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vincent2013
vincent2013, JustAnswer Expert
Category: Property Law
Satisfied Customers: 213
Experience:  Qualified solicitor and barrister (non-practising) with 7+ years experience
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I have just taken over responsibility for the admin of our

Resolved Question:

I have just taken over responsibility for the admin of our management company (3 flat owners and leaseholders) set up to hold the freehold. One of the flats is being sold and the agent handling sale has asked man. co. "..what is the fee for registration of notices of assignment and charge". I have sought information from Comanpies House website and telephone, and loaned a conveyancing book from Library, but I am unclear what I will need to do once the flat is sold. We (man. co.) know that we must issue a share certificate and record the change of flat owner/director at Companies House, but must we also record the mortgage (charge) at Companies House filing form MR02 or MR02 with fee? Any advice or help on where to find simple answers will be much appreciated. Thank you. Paul M.
Submitted: 3 years ago.
Category: Property Law
Expert:  vincent2013 replied 3 years ago.

Hi, thanks for your question. My name's XXXXX XXXXX I'm going to help you with it.

 

This is a standard question from the buyer's solicitor/agent asking what the company charges for the administrative burden of being sent the relevant notices. The burden basically comprises: (i) transferring the share in the freehold by writing up the statutory registers, cancelling the old certificate and issuing the new one; and (ii) for registering the notice of the mortgage (simply acknowledging the letter that the solicitor has sent you with details of the mortgagor and putting it in the company file).

 

For your information, form MR02 is used where the company acquires property subject to a charge but this is not relevant here.

 

The lease will usually provide details of the amount of the fee and most modern leases simply refer to a reasonable fee. In those cases, a professional property management company will often have a set fee but most owner managed companies don't charge a fee at all. If you were thinking of doing so, a nominal fee (£30 - £50) is usually fine.

 

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Customer: replied 3 years ago.

Thank you for your answer from which I understand that we simply need to record the change of flat ownership in our company record kit, and that there is no need to pass or register any details of the new flat owner's mortgage at Companies House.


I have submitted a positive feedback and thank you for your help and information.


Best regards,

Expert:  vincent2013 replied 3 years ago.

If you need any additional assistance, please don't hesitate to get in touch.

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