Notice of Assignment??

thestens

I inherited a flat from my mum which I had registered with the Land Registry in my name. I informed the Company Secretary of the Management committee that I now own the flat and she wants a Notice of Assignment. What is this and how do I get one? Thanks.

MrJB

Normally the Freeholders solicitors will register your interest with the Land Registry, in exchange for a fee, the notice of assignment will normally be served with that fee giving details of the new owner and the date the transfer was effective etc.

thestens

Sorry to be a bit thick, but who is the freeholder? Is that me? So do I need a solicitor for this? Why do you think my solicitor didn't do it when the flat was transferred to me?

G_M

MrJB wrote: »

Normally the Freeholders solicitors will register your interest with the Land Registry, in exchange for a fee, the notice of assignment will normally be served with that fee giving details of the new owner and the date the transfer was effective etc.

Not quite.

The buyer (or in this case the new owner) or their solicitor will send the TR1 (transfer documet) to the Land Registry, not the freeholder.

Note:
Freeholder owns the land, and structure of the building.
Leaseholder owns the flat within the building, for a period of years. You are (I assume) the new leaseholder.

As the new owner of the lease, you must inform the freeholder of your new ownership. See

http://www.bacheandhill.co.uk/notice-of-assignment/

http://uk.practicallaw.com/4-101-6041

http://simply-docs.co.uk/Assignment_of_Leases/Notice_of_Assignment_of_Lease

I notice you said

...which I had registered with the Land Registry in my name

Do you mean you paid someone (a conveyancer? Executer of the will?) to do this? If so, they should have also completed the Notice of assignment.

If you did the registration yourself, you've only done half the job (well, OK, 3/4s!)

thestens

A solicitor did it for us, but didn't mention a Notice of asssignment. Is it vital that I get it now or can I wait until I eventually want to sell the property? I really don't want to have to engage a solicitor again! The links that you have sent seem to be for tenants - I'm the owner, not a tenant, but thanks anyway for your trouble.

G_M

You own a lease You are a tenant. The freeholder is your landlord.

these are legal terms - it does not mean you are the same as an AST (Assured Shorthold Tenant).

You need to inform the landlord (freeholder) that you are now his tenant (leaseholder).

I would go back to your original solicitor and ask him why he has not served the Notice of Assignment.

thestens

Good idea - I'll do that.

Irratus_Rusticus

thestens wrote: »

A solicitor did it for us, but didn't mention a Notice of asssignment. ... I'm the owner, not a tenant

I'm really hoping the reason the solicitor did not explain to you the seriously huge difference between owning a lease and owning a property outright is because the lease was already within the family.

As soon as you sort out the notice of assignment you ought to read the lease ( a binding contract between you and the freeholder/landlord) cover to cover and back. It may likely surprise you and you don't want surprises as a leaseholder. They can be expensive.

G_M

Actually the time to read the lease is before you buy it.

By the time you have served the Notice of Assignment it's too late to change your mind if there are terms in the lease you don't like.......

thestens

I also have another leasehold flat, again belonged to my mum (she lived in this one) which is a McCarthy and Stone one! I think the lease on that is more tricky! I haven't had that registered in my name, as McC S charge 1% to change names and another 1% if I sell it! Solicitor suggested keeping it as executor until I want to sell it, which will be quite soon, and so save money.

G_M

That is fine provided you have Grant of Probate as Executer.