I purchased a freehold premises in Putney Heath yet charged rent, why is this and what is this?
It’s unusual for properties in Putney Heath and has limited impact for conveyancing in Putney Heath but some freehold properties in England (particularly common in North West England) pay an annual sum known as a Chief Rent or a Rentcharge to a third party who has no other legal interest in the land.
Rentcharge payments are usually between £2.00 and £5.00 per year. Rentcharges date back many centuries, but the Rent Charge Act 1977 barred the generation of new rentcharges post 1977.
Previous rentcharges can now be extinguished by making a one off payment under the Act. Any rentcharges that are still in existence post 2037 is to be dispensed with completely.
I am purchasing a new build house in Putney Heath benefiting from help to buy. The sellers refused to budge the price so I negotiated five thousand pounds worth of additionals instead. The estate agent told me not inform my conveyancer about this extras as it could adversely affect my mortgage with the bank. Do I keep my lawyer in the dark?.
All lenders require a Disclosure of Incentives Form from the builder of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
Over the last few months I have been searching for a ground for flat up to £245,000 and identified one near me in Putney Heath I like with a park and station nearby, however it's only got 51 years on the lease. I can't really find anything else in Putney Heath suitable, so just wondered if I would be making a grave error acquiring a lease with such few years left?
If you require a mortgage that many years may be a potential deal breaker. Reduce the price by the expected lease extension will cost if it has not already been discounted. If the current proprietor has owned the property for at least 2 years you can ask them to start the process of the extension and pass it to you. An additional ninety years can be extended on to the current lease with a zero ground rent applied. You should consult your conveyancing lawyer about this matter.
In sourcing the world wide web for the words cheap conveyancing in Putney Heath it reveals many solicitorslocally. With so much choice what is the best way to find the suitable conveyancer for purchase transaction?
The preferential method of choosing a suitable conveyancer is via personal recommendation, so enquire of colleagues and those you trust who have purchased a property in Putney Heath or the reputable estate agent or financial adviser. Fees for conveyancing in Putney Heath differ, so it's sensible to request at least four costs illustrations from different solicitors. Dont forget to clarify what costs in the quote includes.
I own a leasehold house in Putney Heath. Conveyancing and Lloyds TSB Bank mortgage are in place. A letter has just been received from someone claiming to own the reversionary interest in the property. Attached was a demand for arrears of ground rent dating back to 1991. The conveyancing practitioner in Putney Heath who previously acted has now retired. Any advice?
First make enquiries of HMLR to make sure that this person is indeed the registered owner of the freehold reversion. You do not need to instruct a Putney Heath conveyancing firm to do this as it can be done on-line for less than a fiver. Rest assured that in any event, even if this is the rightful freeholder, under the Limitation Act 1980 no more than 6 years of rent can be collected.
I have tried to negotiate informally with with my landlord for a lease extension without getting anywhere. Can I apply to the Leasehold Valuation Tribunal? Can you recommend a Putney Heath conveyancing firm to represent me?
if there is a absentee landlord or if there is dispute about the premium for a lease extension, under the relevant statutes you can apply to the First-tier Tribunal (Property Chamber) to determine the premium.
An example of a Freehold Enfranchisement decision for a Putney Heath flat 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 related to 3 flats. The unexpired lease term was 66.25 years.
I happen to be an executor of my recently deceased parent's Will, with a house in Putney Heath which will be sold. The property is unregistered at the Land Registry and I'm advised that some buyers solicitors will insist that it is in place before they'll proceed. What's the mechanism for this?
In the situation that you have set out it seems sensible to apply to register in the names of the personal representative(s) as named in the probate and in their capacity as PRs. HMLR’s online guidance explains how to register for the first time and what is required re the deeds and forms. You would need to include and official copy of the probate as well and complete the form FR1 to refer to the PRs as the applicant.