehold Services Manager, see the contact details on the right of this page.