I just acquired a house at auction in Putney. Conveyancing is necessary. What is next?
Now that you are exchanged you now have to appoint a conveyancing practitioner quickly as you now have a tight a fixed date to complete the property. An auction property will ordinarily have a bespoke legal set of papers. This will likely include evidence of title and search results. If you have purchased leasehold premises the legal papers should include a copy of the lease, management information and a sellers leasehold information form and other conveyancing documentation relating to a leasehold property. You should give this to your appointed conveyancing solicitor at the earliest opportunity. Do make sure that you have funds organised to complete the transaction on the set completion date.
We are getting a further advance on our mortgage from Co-operative as we intend to conduct alterations to our house in Putney. Are we obliged to appoint a nearby Putney solicitor on the Co-operative conveyancing panel to handle the paperwork?
Co-operative do not ordinarily appoint firms on their approved list of lawyers to handle such a matter. If they do require any legal work then you would need to ensure that such a lawyer was on the Co-operative conveyancing panel.
Barclays have agreed my home loan in principle, my bid on a apartment in Putney has been agreed to, what are the next steps?
Your estate agent will want to know who your solicitors are (be sure the lawyers are on the lender’s panel). Call up Barclays or your financial adviser and complete any relevant paperwork. Barclays will sellect a valuer who will get in touch with the estate agent or seller to arrange a slot for the valuation to occur. Once conducted (assuming no problems) it takes on average a week for the mortgage offer to be issued. Barclays will send the offer to you and your conveyancers. The transaction will then take it’s course according the nature and complexity of the conveyancing in Putney.
I have todaybeen informed that Wolstenholmes have been shut down. They conducted my conveyancing in Putney for a purchase of a freehold house 18 months ago. How can I establish that my home is not still registered in the name of the former proprietor?
The quickest way to see if the premises is registered to you, you can make a search of the land registry (£3.00). You can either do this yourself or ask a law firm to do this for you. If you are not registered you can seek help from one of a number of Putney conveyancing specialists.
How does conveyancing in Putney differ for newly converted properties?
Most buyers of new build or newly converted property in Putney approach us having been asked by the builder to sign contracts and commit to the purchase even before the residence is constructed. This is because house builders in Putney usually buy the real estate, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are accustomed to new build conveyancing in Putney or who has acted in the same development.
I am looking for a ground for flat up to £195,000 and identified one close by in Putney I like with amenity areas and railway links nearby, however it only has 49 years on the lease. There is not much else in Putney for this price, so just wondered if I would be making a grave error acquiring a short lease?
Should you need a mortgage that many years will likely be an issue. Discount the price by the anticipated lease extension will cost if it has not already been discounted. If the existing proprietor has owned the premises for a minimum of twenty four months you can ask them to commence the lease extension formalities and then assign it to you. You can add 90 years to the existing lease with a zero ground rent applied. You should consult your conveyancing solicitor regarding this matter.
I am thinking of appointing a conveyancing solicitor in Putney for my house move. Is it possible to check a solicitor's complaints history with the legal regulator?
Members of the public may see documented Solicitor Regulator Association (SRA) determinations resulting from inquisitions commenced on or after 1 January 2008. Go to Check a solicitor's record. To find details Pre 2008, or to check a solicitors record, telephone 0870 606 2555, 08.00 - 18.00 any week day save for Tuesday when lines open at 9.30am. For non-uk callers, dial +44 (0)121 329 6800. The SRA could recorded call for training reasons.
I am tempted by the attractive purchase price for a couple of maisonettes in Putney both have approximately 50 years remaining on the lease term. Will this present a problem?
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 its expiry date, the more it reduces the salability of the premises. The majority of buyers 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 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 a property 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. More often than not it is possible to negotiate informally with the freeholder to extend 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.
Having spent years of correspondence we are unable to agree with our landlord on how much the lease extension should cost for our flat in Putney. Can we issue an application to the Residential Property Tribunal Service?
if there is a missing landlord or where there is dispute about what the lease extension should cost, under the Leasehold Reform, Housing and Urban Development Act 1993 it is possible to make an application to the Leasehold Valuation Tribunal to judgment on the amount due.
An example of a Freehold Enfranchisement case for a Putney premises 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 residue of the current lease was 66.25 years.