Frequently asked questions relating to Putney leasehold conveyancing
Planning to exchange soon on a basement flat in Putney. Conveyancing lawyers inform me that they report fully on Monday. Are there areas in the report that I should be focusing on?
Your report on title for your leasehold conveyancing in Putney should include some of the following:
- Details of the parties to the lease, for example these could be the leaseholder (you), head lessor, freeholder
I today plan to offer on a house that appears to tick a lot of boxes, at a reasonable price which is making it all the more appealing. I have since discovered that the title is leasehold rather than freehold. I am assuming that there are particular concerns purchasing a leasehold house in Putney. Conveyancing advisers have not yet been appointed. Will my lawyers set out the implications of buying a leasehold house in Putney ?
The majority of houses in Putney are freehold rather than leasehold. This is one of the situations where having a local solicitor who is familiar with the area can help the conveyancing process. it is apparent that you are purchasing in Putney in which case you should be shopping around for a Putney conveyancing practitioner and be sure that they have experience in transacting on leasehold houses. First you will need to check the unexpired lease term. As a leaseholder you will not be entirely free to do whatever you want to the property. The lease comes with conditions such as requiring the landlord’spermission to carry out alterations. It may be necessary to pay a contribution towards the maintenance of the communal areas where the property is located on an estate. Your conveyancer will appraise you on the various issues.
I am employed by a long established estate agency in Putney where we have experienced a number of leasehold sales jeopardised due to leases having less than 80 years remaining. I have been given inconsistent advice from local Putney conveyancing solicitors. Could you clarify whether the vendor of a flat can instigate the lease extension process for the buyer?
As long as the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. This means that the buyer need not have to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or simultaneously with completion of the disposal of the property.
An alternative approach is to extend the lease informally by agreement with the landlord either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the purchaser.
What advice can you give us when it comes to choosing a Putney conveyancing practice to deal with our lease extension?
If you are instructing a solicitor for lease extension works (regardless if they are a Putney conveyancing firm) it is essential that they be familiar with the legislation and specialises in this area of work. We advise that you make enquires with two or three firms including non Putney conveyancing practices before you instructing a firm. If the firm is ALEP accredited then that’s a bonus. Some following of questions might be useful:
- How familiar is the firm with lease extension legislation?
Can you provide any top tips for leasehold conveyancing in Putney from the perspective of saving time on the sale process?
- Much of the delay in leasehold conveyancing in Putney can be avoided where you appoint lawyers as soon as you market your property and ask them to collate the leasehold information which will be required by the buyers lawyers.
- In the event that you altered the property did you need the Landlord’s approval? Have you, for example laid down wooden flooring? Most leases in Putney state that internal structural changes or installing wooden flooring necessitate a licence issued by the Landlord approving such works. Where you fail to have the consents in place you should not contact the landlord without contacting your conveyancer in advance.
I have tried to negotiate informally with with my landlord to extend my lease without getting anywhere. Can a leaseholder apply to the Leasehold Valuation Tribunal? Can you recommend a Putney conveyancing firm to represent me?
Most definitely. We are happy to put you in touch with a Putney conveyancing firm who can help.
An example of a Freehold Enfranchisement decision 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 remaining number of years on the lease was 66.25 years.