Completed the sale of my flat in Putney last June yet the purchaser is texting daily complaining that her solicitor is waiting to hear from mysolicitor. What are the post completion sale legalities now that I have sold?
After completion of your disposal your conveyancer should send the transfer deeds and all of the paperwork to the purchaser's lawyers. Where appropriate, your solicitor must also evidence that the mortgage has been discharged to the buyers solicitors. There is unlikely to be post completion procedures unique to conveyancing in Putney.
Please explain the implications if my solicitor is expelled from the Yorkshire BS Conveyancing panel ahead of completing my conveyancing in Putney?
First, this is a very rare occurrence. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have to instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by a regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit at a cost.
My stepmother advised me that in buying a property in Putney there may be a number of restrictions prohibiting external alterations to the property. Is this right?
There are anumerous of properties in Putney which have some sort of restriction or requirement of consent to execute external alterations. Part of the conveyancing in Putney should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.
My partner and I have organised the release of further monies on our mortgage from Lloyds as we want to conduct improvements to our property in Putney. Are we obliged to choose a local Putney solicitor on the Lloyds conveyancing panel to handle the legals?
Lloyds would not normally require a member of their conveyancing panel to deal with such a matter. If they do require any legal work then you would need to ensure that such a lawyer was on the Lloyds conveyancing panel.
I have paid off my mortgage with Coventry BS. I assume I don't need a Putney lawyer on the Coventry BS panel to remove the mortgage at the Land Registry. Am I right?
If you have finished paying off your Coventry BS mortgage, they may send you evidence showing that you have paid it off. Alternatively they may notify the Land Registry directly. The Land Registry need to see this evidence before they will remove the Coventry BS mortgage from the register. Coventry BS, and any evidence they send you, will determine the action you need to take. In cases where no conveyancer is acting for you and you have paid off your mortgage:
- but are not moving to another property
- where Coventry BS has sent the Land Registry the discharge electronically, and
- Coventry BS has instructed the Land Registry to do so
I purchased my house on 6 September and my personal details is yet to be registered. Should I be concerned? My conveyancing solicitor in Putney advises it would be formalised in less than a month. Are properties in Putney uniquely lengthy to register?
There is nothing unique about conveyancing in Putney registration formalities. As opposed to being determined by geographic area, timescales can differ subject to the party submitting the application, whether there are errors and if the Land registry need to notify any other persons or bodies. At present roughly 80% of such applications are fully addressed within 12 days but some can be subject to longer delays. Registration occurs after the purchaser is living at the premises thus 'speed' is not always top priority but if it is urgent that the the registration takes place urgently then you or your conveyancer should communicate with the Registry to express the reasoning for an expedited registration.
Is it simple use your search facility to choose a conveyancing lawyer in Putney on the authorised to act for my mortgage?
1st select a lender such as Lloyds TSB Bank, Skipton Building Society or Aldermore then choose your preferred area such as Putney. Conveyancing organisations in Putney and beyond should be identified.
I am attracted to a two flats in Putney both have approximately forty five years unexpired on the lease term. should I be concerned?
There is no doubt about it. A leasehold apartment in Putney is a deteriorating asset as a result of the reducing lease term. The nearer the lease gets to zero years unexpired, the more it adversely affects the value of the premises. For most purchasers and banks, leases with less than eighty years become less and less attractive. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of a residence with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Putney conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending the lease. You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. You need to ensure that any new terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
Notwithstanding our best efforts, we have been unsuccessful in trying to purchase the freehold in Putney. Can this matter be resolved via the Leasehold Valuation Tribunal?
Most certainly. We can put you in touch with a Putney conveyancing firm who can help.
An example of a Freehold Enfranchisement decision for a Putney residence is 19 St. Margarets Crescent in August 2010. the tribunal was of the view that the premium to be paid by the leaseholder for the freehold reversion was £51,983.00 This case affected 3 flats. The unexpired term was 66.25 years.