This Q & A was first published in Absolutely City & Angel Magazine, February 2014. Property Partners Andrew Flint and Hema Anand have a regular legal expert column in the magazine to answer questions on residential property.
Question
I am about to sell my flat, which comes with a share in the freehold. I would like the sale to go through as quickly as possible. Is there any documentation I could collate now to speed up the process?
Answer
You don’t mention if the freehold is owned by individuals or by a company. If the freehold is owned by individuals, each individual will need to execute a document called a Transfer. This is usually prepared by either your solicitor or the buyer’s solicitors. The execution of this document should be undertaken at an early stage of the conveyancing process to avoid delays in obtaining the relevant signatures. In such case it is highly advisable to have this document executed and placed on your solicitor’s file before exchange takes place.
If the freehold is owned by a company, the documentation required will vary depending on the type of company it is. If the company is limited by guarantee, your solicitor will want to have a copy of the Memorandum and Articles of Association of the company and a copy of your Certificate of Membership although it is not essential to have such a Certificate so you shouldn’t worry if you don’t have one. If the company is limited by shares then your solicitor will need to have a copy of the Memorandum and Articles of Association and the original Share Certificate you have in the company. It will also be useful to know who the current company secretary is so when the property is sold, the buyer’s solicitors can contact that person in order to arrange for a new Certificate to be issued in your buyer’s favour.