Selling your lease
If you wish to sell your lease, you will have to market the flat for sale with an estate agent.
CityWest Homes runs a successful estate agency, CityWest Residential, which specialises in marketing ex-council properties and is consistently ranked as one of Westminster’s leading agencies.
One you accept an offer (subject to contract), you and the purchaser instruct your respective solicitors to deal with the sale or purchase.
Your solicitor will obtain proof of your ownership of the flat, which is usually copy of your title from the Land Registry.
Following the receipt of this document, your solicitor will prepare a draft contract of sale and send to the purchasers’ solicitor, with a copy of your title, copy of the freeholder’s title and a copy of your lease.
The buyer’s solicitor will undertake searches and make enquiries about the flat. This will include your solicitor requesting an assignment pack from the leasehold operations team. We can only supply this pack to you, the seller, or your representatives.
An assignment pack includes:
- the current balance of the service charge account
- the last three years actual expenditure accounts
- a full and final major works statement
- major works planned to be undertaken during the next five years
- building insurance details
- registration information
- details of any unauthorised alterations
- general information that a prospective purchaser would require.
There is a £200 (VAT not applicable) fee for this assignment pack to be issued. The assignment pack can be updated free of charge within six months of its first issue.
Once the enquiries are completed and the contract agreed, contracts can be exchanged, a deposit paid and a completion date is set.
Buying a lease
If Westminster City Council is the landlord or 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.
You are liable for any outstanding service charges and future liabilities when you become a leaseholder.
New purchases must be registered within 21 days. Your solicitor should send the following documents to the leasehold operations team.
- a certified copy of the transfer deed
- if applicable, a copy of the legal charge
- £50 (VAT not applicable) administration fee for each registration.
To find out more about buying or selling your property please contact our Leasehold Operations team.
Call: 020 7245 2097