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Aston Lawyer
Aston Lawyer, Solicitor
Category: Law
Satisfied Customers: 10236
Experience:  Solicitor LLB (Hons) 23 years of experience in Conveyancing and Property Law
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I am the leaseholder of a studio flat, which is part

Customer Question

Hello,
I am the leaseholder of a studio flat, which is part of a large building converted in to 35 flats altogether, and I am currently in the process of selling my flat.
As specified by the freeholder at the time when the leases were originally agreed, a small company was formed which is made up of a board of residential directors and their role, in consultation with their appointed property managing agent, is to make all of the arrangements concerning the overall maintenance and upkeep of the building. The leaseholders of each flat own a £1.00 share of the company.
My buyer's solicitor has raised some pre-contract queries, one of which is that they have asked me to confirm whether I own a share of the company and if so to supply a copy of my share certificate. They have asked me to confirm that I will also hand over my original share certificate together with a signed stock transfer form upon completion of the sale.
I am in the process of preparing my replies to these queries, in which I will confirm that I do own a share of the company, but it is only for the amount of £1.00.
My concern is that I do not have a share certificate as I was not provided with one at the time when I purchased my flat. At that time I was supplied with a written report from the property managing agent informing me that each flat owns a £1.00 share of the company and stating that share certificates are available on request from the company secretary. As the share is for such a small amount however, I have never requested a share certificate.
I wonder if you could please advise me whether I should now write to the company secretary to request a share certificate?
Also, I don't know how I would go about obtaining a signed stock transfer form to hand over upon completion of the sale and would be grateful for your advice over this?
Many thanks.
Lucy Walsh
Submitted: 1 year ago.
Category: Law
Expert:  Aston Lawyer replied 1 year ago.

Hello and thanks for using Just Answer.

My name is ***** ***** am happy to assist you with your enquiry.

I wouldn't worry too much about the lack of your share certificate.

Your Solicitor will need to contact the Secretary anyway, as your Buyers Solicvitor will want to know the procedure and cost involved in them obtaining the new share certificate for their client post completion.Normally, as long as the Buyer pays their fee, they will issue the share certificate to your Buyer even if the existing share certificate is not available. On the basis that they have never issued you with a share certificate, there shouldn't be any problem in them doing this.

Alternatively, your Solicitor can just apply for a share certificate on your behalf, when requesting the other information from the Secretary (your Buyers Solicitor will also want confirmation directly from the Secretary that you have paid the ground rent/service charge up to date and your Soliciotor will be obtaining this information from the Secretary).

Either way, please don't worry.

As regards ***** ***** Transfer Form, your Solicitor will prepare this and get you to sign it when you sign the Sale Contract.

I hope this assists and set sout the legal position.

Please let me know if you require any further clarification.

If not, I would be grateful if you could leave positive feedback.

Kind Regards

Al

Aston Lawyer, Solicitor
Category: Law
Satisfied Customers: 10236
Experience: Solicitor LLB (Hons) 23 years of experience in Conveyancing and Property Law
Aston Lawyer and other Law Specialists are ready to help you
Customer: replied 1 year ago.
Thank you very much for your help Al - it is greatly appreciated and I have left you positive feedback in which I have rated your service as excellent.
Best wishes,
Lucy
Expert:  Aston Lawyer replied 1 year ago.

Hi Lucy,

Many thanks!

Good luck with your move.

Best wishes

Al

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