Pocklington leasehold conveyancing Example Support Desk Enquiries
My fiance and I may need to rent out our Pocklington basement flat for a while due to a career opportunity. We instructed a Pocklington conveyancing practice in 2003 but they have since shut and we did not have the foresight to seek any advice as to whether the lease permits subletting. How do we find out?
Even though your previous Pocklington conveyancing solicitor is not around you can review your lease to check if you are permitted to let out the property. The rule is that if the lease is non-specific, subletting is permitted. Quite often there is a prerequisite that you are obliged to obtain consent via your landlord or some other party in advance of subletting. The net result is that you cannot sublet in the absence of prior permission. Such consent is not allowed to be unreasonably withheld. If the lease prohibits you from letting out the property you will need to ask your landlord for their consent.
I have just appointed agents to market my 2 bed flat in Pocklington.Conveyancing lawyers have not yet been instructed but I have just had a yearly maintenance charge invoice – what should I do?
The sensible thing to do is pay the service charge as normal because all ground rent and service charges will be apportioned on completion, so you will be reimbursed by the buyer for the period running from after the completion date to the next payment date. Most management companies will not acknowledge the buyer unless the service charges have been paid and are up to date so it is important for both buyer and seller for the seller to show that they are up to date. This will smooth the conveyancing process.
I work for a reputable estate agency in Pocklington where we have experienced a few flat sales jeopardised due to leases having less than 80 years remaining. I have received conflicting advice from local Pocklington conveyancing firms. Could you clarify whether the owner of a flat can start the lease extension process for the purchaser on completion of the sale?
Provided that the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. This means that the proposed purchaser need not have to wait 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 sale.
An alternative approach is 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 buyer.
Can you provide any top tips for leasehold conveyancing in Pocklington with the intention of speeding up the sale process?
- A significant proportion of the frustration in leasehold conveyancing in Pocklington can be avoided where you get in touch lawyers as soon as your agents start advertising the property and ask them to put together the leasehold documentation which will be required by the purchasers’ conveyancers.
- The majority landlords or managing agents in Pocklington charge for supplying management packs for a leasehold homes. You or your lawyers should discover the actual amount of the charges. The management pack sought as soon as you have a buyer, thus accelerating the process. The average time it takes to receive management information is three weeks. It is the most common reason for delay in leasehold conveyancing in Pocklington.
In relation to leasehold conveyancing in Pocklington what are the most frequent lease defects?
There is nothing unique about leasehold conveyancing in Pocklington. Most leases are individual and drafting errors can result in certain provisions are missing. The following missing provisions could result in a defective lease:
- A provision to repair to or maintain elements of the building
- A duty to insure the building
- 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
A defective lease can cause issues when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Nationwide Building Society, Chelsea Building Society, and TSB all have very detailed requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease does not cover certain provisions they may refuse to grant the mortgage, forcing the purchaser to pull out.
I inherited a split level flat in Pocklington, conveyancing was carried out 8 years ago. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Corresponding properties in Pocklington with an extended lease are worth £230,000. The ground rent is £60 levied per year. The lease comes to an end on 21st October 2080
With 58 years remaining on your lease we estimate the premium for your lease extension to range between £27,600 and £31,800 as well as plus your own and the landlord's "reasonable" professional fees.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we are not able to provide a more accurate figure without more comprehensive due diligence. Do not use this information in tribunal or court proceedings. There are no doubt additional issues that need to be considered and you obviously should be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information before seeking the advice of a professional.