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Share Certificate - leasehold
LallyHay
Posts: 30 Forumite
I am selling my flat and my solicitor has asked me if I have the 'Share Certificate of the Memorandums of Association'. I have never seen this, but do have a letter from solicitor I used when buying my flat 6yrs ago requesting £50 to transfer the Share Certificate over, a few months after I purchased. Who would have this certificate? The previous solicitor / Land registry / original mortgage company / remortgage company? Will they give it to me or should my solicitor be contacting them for it?
Any advice much appreciated
Any advice much appreciated
0
Comments
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You or your solicitor should have it.0
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Thank you G_M. The solicitor I used just over 6yrs ago has merged with another company - so I really hope they can access my files. I definitely never received it as I have all the letters etc sent by them during the purchase process and only one mentions it. No covering letters where one should have been attached etc. If they are unable to provide the certificate, do you know what I would have to do to either get one or enable the purchasers to get one?0
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Contact the Company Secretary and they can
-issue you a new one, or a new one to the new owner, by
-either asking you for an indemnity form, which they can supply or
-exercising a lien on the share
There is normally an admin fee for that.Stop! Think. Read the small print. Trust nothing and assume that it is your responsibility. That way it rarely goes wrong.
Actively hunting down the person who invented the imaginary tenure, "share freehold"; if you can show me one I will produce my daughter's unicorn0 -
propertyman wrote: »Contact the Company Secretary and they can
-issue you a new one, or a new one to the new owner, by
-either asking you for an indemnity form, which they can supply or
-exercising a lien on the share
There is normally an admin fee for that.
That assumes that the share(s) were properly transferred from the seller in the first place! If the £50 the OP mentions was for stamp duty, and this wasn't paid; the transfer cannot be registered. Thererfore a new share certificate can't be issued (regardless of indemnity), as the OP isn't the registered owner of the share(s).
Suggest the OP contacts the Company Secretary who can clarify the position, then take it from there0 -
Why add a new and unlikelyproblem ReadingTim?!
I have already told them to contact the Co Sec, I am sure that the CoSec will say "oh we don't have you down as shareholder, it's still the old owner".
they can exercise a lien on the share as most Articles for these companies require home ownership of a unit as a condition of being a shareholder
As to £50 that is not going to be stamp duty. These shares are in most cases only £1 and therefore exempt and the £50 is likely an admin fee.Stop! Think. Read the small print. Trust nothing and assume that it is your responsibility. That way it rarely goes wrong.
Actively hunting down the person who invented the imaginary tenure, "share freehold"; if you can show me one I will produce my daughter's unicorn0 -
Thank you all, especially Propertyman. They have responded quickly and will issue a new one to the buyer if I sign two forms; a stock transfer and letter of indemnity. Thanks again.0
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propertyman wrote: »Why add a new and unlikelyproblem ReadingTim?!
So propertyman, in light of LallyHay's subsequent post, tell me what the purpose of the stock transfer form is, if not to correctly transfer the share?
Or the indemnity, if not to indemnify the company from the previous share certificate being fradulently transferred to another person, rather than the OP?
And how would a lien on the share permanetly solve the problem? At best it's a temporary fix to secure the transfer of the share to the new owner. By way of a STF, as mentioned above...0 -
Because they have contacted the CoSec who have done exactly what I said they would do.
Your post was in relation to the share being held by the current owners ( the OP) vendor, not them.
It was solved as I suggested it would be.Stop! Think. Read the small print. Trust nothing and assume that it is your responsibility. That way it rarely goes wrong.
Actively hunting down the person who invented the imaginary tenure, "share freehold"; if you can show me one I will produce my daughter's unicorn0 -
Did you not get to the bit where I state:the OP isn't the registered owner of the share(s).
You're correct on who solved the problem (CoSec), but not how0
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