Assignment

When a flat is sold, the seller "assigns" the lease to the buyer. The lease usually sets out what has to happen for the company that runs the block.

What leases commonly require

• Notice of assignment to the landlord or management company within a set time after completion (often one month), with a copy of the transfer and a registration fee.
• A deed of covenantDeed of covenantA deed signed by someone buying a flat, promising the landlord or management company that they will keep the promises in the lease. from the buyer, in some leases.
• Consent before assigning, in some leases. If an RTM company handles the consent, it must give the landlord notice before granting it: 30 days for an assignment (s.98).

What directors should update

The owner and their contact details, the address for service for notices, the flat's account (the seller's final balance and a fresh start for the buyer), membership of the company where the lease or articles provide for it, and any sale-pack questions the buyer's conveyancer asks.