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Dealing with Notices of Transfer

What is a notice of transfer?

A notice of transfer is typically when the ownership of a building changes. The lease for a flat, for example, may require that the new leaseholder has to notify the landlord when the ownership of the flat changes.

To comply with this, it will usually be the buyer’s solicitor that will send a notice of transfer to the landlord. There are typically fees associated with notices of transfer and these vary depending on the property and nature of the transfer.

Transfer of home ownership

Whenever there is a transfer of home ownership (including the addition of a partner as a joint owner), HM Land Registry must be notified. Conveyancers can help with the transfer of home ownership, and this is something that Centrick offers.

Typical reasons for transfer of home ownership include:

  • Death
  • Marriage
  • Divorce
  • Property sale
  • Property purchase

What is a lease?

When it comes to leasing a property, a lease is an official contract outlining the terms under which one party agrees to rent an asset (property) that is owned by another party. Pretty much any type of building can be leased, and the terms for each depend on various factors.

Lease agreements are very similar to rental agreements, they follow the same basic purposes. However rental agreements are generally shorter and so the length of contract is typically the biggest difference between the two.

Sold your lease

Generally you do not sell a lease, but sell a leasehold property. Selling a leasehold property is essentially like selling any other property, with the only difference being the variation in terms depending on the length of your lease. Often if the lease of a property is short, it can be harder to find buyers. There can be more paperwork involved with selling a leasehold property, but this is all something that solicitors and housing professionals can assist with. If a lease has recently been sold, it is the responsibility of the buyer’s solicitor to send a notice of assignment and pay the fee so that the appropriate records can be updated in association with the property.

Leasehold conveyancing

Leasehold conveyancing is the official legal process for buying or selling a leasehold property. If you are buying a leasehold property then your conveyancing solicitor will review the lease and all of its terms (on top of all the normal legal work involved in buying a property). The same applies here for freehold conveyancing.

Freehold conveyancing

Much like leasehold conveyancing, freehold conveyancing is the legal process for buying or selling a freehold property. The only difference here is whether the property is freehold or leasehold. Whichever it is, your conveyancing solicitor will know the steps to go through to secure and review your lease as and when needed.

How Centrick can help you with a notice of transfer

Centrick provide the very best service when it comes to Residential Lettings, and we are able to assist our clients with notices of transfer. Our ARMA accredited team provide residential letting services for developments of all sizes.

If you need to transfer the ownership of your building, residence or property, Centrick can help you to make sure it is done right.

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