TMCP is moving forward with the plans we outlined at a number of recent presentations and at the first two of the Property Roadshows on 12th and 19th May, to streamline transactions (manse sales and purchases, church sales and short term commercial leases). The new streamlining process will apply to those transactions where Managing Trustees have instructed one of the firms on the Methodist panel of solicitors. We intend to launch the new streamlining process at the start of the new Connexional Year.
As discussed at the Property Roadshows we are sharing with you the flowchart summarising the proposed new streamlining process:
- Please click here to access the New Ways of Working Summary Flowchart (Summary Flowchart).
In developing the new ways of working TMCP has tried to identify who needs to know what and when to make a transaction run as smoothly as possible. The Summary Flowchart aims to highlight this process visually.
The Summary Flowchart outlines:
- The six stages that we have broken a simple sale transaction into; (1) The key information gathering "Pre-marketing" stage; (2) Marketing; (3) Offer Accepted; (4) The time critical Conveyancing process when TMCP will rely on the expertise of your chosen panel solicitor; (5) Exchange of contracts; and (6) Completion.
- The key steps Managing Trustees will take at each of the six stages (see blue arrows and central column of the Summary Flowchart)
- The involvement of and actions taken by TMCP (see purple arrows on left hand side of the Summary Flowchart).
- The involvement of your professional advisers (see yellow arrows on right hand side of the Summary Flowchart).
- The proposed processes and tools intended to assist you with your property transactions and improve efficiency (see purple asterisks).
The new process includes the two “check-ins" the first of which will take place before surveyor is instructed and the second as soon as a buyer/tenant is found so that Managing Trustees can obtain support and initial guidance from TMCP to get your transaction on the right track from the very start. This should also mean that you can provide all the information your surveyor and panel solicitors need to advise you on your transaction.
The tools TMCP will provide comprise template heads of terms and documents including the Template QSR and Instruction Letter. These are now available on the TMCP website. (Please refer to the standard documents and forms tab on the sales page and the article; New Template QSR and Instruction Letter).
The new process is still under development and more detailed flowcharts of each stage, checklists, template solicitor instruction questionnaire, additional template documents and heads of terms will be ready as launch date for the new ways of working approaches (1 September 2021). Further details of the process can also be found in the article: Presentation Slides Now Available – “Methodist Property: how to streamline transactions and improve efficiency”
If you have any queries in relation to the guidance in this document please contact TMCP Legal for further assistance.