Checking the FME1

How long is the FME1 valid for?

• 1 month

• 3 months

• 6 months

• 12 months

Who should Notice of Transfer and Charged be served on when you have a Freehold with a Management Company

• Landlord

• Management Company

• Rent Charge Owner

• Rent Charge Owner and Management Company

How would you deal with the below Restriction:

“No Disposition of the registered estate by the proprietor of the registered estate is to be registered without a certificate signed by a conveyancer/management company that the provisions of transfer clause have been complied with”

• Check the relevant Transfer Clause for further details

• Likely to relate to Notice of Transfer and Charge

• Likely to relate to the buyer entering in to a Deed of Covenant

• Make sure any Service Charge arrears are paid in full on completion

Who is responsible for paying the costs of the Deed of Covenant?

• Seller

• Buyer

• Depends on the terms of the Transfer

• No fee required

What are the dangers of the owner not paying the Estate Rent Charge, whether or not it has been demanded?

• The Rent Charge Owner can take possession of the property without notice

• If the Rent Charge is unpaid for 40 days a statutory Lease of the property can be granted

• Even if the Rent Charge arrears have been paid the Lease my not be surrendered

• No action would be brought against the buyer

When reviewing a yearly deficit in the Service Charge Accounts, how much of a Retention would you recommend is held on completion when acting for the buyer

• 33% of the annual Service Charge Account

• 20% of the annual Service Charge Account

• 25% of the annual Service Charge Account

• 10% of the annual Service Charge Account

When would you report Major Works to the buyer's Mortgage Lender

• When the cost of these works is estimated to be over £1000 per individual owner and not covered by a Reserve fund

• When the cost of these works is estimated to be over £500 per individual owner and not covered by a Reserve fund

• When the cost of these works is estimated to be over £750 per individual owner and not covered by a Reserve fund

• When the cost of these works is estimated to be over £250 per individual owner and not covered by a Reserve fund

What is a Section 20 Notice?

• Relates to the adoption of the Roads at the property

• Relates to the adoption of the Sewers at the property

• Relates to Major Works

• Planning Conditions

When would you insist on an Asbestos Survey

• Required for buildings forming part of the Managed Area built or converted before 2001

• Required for buildings forming part of the Managed Area built or converted before 2005

• Required for buildings forming part of the Managed Area built or converted before 1995

• Required for buildings forming part of the Managed Area built or converted before 2010

If a Management Company is Limited by Shares what documents would you need?

• Signed Stock Transfer Form from the seller

• if the buyer has a Lender, a signed Stock Transfer Form from the buyer

• Copy Share Certificate from the seller with the original to be handed over on completion

• A completed Membership Form