Me and my partner are due to exchange buying a property in Putney Heath but as a consequence of damage from the recent storms I have was able negotiate reparation from the vendor of six thousand pounds in the form of a adjustment in the price. This was going to be dealt with as part of amending the contract but Bank of Ireland are not allowing this. Should they have been involved?
The conveyancer that is on a Bank of Ireland conveyancing panel is obliged to disclose to Bank of Ireland of any changes to the sale price. If you prohibit your conveyancing practitioner to report the price change to Bank of Ireland then they would have to discontinue acting for you. In addition, Bank of Ireland and you would have to appoint a new solicitor for your conveyancing in Putney Heath.
Completed the sale of my flat in Putney Heath last June but the buyer keeps e-mailing daily to say her conveyancer is waiting to hear from mine. What should my lawyer have done now that I have sold?
Following your house sale your conveyancer is duty bound to send the transfer documentation and all supplemental paperwork to the purchaser's solicitors. Depending on the transaction, your lawyer should also evidence that the legal charge in favour of the lender has been paid off to the purchasers lawyers. There are no post completion tasks peculiar conveyancing in Putney Heath.
Me and my brother own a 4 bedroom Victorian property in Putney Heath. Conveyancing lawyer represented me and Platform Home Loans Ltd. I happened to do a free search for it on the Land Registry database and I saw two entries: the first freehold, another for leasehold with the matching property. If a house is not a freehold shouldn't I have been informed?
You need to read the Freehold register you have again and check the Charges Register as there may be mention of a lease. The best way to be sure that you are also the registered owner of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Putney Heath and other locations in the country and poses no real issues for owners other than when they sell they have to account for both freehold and leasehold interests when dealing with mortgage companies. You can also question the position with your conveyancing practitioner who carried out the work.
My husband and I are novice buyers - agreed a price, but the property agent told us that the seller will only issue a contract if we appoint their chosen lawyers as they need a ‘quick sale’. Our preferred option is to instruct a local conveyancer who is familiar with conveyancing in Putney Heath
We suspect that the owner is not behind this requirement. If they desire ‘a quick sale', alienating a motivated purchaser is counter productive. Speak to the vendors direct and explain that (a)you are motivated purchasers (b)you are excited to move forward, with mortgage lined up © you do not need to sell (d) you intend to proceed fast (e)however you will continue to appoint your preferred Putney Heath conveyancing lawyers - not the ones that will earn the negotiator at the agency a commission or meet his conveyancing targets set by HQ.
I am attracted to a couple of apartments in Putney Heath both have about 50 years unexpired on the lease term. Will this present a problem?
There is no doubt about it. A leasehold apartment in Putney Heath is a deteriorating asset as a result of the shortening lease. The closer the lease gets to zero years unexpired, the more it reduces the value of the premises. The majority of buyers and banks, leases with under eighty years become less and less marketable. 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 property 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 premises 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 Heath 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. They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. 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.
I have tried to negotiate informally with with my landlord for a lease extension without any joy. Can one apply to the Leasehold Valuation Tribunal? Can you recommend a Putney Heath conveyancing firm to help?
in cases where there is a absentee freeholder or if there is disagreement about the premium for a lease extension, under the relevant legislation it is possible to make an application to the Leasehold Valuation Tribunal to judgment on the sum to be paid.
An example of a Freehold Enfranchisement decision for a Putney Heath property 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 was in relation to 3 flats. The unexpired term as at the valuation date was 66.25 years.
Two months into purchasing a house in Putney Heath. Conveyancing solicitor has told us the property is "Leasehold". Does this impact the marketability of the property?
Putney Heath conveyancing does not in most situations involve leasehold houses. The crucial factor here is the remaining lease term and the ground rent. If it's 999 years with a peppercorn rent, it's virtually freehold, so it shouldn't impact the value too much.
At the other extreme, if it's, say, Sixty years it is bound to have a adverse impact on the saleability, and most likely wouldn't be mortgageable. The remaining lease term and ground rent will be specified in the lease provided to your property lawyer.