The Role of RPML in Property Sales on the Estates
Our sole involvement in the sale of a property is to ensure that a new Deed of Covenant is entered into by the buyer of your property. This ensures that we will be able to collect the Equal Contribution in future years from the buyer. Crucially for you, the seller, it releases you from that obligation. Our solicitor will provide yours with a draft Deed of Covenant and check that it has been completed correctly by the new buyer.
Once we have the Deed and there is no balance left to pay on this year’s and any previous years’ Equal Contributions we issue a Certificate of Compliance that tells the Land Registry that the charge on your property has been transferred successfully to the buyer.
Note that the Equal Contribution must be paid in full. Any pro rata payments for a partial year will need to be agreed and settled between buyer and seller.
The current fees for this service are £350 + VAT of which only £50 is payable to RPML. We use this nominal charge to pay for any additional legal support which we may need for the few conveyance cases which do not conform to the expected paths.
One often confusion arises from the sale of leasehold flats on the estates. There are four different management companies that manage the flats and RPML is not one of them! We merely look after the Club and Grounds so if you have a flat to sale make your solicitor aware who your management company is as we don’t know.
To help speed up our involvement you can help by:
- Letting us know you are selling via our admin email address. We can then give our solicitors notice of a possible sale and provide you with their contact details
- Paying your Equal Contribution in full in good time