I am about to put a bid on a leasehold flat in Putney. The property agents tell me that it is standard for flats in Putney to have less than 75 years unexpired on the lease. I am taking out a mortgage with Tesco Bank. Will the property be mortgageable given that the lease has Seventy One years remaining.
Most leasehold conveyancing experts should be able to deal with a lease extension. if you are obtaining a mortgage then your lender may insist that the lease be extended before competition. Tesco Bank have specific requirements as set out in the UK Finance Lenders’ Handbook in relation to minimum unexpired lease terms. As of 13/4/2024 the requirements read as follows :
A relative advised me that in purchasing a property in Putney there may be various restrictions prohibiting external changes to a property. Is this right?
There are anumerous of properties in Putney which have some sort of restriction or requirement of consent to external variations. 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 wife and I have organised the release of further monies on our home loan from Nottingham as we wish to conduct alterations to our house in Putney. Are we obliged to select a high street Putney solicitor on the Nottingham conveyancing panel to deal with the paperwork?
Nottingham would not normally instruct a member of their conveyancing panel to deal with the formalities. If they do require any legal work then you would need to ensure that such a lawyer was on the Nottingham conveyancing panel.
It is not clear whether my lender obliges me to make sure the lease term for the flat is extended prior to the completion date. I have called my Putney building society branch on a couple of occasions and was told it wasn't an issue and they will lend. My Putney 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. Who do I believe?
As long as the lawyer is on the mortgage company approved list, they must adhere to the Council of Mortgage Lenders’ Handbook provisions for the bank. 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 mortgage company to contact your lawyer in writing confirming that they will accept the number of years remaining.
We are buying a property and the lawyer has raised the issue of Chancel Repair to which the property may be liable as it falls into the area of such a church. She has mentioned insurance. Is this really appropriate for conveyancing in Putney
Unless a prior purchase of the house completed post 12 October 2013 you could take it that lawyers conducting conveyancing in Putney to remain recommending a chancel search and or insurance against a claim.
It has been 3 months since my purchase conveyancing in Putney took place. I have checked the Land Registry website which shows that I paid £200,000 when infact I paid £180,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the residence from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
I am a couple of weeks into a residential purchase having been recommend to conveyancers by the local agent to do our conveyancing in Putney. I am not happy. Could you you assist me in finding new solicitors?
They would need to be really bad to suggest replacing them. Has your mortgage offer been sent? In the event that it has you must advise them of the new contact details and get the offer are re-sent. Your new conveyancer needs to be on the lenders approved list to avoid escalating costs and delays. That should be your first question of the new solicitors. The search tool can help you find a lender approved lawyer for your home move in Putney
Can you provide any advice for leasehold conveyancing in Putney from the point of view of saving time on the sale process?
- A significant proportion of the frustration in leasehold conveyancing in Putney can be avoided if you get in touch lawyers as soon as you market your property and request that they start to collate the leasehold information needed by the buyers’ representatives. If you have the benefit of shareholding in the freehold, you should make sure that you are holding the original share certificate. Organising a new share certificate can be a time consuming formality and slows down many a Putney conveyancing transaction. If a new share is necessary, you should approach the company officers or managing agents (where applicable) for this at the earliest opportunity. A minority of Putney leases require Landlord’s consent to the sale and approval of the buyers. If this is the case, it would be prudent to notify your estate agents to make sure that the purchasers put in hand financial (bank) and professional references. The bank reference will need to confirm that the buyers are able to meet the annual service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the service charge figures so that they can pass this information on to the purchasers or their solicitors. If you have carried out any alterations to the premises would they have required Landlord’s permission? Have you, for example installed wooden flooring? Putney leases often stipulate that internal structural changes or laying down wooden flooring calls for a licence issued by the Landlord approving such alterations. If you dont have the consents in place you should not contact the landlord without checking with your lawyer before hand.
I inherited a ground flat in Putney. Given that I can not reach agreement with the landlord, can the Leasehold valuation Tribunal make a decision on the sum due for a lease extension?
if there is a absentee freeholder or if there is dispute about the premium for a lease extension, under the relevant legislation it is possible to make an application to the LVT to make a decision on the sum to be paid.
An example of a Freehold Enfranchisement case 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 residue of the current lease was 66.25 years.