My wife and I are purchasing a 2 bedroom flat in Papworth Everard with a mortgage. We have a Papworth Everard conveyancer, however the bank advise he's not on their "panel". We have to appoint one of the lender panel conveyancing practices or retain our Papworth Everard property lawyer and pay for one of their panel firms to represent them. This seems very unfair; are we not able to demand that the mortgage company use our Papworth Everard conveyancer ?
No, not really. The mortgage offered to you is subject to its terms and conditions, one of which will be that lawyers will on the lender’s conveyancing panel. Until recently, most lenders had large numbers of law firms on their panels: a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. Another option that might be available is for your Papworth Everard conveyancing solicitor to apply to be on the conveyancing panel.
I own a freehold residence in Papworth Everard but still pay 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 hundreds of years, but the Rent Charge Act 1977 barred the generation of new rentcharges from 1977 onwards.
Previous rentcharges can now be extinguished by making a one off payment under the Act. Any rentcharges that are still in existence after 2037 will be dispensed with completely.
My colleague recommended that if I am purchasing in Papworth Everard I should ask my conveyancer to perform a Neighbourhood, Planning and Local Amenity Search. Can you explain what the purpose of this search is?
This is a search is occasionally quoted for as part of the standard Papworth Everard conveyancing searches. It is a large document of more than thirty pages, listing and detailing important information about Papworth Everard around the property and the people living there. It includes an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the local Housing Market, Council Tax Banding, the type of People living in the area, the dominant type of Housing, the Average House Prices, Crime statistics, Local Education with maps and statistics, Local Amenities and other useful data concerning Papworth Everard.
It has been 3 months following my purchase conveyancing in Papworth Everard concluded. I have checked the Land Registry site 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 property 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 looking for a leasehold apartment up to £305k and found one near me in Papworth Everard I like with amenity areas and station nearby, however it's only got 61 years unexpired on the lease. There is not much else in Papworth Everard suitable, so just wondered if I would be making a mistake buying a short lease?
If you require a home loan that many years will be an issue. Reduce the price by the amount the lease extension will cost if it has not already been discounted. If the current proprietor has owned the property for at least twenty four months you can ask them to commence the lease extension formalities and pass it to you. An additional ninety years can be extended on to the current lease with a zero ground rent applied. You should consult your conveyancing solicitor concerning this matter.
Having had my offer accepted I require leasehold conveyancing in Papworth Everard. Before I set the wheels in motion I require certainty as to the remaining lease term.
Assuming the lease is recorded at the land registry - and almost all are in Papworth Everard - then the leasehold title will always include the short particulars of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title. For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.
I bought a studio flat in Papworth Everard, conveyancing formalities finalised 5 years ago. Can you please calculate a probable premium for a statutory lease extension? Equivalent properties in Papworth Everard with over 90 years remaining are worth £206,000. The average or mid-range amount of ground rent is £45 invoiced annually. The lease ends on 21st October 2091
With only 66 years unexpired we estimate the premium for your lease extension to span between £11,400 and £13,200 plus costs.
The suggested premium range above a general guide to costs for extending a lease, but we cannot give you the actual costs in the absence of detailed investigations. You should not use the figures in tribunal or court proceedings. There are no doubt other concerns that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information before seeking the advice of a professional.