I've found a house that appears to tick a lot of boxes, at a great price which is making it more attractive. I have just found out that the title is leasehold rather than freehold. I would have thought that there are issues buying a leasehold house in Goole. Conveyancing advisers have not yet been instructed. Will my lawyers set out the risks of buying a leasehold house in Goole ?

Most houses in Goole are freehold and not leasehold. In this scenario it’s worth having a local solicitor who is familiar with the area can assist with the conveyancing process. We note that you are buying in Goole so you should seriously consider shopping around for a Goole conveyancing solicitor and check that they have experience in advising on leasehold houses. First you will need to check the unexpired lease term. As a lessee you will not be entirely free to do whatever you want to the property. The lease will likely included provisions such as requiring the freeholder’sconsent to carry out changes to the property. You may also be required to pay a maintenance charge towards the upkeep of the communal areas where the house is located on an estate. Your conveyancer will report to you on the legal implications.

I am looking at a two apartments in Goole which have about forty five years unexpired on the leases. Should I regard a short lease as a deal breaker?

There are plenty of short leases in Goole. The lease is a right to use the premises for a prescribed time frame. As a lease gets shorter the saleability of the lease deteriorate and it becomes more expensive to extend the lease. This is why it is generally wise to extend the lease term. It is often difficult to sell a property with a short lease because mortgage companies less inclined to grant a loan on properties of this type. Lease extension can be a protracted process. We advise that you get professional assistance from a conveyancer and surveyor with experience in this arena

I've recently bought a leasehold flat in Goole. 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 lessee 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. It is an essential part of leasehold conveyancing for your conveyancer to be sure 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).

I am employed by a reputable estate agent office in Goole where we have witnessed a number of leasehold sales jeopardised due to leases having less than 80 years remaining. I have been given inconsistent advice from local Goole conveyancing solicitors. Please can you shed some light as to whether the seller of a flat can initiate 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 proposed purchaser can avoid having to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or at the same time as completion of the sale.

Alternatively, it may be possible to agree the lease extension with the freeholder 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 makes a Goole lease unacceptable for security purposes?

Leasehold conveyancing in Goole is not unique. All leases are unique and legal mistakes in the legal wording can sometimes mean that certain provisions are not included. For example, if your lease is missing any of the following, it could be defective:

• A provision to repair to or maintain elements of the property
• Insurance obligations
• Clauses dealing with recovering service charges for expenditure on the building or common parts.
• Maintenance charge proportions which don’t add up to the correct percentage

You could encounter a problem when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. National Westminster Bank, Bank of Scotland, and Godiva Mortgages Ltd all have express requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease does not cover certain provisions they may refuse to grant the mortgage, forcing the purchaser to withdraw.

I acquired a ground floor flat in Goole, conveyancing was carried out half a dozen years ago. Can you give me give me an indication of the likely cost of a lease extension? Similar flats in Goole with an extended lease are worth £252,000. The ground rent is £60 yearly. The lease finishes on 21st October 2105

With only 80 years unexpired the likely cost is going to span between £10,500 and £12,000 plus plus your own and the landlord's "reasonable" professional fees.

The figure that we have given is a general guide to costs for extending a lease, but we cannot give you the actual costs in the absence of detailed due diligence. Do not use this information in tribunal or court proceedings. There are no doubt other issues that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information without first seeking the advice of a professional.

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Lease Extensions in Goole