Welsh Entitlements – A Seller’s Guide
This is the process for selling your entitlements from your initial contact to confirmation of transfer:
- On first contact (general enquiry) Townsend Chartered Surveyors (TCS) will need your name, telephone number, email address, and whether you are VAT registered. We may also ask you to confirm whether your entitlements were claimed on in 2016 or 2017. We will also confirm our charges. We do not charge the Buyer and will only be acting for you.
- At this stage although not imperative it would be helpful if you could authorise Townsend Chartered Surveyors (TCS) at RPW online to act as your advisory agents in respect to entitlements. This process can be found here. This will enable TCS to confirm the type and amount of entitlements you hold and that they are available for transfer and to collect all the data required for a transfer including your business name, address, CRN number, VAT number etc.
- TCS will then bring you offers for your entitlements via email or telephone.
- Once both sides, Seller and Buyer, have agreed a price through TCS, TCS will create the paperwork and email/post to both sides the particulars of sale including our Standard Terms & Conditions.
- As the Seller you will be required to print out, sign and return by email/fax or post an authority letter, which is included with the particulars of sale, confirming your business details, the RPW business name and CRN of the Transferor and the Seller’s VAT number. The Buyer will be required to send in the purchase monies to confirm they wish to go ahead.
- Following receipt of the signed and completed authority letter from the Seller, and the Seller authorising TCS as their agents with permission to amend entitlements on their RPW online account, plus receipt of the cleared Total Price on Townsend’s client account from the Buyer, TCS will write to both Parties to confirm Exchange of Contracts and that the Transfer is legally binding. The date of Exchange is when both Parties are posted/emailed a confirmation of Exchange of Contracts by TCS.
- Following Exchange of Contracts, TCS will submit the online transfer application based on the details confirmed in the Sale Particulars.
- Once the transfer application has been submitted, TCS will then write to both Parties providing a screenshot of the submitted transfer application. Both Parties should check the details set out in this application and notify TCS if they believe there are any errors, by return.
- The Total Price will be held by TCS as stakeholder on an RICS audited and insured client/stakeholder account until RPW have confirmed in writing that the transfer has been successful. Please note no interest will be paid in respect of the monies whilst held by TCS as stakeholder.
- Once the transfer application is processed RPW will confirm the transfer in writing to the Seller and Buyer (and also to the agent authorised for the Seller). The date this occurs will be considered to be the Completion Date.
- Subject to the Transfer being processed correctly by the RPW, TCS will then send the Buyer an appropriate receipted invoice on behalf of the Seller, and release the Total Price less the commission and additional fees (if any) to the Seller.
- Full details of the contract between the parties will be set out in our Standard Sales Terms & Conditions for Permanent Transfer of BPS Entitlements.