I own a freehold property in Putney Vale yet charged rent, why is this and what is this?
It is rare for properties in Putney Vale and has limited impact for conveyancing in Putney Vale 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 creation of fresh rentcharges post 1977.
Old rentcharges can now be extinguished by making a lump sum payment under the Act. Any rentcharges that are still in existence post 2037 will be extinguished.
We are buying a 4 bedroom semi-detached house in Putney Vale. Our aim is to convert the garage to an office at the property.Will legal work on the property involve investigations to determine if these alterations are permitted?
Your conveyancer will check the registered title as conveyancing in Putney Vale will occasionally identify restrictions in the title documents which prevent categories of works or require the consent of a 3rd party. Some extensions require local authority planning consent and approval in compliance with building regulations. Some areas are designated conservation areas and special planning restrictions apply which often prevent or impact extensions. You should check these things with a surveyor ahead of any purchase.
I currently have a mortgage with Aldermore for my property in Putney Vale. Conveyancing has been completed 12 months ago. In the event that I decide to rent out the flat and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform Aldermore?
You must advise Aldermore prior to letting out your property as this is likely to be a breach of Aldermore’s mortgage conditions. In many cases banks or building societies will permit you to let out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Aldermore directly. It should not be necessary to do this via a Aldermore conveyancing panel firm.
I can not work out if my mortgage offer requires a lease extension. I have telephoned my Putney Vale bank branch on various occasions and was told it does not impact the mortgage offer and they will lend. My Putney Vale conveyancing solicitor - who is on the mortgage company conveyancing panel- called to say that they refuse to lend in accordance with their UK Finance Lenders’ Handbook minimum lease term requirements. I simply don't know who is right.
As long as the property lawyer is on the bank approved list, she or he must follow the CML Handbook conditions for the lender. Unless your lawyer obtains specific confirmation in writing that the lender will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the bank to contact your lawyer in writing confirming that they will accept the number of years left on the lease.
Should commercial conveyancing searches reveal impending roadworks that may impact a commercial site in Putney Vale?
Many commercial conveyancing solicitors in Putney Vale will order a SiteSolutions Highways report as it dramatically cuts the time that conveyancers spend in looking into accurate data on highways that impact buildings and development assets in Putney Vale. The search result provides definitive information on the adoption status of roads, footpaths and verges, as well as the implication of traffic schemes and the rights of way surrounding a commercial development sites in Putney Vale.
For every commercial conveyancing transaction in Putney Vale it is crucial to investigate the adoption status of roads surrounding a site. The absence of identifying developments where adoption procedures have not been addressed adequately may cause delays to Putney Vale commercial conveyancing transactions as well as pose a risk to future plans for the site. These searches are not conducted for residential conveyancing in Putney Vale.
I have been sourcing a conveyancing practitioner in Putney Vale for my house move. Is there any facility to review a firm’s complaints history with the legal regulator?
You may see published Solicitor Regulator Association (SRA) determinations resulting from inquisitions started on or after 1 January 2008. Go to Check a solicitor's record. To find details Pre 2008, or to check a solicitors record, ring 0870 606 2555, 08.00 - 18.00 any week day save for Tuesday when lines open at 9.30am. For non-uk callers, use +44 (0)121 329 6800. The regulator sometimes monitor call for training requirements.
I own a second floor flat in Putney Vale. In the absence of agreement between myself and the landlord, can the Leasehold valuation Tribunal make a decision on the amount due for a lease extension?
Most certainly. We are happy to put you in touch with a Putney Vale conveyancing firm who can help.
An example of a Freehold Enfranchisement decision for a Putney Vale flat is 158 West Hill in November 2010. the Tribunal held that the premium to be paid for the freehold reversion should be £99,650 This case affected 7 flats. The unexpired lease term was 75.88 years.
When it comes to leasehold conveyancing in Putney Vale what are the most common lease problems?
There is nothing unique about leasehold conveyancing in Putney Vale. Most leases are drafted differently and legal mistakes in the legal wording can sometimes mean that certain clauses are erroneous. The following missing provisions could result in a defective lease:
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Maintenance charge proportions which don’t add up to the correct percentage Repairing obligations to or maintain elements of the building
A defective lease can cause problems when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. National Westminster Bank, Coventry Building Society, and Clydesdale all have very detailed conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease is defective they may refuse to provide security, obliging the purchaser to withdraw.
I own a leasehold flat in Putney Vale. Conveyancing was completed in 21012. I have heard that I mustn’t let the the remaining lease term to fall too short. Is this right?
Putney Vale leasehold properties are for a fixed period - often just under one hundred years when they commenced. However many flats in Putney Vale were built or converted 25 or more years ago and so these leases now have less than 80 years remaining. That may sound like plenty of time but Banks, Building Societies and other mortgage lenders tend to require leases to have at least 75 years unexpired to be mortgageable. This means that when you come to sell the property you will need to extend the term of your lease if you are nearing eighty years. To optimize the saleability of your property you should be thinking about whether to extend your lease long before you come to sell it. There are also significant benefits to taking action before the lease hits 80 years as when the lease falls below 80 years the premium you have to pay to extend starts to get a lot more expensive.