The sale or remortgage of a leasehold property will need our response to a number of questions relating to the lease or transfer of covenants and other management information.
If you’re a leaseholder and selling your home, you or your solicitor may be asked to obtain pre-assignment information from us. This is a standard pack of details about your property, including any planned major works.
The pre-assignment information for leasehold properties includes:
- 3 year service charge history
- current service charge account balance and statement (including ground rent)
- date and length of the lease
- lease provisions regarding the payment of service charges
- block description and number of properties in the block that have been sold
- details of section 146 notices served on the property for non-payment of the service charge and any additional courts fees and interest payable
- breaches of lease
- details of any lease breaches committed
- list of section 20 notices served on the address
- planned major works for the block and/or estate
- if the property is part of a Tenants and Residents Association (TRA) with contact details if applicable
- confirmation as to whether the property is managed by a management company
- landlord’s name and address
- notice fee.
The pre-assignment information doesn't include:
- a fire risk assessment for the building
- information on asbestos
- building insurance information
You will need to request these separately.
If you’re a solicitor and your client is buying a Lambeth leasehold property, then please ask the seller’s solicitor to request the pre-assignment pack as some information is covered under data protection.
Requesting a sales or management pack
If you are selling or re-mortgaging your property, your acting solicitors will request a sales or management pack (also known as a pre-assignment pack). Due to the Data Protection Act, we can only supply this pack to you or your appointed legal representative.
The fee for our standard pack issued to solicitors electronically is £330 (including VAT) for a leasehold or shared ownership property and £190 (inc VAT) for a freehold property. If your solicitor would like this issued in hard copy format our standard fees are £400 (inc VAT) for a leasehold or shared ownership property and £250 (including VAT) for a freehold property. Please note all our responses are issued in 10 working days from the date payment is received. You can pay this over the phone using your credit or debit card.
Should you require an earlier response, the Home Ownership Team offer a Fast Track Service to complete in five working days for £500 (including VAT). Please note fast track payments can only be taken over the phone and all responses are issued electronically.
Our standard pack contains key information including:
The current balance of the service charge account
The last three years actual expenditure and estimated costs
Details of any planned major or cyclical works to be carried out in the next two years
Details of the Buildings Insurance
Details of any asbestos or fire risk assessment carried out (if applicable)
Details of any alterations or breaches of the lease
Should you require additional information, we charge a further fee of £165 (including VAT) for electronic responses and £220 (including VAT) for responses by post.
Shared Ownership re-mortgage
At some stage, you may wish to review your finances and make changes to your mortgage. Because of our financial interest in your home, Hyde must consent to any changes to your mortgage or lender.
How much can you borrow against your home?
You can borrow up to 75% of the value of the share you own in your home.
For example: If your home is valued at £200,000 and you own a 50% share (£100,000), you can borrow up to 75% of the £100,000, this amounts to £75,000 in total, including your existing mortgage and any other loans you may have secured against your home.
What you need to send us
In order for us to assess your re-mortgage, please send us the following:
- Mortgage offer from your proposed new lender (for interest-only mortgages we also require evidence of a repayment vehicle)
- Confirmation of the current value of the property from the lender
- Confirmation from the current lender confirming the outstanding balance (redemption statement)
- Confirmation of the percentage of equity you own in the property
- Confirmation that there is no additional borrowing
- Payment of our administration fee of £100.00 (Inclusive of VAT) You can pay this over the phone using your credit or debit card
Shared Ownership transfer of equity
During the course of your shared ownership lease you may wish to transfer or assign the ownership of the property to increase or reduce the number of registered owners.
To facilitate this, your solicitors will be required to contact us for confirmation on what is required under the terms of the lease and our administration fee payments.
Should you wish to become the sole owner of the property we also require confirmation from your lender that you pass the affordability checks.