Fixed-fee leasehold conveyancing in Pocklington:

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Top Five Questions relating to Pocklington leasehold conveyancing

Estate agents have just been given the go-ahead to market my basement flat in Pocklington.Conveyancing solicitors are to be appointed soon but I have just received a quarterly service charge invoice – Do I pay up?

The sensible thing to do is discharge the invoice 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've found a house that seems to be perfect, at a great price which is making it more attractive. I have just found out that it's a leasehold as opposed to freehold. I would have thought that there are issues purchasing a house with a leasehold title in Pocklington. Conveyancing solicitors have not yet been instructed. Will they explain the issues?

Most houses in Pocklington are freehold rather than leasehold. In this scenario it’s worth having a local conveyancer who is familiar with the area can help the conveyancing process. It is clear that you are purchasing in Pocklington so you should seriously consider looking for a Pocklington conveyancing practitioner and check that they are used to transacting on leasehold houses. As a matter of priority you will need to check the number of years remaining. Being a tenant 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’spermission to carry out changes to the property. You may also be required to pay a service charge towards the maintenance of the communal areas where the property is located on an estate. Your lawyer should appraise you on the various issues.

I am a negotiator for a reputable estate agency in Pocklington where we have witnessed a few flat sales put at risk as a result of leases having less than 80 years remaining. I have been given inconsistent advice from local Pocklington conveyancing solicitors. Please can you shed some light as to whether the owner of a flat can start the lease extension process for the buyer?

As long as the seller has owned the lease 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 buyer need not have to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or at the same time as completion of the sale.

Alternatively, it may be possible to extend the lease informally by agreement with the landlord 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.

What are your top tips when it comes to finding a Pocklington conveyancing firm to deal with our lease extension?

If you are instructing a solicitor for your lease extension (regardless if they are a Pocklington conveyancing practice) it is essential that he or she should be familiar with the legislation and specialises in this area of conveyancing. We suggested that you talk with two or three firms including non Pocklington conveyancing practices before you instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions could be helpful:

  • What volume of lease extensions has the firm carried out in Pocklington in the last 12 months?
  • What are the charges for lease extension work?

  • Are there frequently found problems that you come across in leases for Pocklington properties?

    Leasehold conveyancing in Pocklington is not unique. All leases are individual and legal mistakes in the legal wording can sometimes mean that certain sections are erroneous. The following missing provisions could result in a defective lease:

    • Repairing obligations to or maintain elements of the building
    • Insurance obligations
    • A provision for the recovery of money spent for the benefit of another party.
    • Maintenance charge proportions which don’t add up to the correct percentage

    A defective lease can cause problems when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Santander, Norwich and Peterborough Building Society, and Aldermore all have very detailed requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is defective they may refuse to provide security, forcing the purchaser to pull out.

    I bought a ground floor flat in Pocklington, conveyancing formalities finalised 10 years ago. How much will my lease extension cost? Comparable properties in Pocklington with an extended lease are worth £263,000. The ground rent is £60 charged once a year. The lease terminates on 21st October 2083

    With only 61 years unexpired we estimate the price of your lease extension to be between £19,000 and £22,000 as well as legals.

    The suggested premium range that we have given is a general guide to costs for renewing a lease, but we are not able to supply a more accurate figure in the absence of comprehensive investigations. You should not use the figures in a Notice of Claim or as an informal offer. There are no doubt additional concerns that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information without first getting professional advice.

    Other Topics

    Lease Extensions in Pocklington