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Recently asked questions about conveyancing in Papworth Everard

My wife and I are only a couple days away from an exchange on a flat in Papworth Everard and my mum and dad have transferred the ten percent deposit to my conveyancer. I am now told that as the deposit has been received from someone other than me my solicitor needs to disclose this to my lender. Apparently, in also acting for the bank he must inform them that the balance of the purchase price is not just from me. I informed the bank regarding my parents' contribution when I applied for the mortgage, so is it really appropriate for him to raise this?

Your solicitor is obliged to check with the bank to ensure that they understand that the balance of the purchase price is not from your own funds. Your solicitor can only disclose this to your bank if you permit them to, failing which, your lawyer must cease to continue acting.

I purchased a freehold property in Papworth Everard but still charged rent, why is this and what is this?

It’s unusual for properties in Papworth Everard and has limited impact for conveyancing in Papworth Everard 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 establishment of fresh rentcharges from 1977 onwards.

Old rentcharges can now be redeemed by making a lump sum payment under the Act. Any rentcharges that are still in existence in 2037 is to be dispensed with completely.

Will commercial conveyancing searches reveal impending roadworks that could impact a commercial land in Papworth Everard?

Many commercial conveyancing solicitors in Papworth Everard will order a SiteSolutions Highways report as it dramatically cuts the time that conveyancers invest in investigating accurate data on highways that impact buildings and development assets in Papworth Everard. The report sets out 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 Papworth Everard.

For each commercial conveyancing transaction in Papworth Everard it is crucial to investigate the adoption status of roads surrounding a site. Failure to identify developments where adoption procedures have not been addressed adequately could cause delays to Papworth Everard commercial conveyancing deals as well as present a risk to future intentions for the site. These searches are not ordered for residential conveyancing in Papworth Everard.

Last August I purchased a leasehold flat in Papworth Everard. Am I liable to pay service charges relating to a period prior to my ownership?

Where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to ensure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.

If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).

Papworth Everard Conveyancing for Leasehold Flats - Sample of Questions you should consider before buying

    Are any of leasehold owners in arrears of their service charge payments? How is the lease structured? Who are the managing agents?

When it comes to my conveyancing in Papworth Everard should I be charged VAT on the following: (1) Land reg fee on purchase (2) Pre - completion search fee (3) SDLT E submission on purchase (4) Bank TT fee

(1) Land reg fee on purchase - No (2) Pre - completion search fees -No, (such conveyancing searches are HMLR ones and means £4 and possibly £2 bankruptcy per name on your mortgage) (3) SDLT E submission on your purchase - There is no VAT on Stamp Duty. However if the firm is charging a stamp duty e-submission fee as part of their services - some Papworth Everard conveyancers do - that will incur VAT(4) Bank transfer fee - Yes it is for the property lawyer's time in submitting the funds this way.

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