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It's very normal for them to ask you to serve a section 42 notice and then assign the benefit of the notice with the lease. Who normally drafts the notice - the buyer's solicitor or the seller's - I'm not sure, but I don't find it surprising that they've suggested your solicitors do it. After all, it's a notice which you're serving, and the buyer's solicitors can't act for you since they're not your client.
Anyway, if your solicitors have an up to date Land Registry title for the lease (and they should) then it should take about 10-15 minutes to draft the s. 42 notice. You can even buy pre-printed Oyez forms where you just fill the boxes in. Drafting the deed of assignment is more complicated, and that will usually have cross-indemnities and other provisions in it.
I'm assuming the buyer's solicitors will want to decide what premium should be proposed in the section 42 notice, as the buyer's going to be the one negotiating the premium.
But basically it sounds pretty standard. Doesn't get my lawyerly spidey senses tingling with suspicion.
Brommers-
It's very normal for them to ask you to serve a section 42 notice and then assign the benefit of the notice with the lease.
This was my understanding.
Who normally drafts the notice - the buyer's solicitor or the seller's - I'm not sure, but I don't find it surprising that they've suggested your solicitors do it. After all, it's a notice which you're serving, and the buyer's solicitors can't act for you since they're not your client.
With S42 if you cock it up the freeholder can then ignore you for twelve months before giving you a chance to do it again. So I would have thought the buyer would have the interest in getting their solicitor to do it as they are acting in their interest.
I serve the S42, but only after exchange and the deposit is down. If they cock up the notice, that's their problem.
Anyway, if your solicitors have an up to date Land Registry title for the lease (and they should) then it should take about 10-15 minutes to draft the s. 42 notice.
You can even buy pre-printed Oyez forms where you just fill the boxes in.
Yeah I thought that but my solicitor shit the bed...
Drafting the deed of assignment is more complicated, and that will usually have cross-indemnities and other provisions in it.
... because I think they confused it with this.
I'm assuming the buyer's solicitors will want to decide what premium should be proposed in the section 42 notice, as the buyer's going to be the one negotiating the premium.
Yep. Again I think my solicitor thought we would need to do that
But basically it sounds pretty standard. Doesn't get my lawyerly spidey senses tingling with suspicion.
I think there's been a whole load of incompetence on behalf of both solicitors. This has been going on for months. Sale agreed 18 weeks ago. I see the headlines of the contact last week and basically it wasn't what we agreed regarding 42, service charge provision, MW bills. And the EA was furloughed (FFS as if there was no work to do) which hasn't helped.
I'm losing my rag with it, close to telling the buyer to do one and I'll just rent the place and escape to the countryside.
Howard
Possibly one for @danstuff and other leasehold type people
The buyer's solicitor is asking our solicitor to draw up a section 42 notice that we will serve so that the lease can be extended by the buyer on completion, rather than having to wait a year or so for the privilege to do so.
It strikes me as odd that they would ask (well, insist) our solicitor to do it. Other than trying to duck the cost of it or move that cost on to us.
Is there a good reason for them to have behaved in this way?
Also: fucking flats. Fucking fucking flats.