Consent Fees

User Rating:  / 0
PoorBest 

Many leasehold properties have a clause in the leases requiring the Consent of the Lessee to transfer the lease.
This should be carefully elected. Strictly speaking it is the responsibility of the seller to secure the Consent from the
Lesser, but in practice most buyer’s attorneys do this as part of the conveyancing procedure and the buyer pays the fee.

 In the case of private holdings the fee may be about $1 00.00
The Port of Spain City Corporation also issues a fee consent to transfer City Council leases.
The Commissioner of State Lands also issues a fee for consent to transfer land held under State leases.

DOCUMENTS: required by the buyer’s attorneys. (The seller’s Responsibility)
The Contract for Sale signed by the parties. The original may have to be submitted to the Board of Inland Revenue for assessment of the stamp duty. If furniture, appliances, etc. form part of the sale, the value of these should Preferably be shown separately on the agreement.

Not exceeding $25,000.00 Exceeding $25,000.00

The Deed by which the property was acquired or leased or the Certificate of Title if the property is held under the Real Property Ordinance. If land is leasehold, a copy of the original lease is also required.
Any outstanding Deeds of Mortgage on the property together with a discharge statement from the Mortgagees as to the amount due to release such mortgages including legal costs, It is necessary to arrange immediately with the mortgagee to prepare a mortgage release. Some institutions take some time to arrange this so instructions should be given promptly in writing.

VALUATIONS:
Usually the Mortgagee will require that a current valuation be done and they have the right to appoint the valuator. The fees vary but the average is about 1/4% of the valuation with a minimum charge of $1,500.00.

REGISTRATION OF DEED OF CONVEYANCE:
There is no statute of limitation of time within which a Deed of Conveyance of a property must be registered, although stamp duty must be paid within sixty (60) days of Conveyance. This leaves a loophole whereby someone may initiate legal proceedings against the seller and take out a Lis Pendens on a property after it is paid for and conveyed but before the sale is registered. The safest way to avoid such a danger is to have the purchaser’s attorney register the Deed of Conveyance immediately after signing.

To assist the purchaser, the purchaser’s attorney usually prepares prepares Lor in the case of lands held under the RPO,- arranges for preparation by the Registrar) the necessary return of Ownership. This is given to the purchaser for him to take to the District Revenue Office or Regional, Borough or City Corporation as applicable to have their records updated for the purpose of charging Rates and Taxes etc. It is in the seller’s interest to make sure that this is done, so that the new owner will be properly charged, as otherwise the seller will continue to be held liable for these rates or taxes.

Follow Us