Island Life Magazine Ltd December 2015 / January 2016 | Page 125

LEGAL

Terence
Willey & Co
Terence Willey: 01983 875859
Mark Willey: 01983 611888
www.terencewilley.co.uk

Issues with buying
and selling flats
I

n October 2014 the Land Registry
introduced changes to map out the
extent of Leasehold Titles on the
Register of the Title to the property. The
changes were brought about due to the
problems that arose in establishing the
full extent of a Leasehold demise. Whilst
the extent of a Leasehold property may
clearly be seen on the ground and by
survey, previously this was far from the
case on Land Registry Title Plans. This is
particularly significant with regard to the
purchase of flats where a Lease of Part is
granted and that part is not delineated
on an Ordinance Survey Map. In such a
situation the Leasehold Title Plan will no
longer attempt to show the full extent of
the demise, but simply edge in red the
larger area, typically the ‘footprint’ of the
whole building.
In many cases; all that you will receive
in checking the extent of your Leasehold
Title, where it forms part as in the case
of a flat, will be a Land Registry Filed

Plan which will edge in red around the
boundaries of the whole building and the
Property Register of the Title amended
to say that your flat is ‘within’ such red
edging. Such changes so introduced
by the Registry, on the face of it, are
concerning from the point of view of any
buyer being entirely satisfied as to the
extent of a demise.
The extent of the Leasehold will
continue to be shown on the Landlord’s
Title, which typically would be the
Freehold, as has always been the case,
but it emphasises the importance of
checking carefully the Landlord’s or
Parent Title, where commonly the extent
of your own demise would be shown
edged blue.
It is not unusual where there are
numerous Leases affecting a single or
Parent Title for these to be shown on a
supplemental plan by the Land Registry.
In addition to this and where Flats
form part of a Management Company,

it is vital to gather together copies of
all the latest Management Accounts,
current receipts for ground rent and
proportionate insurance premiums paid
and moreover obtain a copy of the latest
Block Insurance Policy. Managing Agents
can often assist, but sometimes at a
considerable cost in view of the time that
is involved in securing and supplying all
the required information.
It is the supply of this essential
additional information to a buyer at
the outset, that will avoid unnecessary
and often long and costly delays in the
conveyancing process. It also enables
a buyer to anticipate what costs are
involved in purchasing a flat or Leasehold
dwelling in the negotiations for a
purchase.
The moral therefore is; if you are selling
a flat ensure you have all this current
paperwork and hand it to your Estate
Agent, Lawyer or buyer, who can take
copies where necessary.
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