Welsh Entitlements – A Buyer’s Guide
This is the process for buying 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, how many entitlements you are looking for, and whether you are VAT registered.
- TCS will take your offers to the Sellers via email or telephone.
- Once both sides, Seller and Buyer, have agreed a price through TCS, and you have confirmed the Transferee’s RPW business name and CRN number, TCS or the Seller’s agent will create the paperwork and email/post to both sides the particulars of sale.
- As the Buyer you will be required to send in the purchase monies to confirm you wish to proceed. Our commission will usually be paid by the Seller.*
- Following receipt of the signed and completed authority letter from the Seller, and the seller authorising TCS as their Advisory 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 the 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 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.
* In the case of the Seller being represented by another agent who will be creating their own paperwork and handling the transfer, we will be acting for you as the Buyer and therefore an introductory commission will be charged, which will be included in the price quoted for the entitlements. You will be informed if this is the case over the telephone at the time a purchase is agreed, and what the commission is.