Buying or Selling a Lease
Selling your lease
If you bought your property from us under the Right to Buy, you are subject to a five-year discount repayment period meaning you will need to repay a percentage of the discount you received at the time of purchasing.
In addition to this, if you sell your property within the first 10 years you must give us, the right of first refusal on the property.
If you did not buy your property through the Right to Buy Scheme you are not subject to the above restrictions
Once you accept and offer, you and the purchased instruct respective solicitors to deal with the sale. We will need to provide your solicitor with information about the property by completing a Leasehold Property Enquiry form (commonly known as LPE1). The charge for this information is £100 (January 2021) and is subject to VAT.
The information provided:
- Copies of service charge accounts for the property for the past three years
- The most recent estimated service charge account for the property
- Details of any outstanding major works liability
- A schedule of future planned works for the block or estate
- A copy extract of our insurance policy
Buying a lease
If we are the freeholder of the property you wish to buy, you need to instruct your solicitor to request an assignment pack from the seller’s solicitor.
Once the sale is complete you need to make sure that your solicitor sends us a copy of the transfer with a payment of £5 to ensure we can register you as the new leaseholder.