Memorandum of Sale Checklist

The UK Government has committed to banning the sale of new flats on a leasehold basis and reforming the legal framework for commonhold, so it becomes the default and preferred tenure. It will also become easier for existing leaseholders to convert to commonhold, although the complexities of this may take longer to work out. Few agents in England and Wales have experience with commonhold, as less than 20 developments currently exist, so Propertymark has broken down some key parts of the proposals to help members understand the change.

Harmless plants, including Bindweed and dogwood, are frequently mistaken as Japanese knotweed, leading to unnecessary alarm and potential complications during property transactions, and further education is needed to help with identification.

The buyers of a £32.5 million mansion sued the seller after he failed to give honest information about the state of the property in pre-sale enquiries, particularly, a serious moth infestation. As a result, the court ordered the sale to be reversed, with the buyers receiving a refund of the purchase price plus £4m in damages, including compensation for ruined items.

The UK Government is proposing changes to the Right to Buy (RTB) scheme intended to create a fairer and more sustainable system which retains the opportunity for social housing tenants to buy their homes while supporting councils to replace properties that are sold. Propertymark is supportive of the proposals, which include increasing the length of time someone needs to have been a public sector tenant, amending discount percentages, and allowing Councils to ask for repayment of discounts if the property is resold within ten years.