Sellers Pack

I have now met with the relevant department personnel regarding questions 4-6 on you initial email, being:

List and official confirmation on what documents are mandatory to complete for example a sale/purchase of a property, change/amend documents and other related information. The cost of each document type required as per above (item 4) List of the "optional" documents and the cost of each document/pack.

I attach a document regarding the information packs and why we charge. In addition, information presented to me suggests, I lot of the necessary information can be accessed via our website or Your Property Online, if current customers have signed up. This allows the information to be available to those wishing to sell properties, but is not applicable to those wishing to buy into the site as YPO is a customer based program.

Bullet point information as suggested to me states:

• Sometimes an information pack is not required...but recommended
• Completion of sales can only occur when Service Charge accounts are clear.
• If buyer / seller solicitor needs further information additional charge may be payable, current customers encouraged to use YPO as a lot of documents can be found there

We always confirm our requirements following completions without charge once TP1 / Lease received

• Service Charge Statements and insurance Certificates are sent without charge
• Service Charge Statements on are available to view on YPO
• Mandatory documents are dictated by lease / TP1 and not stipulated by Firstport

Costs vary but have not increased in the past 3 years (please note, costs below are inclusive of VAT)

• Standard information pack is £324
• Re- mortgage or transfer of equity pack £150
• Additional enquiries (not covered by basic pack) or if conveyance Solicitors have not read or understood the information pack £49 per enquiry
• Following completion – registration fee for serving notice of transfer / charge £138
• Deed of covenant or if solicitors want us to draft such document £250, however if they (Solicitors) draft this themselves £162. This is a legal requirement for the service and storage of deed
• Cert of consent (pets / alterations etc.) £120 – payable to FirstPort as dictated in transfer / leases (3rd schedule)

Reserve funds

Reserves for the estate are rather minimal in value, which differ from those for the blocks of flats in The Cedars and Sorbus Road. The Estate reserves are collected to fund any non- cyclical maintenance for works such as repairs to the play areas or boundary fences as an example. However I appreciate there are not that many occurrences where the reserves could be utilised, rather than to offset any deficit raised in Year End Accounts for categories such as General maintenance. I cannot advise how the Reserves have or have not been used in recent years, as the decision to utilise funds (or not) is the decision of the previous Property Managers, however, moving forward I am happy to enter into a dialogue to discuss these when draft accounts are prepared...this could give us time to allocate costs and meet some from reserves, should we collectively agree.

For the blocks of flats on site, the Reserves are usually collected to enable funds to be available to conduct works such as internal / external decoration (as dictated within the lease terms on frequency), major general repairs, such as roof works where access equipment may be needed...an expensive item as Im sure you will be aware, lift works, water pump/tank repairs (within the Sorbus Road block)...the list goes on.

Ordinarily, works of a high cost nature are conducted and paid through the Service Charge, and then allocated to the Reserves when the Accounts are drafted, following review by the Property Manager. You will be aware, as discussed at the meeting, all funds for the Academia development are held in a single trust fund, and the usage of Reserves are the responsibility of the Property Manager to ensure correct and compliant use.