Lease transfer and ID1 process or alternative options?

Jonboy_1984

Do you charge a fee for completing the LPE1 freeholder information pack? If so get a quote and build it in to that.

jeremy2012

Yes I guess that is a way to see it - and seller solicitor said the same - however, 2 flats are rentals so unlikely to be sold in the long term and this flat has been sold like 3 times since my arrival and this is the first time we had that lengthy, painful ID1 process. ( and 4 with mine) and the previous longer tenured owner never had to g o through that process through the previous 4 sales.

We just want to protect ourselves in the future and make sure that if that scenario repeat itself or if one sell their flat, that we are aligned that this painful process become the responsibility of the seller.

Two of the owner have spend some times to call solicitor only to be told as not existing client, that they can not offer Id1 verification. So I guess you see where the frustration is going on that process.

No only the cost, but the time spend - when previously we been able to drop ID at either the Estate agent or solicitor at previous sale.

and unless told differently, we have not been advised of any change of regulation in the ID check.

Yes, you can attribute the costs to the seller if you want. Though if everybody is equally likely to be the seller, surely it all evens out anyway?

jeremy2012

Yes that is what the solicitor said that everybody is a seller at some point.

But with 2 flat being investment and myself for the long run - there has been limited movement except for one flat.

In fact this is the 3rd time that this flat in question has been sold and the first time we been asked for that ID1 verification process. and when I bought mine - none of the freeholder had to go through that Id1 verification process in the last 10 years.

So Unless that is something new recently - and have not been able to get fact or confirmation of this, I do personally think that is a lot of work for the remaining owner hence why Seller should be responsible for not only the cost, but to provide solicitor recommendations moving forward for ID1 verification check.

Tiglet2

Anti money laundering and ID checks are being checked very thoroughly as solicitors need to ensure that everything is as it should be.  With so many conveyancing transactions now done mainly online, the solicitor often doesn't meet their client, let alone the freeholders, so they are doing the due diligence necessary to minimise any fraudulent activity by person or persons they've never met.  I suspect the ID1 will now be the rule rather than the exception.

As suggested above, perhaps when charging a fee for completing and returning the LPE1 form to the solicitor acting on behalf of a seller, you should add an amount of money to take into account the costs involved in filling in the ID1 form and getting it countersigned by an independent firm of solicitors.  If 3 freeholders have to do this, then state the charge for providing it x 3.  The seller pays for the LPE1 or Management Pack initially, so the cost is borne by them.

I cannot comment on your wish for sellers to clean communal areas before they move though.  That seems very unusual.  Surely they and the other leaseholders pay a regular service charge/maintenance fee for cleaning the communal areas on a regular basis anyway?  If not, why not?  Maybe time to set up a schedule for regular ongoing maintenance and an account for monies to go into for this purpose, contributed towards by all leaseholders on a monthly basis.

user1977

Tiglet2 said:

I cannot comment on your wish for sellers to clean communal areas before they move though.

In any event, surely it would make more sense to clean immediately before a property is marketed, rather than after it's sold?

Tiglet2

user1977 said:

Tiglet2 said:

I cannot comment on your wish for sellers to clean communal areas before they move though.

In any event, surely it would make more sense to clean immediately before a property is marketed, rather than after it's sold?

Yes, that would make more sense!