My grandson is about to exchange on a new build apartment in Putney Vale with a mortgage from Virgin Money. His lawyer has said that there is a delay in receiving the ‘Disclosure of Incentive Form’. This document is news to me - what is it and who needs sight of it?

The document is intended to provide information to the main parties engaged in the purchase. Therefore, it will be provided to your son’s lawyer who should be on the Virgin Money conveyancing panel as a standard part of the process, and to the valuer when asked. The developer will be required to start the process by downloading the form and completing it. The form will therefore need to be available for the valuer at the time of his or her site visit. The form should be sent to the Virgin Money conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.

I decided to have a survey carried out on a house in Putney Vale prior to appointing solicitors. I have been advised that there is a flying freehold aspect to the house. My surveyor advised that some mortgage companies tend not give a mortgage on such a property.

It depends who your proposed lender is. Santander has different requirements for example to Birmingham Midshires. Should you wish to call us we can check via the relevant bank. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Putney Vale. Conveyancing will be smoother if you use a solicitor in Putney Vale especially if they are acquainted with such properties in Putney Vale.

I am using a search engine for the phrase conveyancing in Putney Vale it brings up many solicitorslocally. How do I determine which is the right conveyancing solicitor for my move?

The best method of choosing a suitable conveyancer is through a personal referral, so enquire of colleagues and family who have purchased a property in Putney Vale or a reputable estate agent or mortgage broker. Costs for conveyancing in Putney Vale differ, so it's a good idea to request a minimum of three quotes from varying types of law firms. Be sure to obtain confirmation that the costs are guaranteed not to to be inflated.

I am tempted by the attractive purchase price for a couple of maisonettes in Putney Vale both have approximately fifty years left on the lease term. Should I regard a short lease as a deal breaker?

There are no two ways about it. A leasehold flat in Putney Vale is a wasting asset as a result of the shortening lease. The closer the lease gets to its expiry date, the more it reduces the value of the property. For most buyers and banks, leases with less than 75 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 premises 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 residence 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 Vale 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. 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.

After months of negotiations we cannot agree with our landlord on how much the lease extension should cost for our flat in Putney Vale. Does the Leasehold Valuation Tribunal have jurisdiction to calculate the appropriate figures?

You certainly can. We are happy to put you in touch with a Putney Vale conveyancing firm who can help.

An example of a Freehold Enfranchisement case for a Putney Vale premises 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 related to 7 flats. The number of years remaining on the existing lease(s) was 75.88 years.

Builders have recommended to me a conveyancing practitioner and I've received an estimate from them. They are nearly £300 cheaper than my own Putney Vale property lawyer. What's the catch?

Housebuilders frequently have panels of property lawyers who are quick and who know the seller’s paperwork and solicitor. As many developers offer an inducement to select a preferred conveyancer for this reason, any increased cost can be avoided and a builder won't recommend a conveyancing warehouse and run the risk of having the conveyancing stall when they demand an exchange within a tight time frame. A counter-argument for not opting for the recommended property lawyer is that they may prove unwilling to 'push' your interests at the risk of upsetting the sellers. If you worry that this may be the situation you should stick with your local Putney Vale solicitor.