Some leasehold terms oblige the lessee to pay a fee when title is transferred or where there is a change in occupancy. The Law Commission is inviting feedback from Law Society members who have experienced the use of these transfer fee terms, particularly in the retirement sector
The provisions under review are those that require the owner of a long leasehold interest to pay a fee – typically a fixed percentage (e.g. 1%) of the sale price or the open market value to the landlord or freeholder – on a transfer of the title or a change of occupancy (including sub-letting).
The Department of Communities and Local Government has requested that the Law Commission consider the problems caused by these terms and make recommendations.
The Law Commission has put together 10 questions for those who deal with residential conveyancing, especially those who have dealt with the sale or purchase of long leasehold interests in retirement property. The deadline for responses is Monday 23rd March. Responses will be confidential.
Your feedback will help the commission to formulate a consultation paper, due to be released in September 2015.
Please note: you will need to save the questionnaire to your computer in order to fill it in. If you have problems with submitting the questionnaire, please send it as an email attachment to firstname.lastname@example.org.