Examples of recent questions relating to leasehold conveyancing in Pocklington
I have just appointed agents to market my ground floor flat in Pocklington.Conveyancing is yet to be initiated but I have just received a half-yearly service charge demand – what should I do?
The sensible thing to do is discharge 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 until 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 am hoping to put an offer on a small detached house that appears to tick a lot of boxes, at a reasonable figure which is making it more attractive. I have since discovered that it's a leasehold as opposed to freehold. I would have thought that there are particular concerns buying a house with a leasehold title in Pocklington. Conveyancing solicitors have are about to be appointed. Will my lawyers set out the implications of buying a leasehold house in Pocklington ?
The majority of houses in Pocklington are freehold rather than leasehold. This is one of the situations where having a local solicitor who is familiar with the area can help the conveyancing process. We note that you are purchasing in Pocklington in which case you should be looking for a Pocklington conveyancing solicitor and check that they are used to dealing with 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 with the house. The lease will likely included provisions for example requiring the freeholder’spermission to carry out alterations. It may be necessary to pay a contribution towards the maintenance of the estate where the house is located on an estate. Your lawyer should advise you fully on all the issues.
I am a negotiator for a long established estate agent office in Pocklington where we see a few leasehold sales jeopardised due to short leases. I have received conflicting advice from local Pocklington conveyancing solicitors. Could you clarify whether the seller of a flat can start the lease extension formalities for the purchaser on completion of the sale?
As long as the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. This means that the buyer need not have to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or simultaneously with completion of the disposal of the property.
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 purchaser.
We expect to complete the disposal of our £275000 flat in Pocklington in just under a week. The managing agents has quoted £420 for Certificate of Compliance, insurance certificate and 3 years statements of service charge. Is it legal for a freeholder to charge exorbitant fees for a leasehold conveyance in Pocklington?
For most leasehold sales in Pocklington conveyancing will involve, questions about the management of a building inevitably needing to be answered directly by the freeholder or its agent, this includes :
- Completing pre-contract questions
- Where consent is required before sale in Pocklington
- Copies of the building insurance and schedule
- Deeds of covenant upon sale
- Registering of the assignment of the change of lessee after a sale
What are the frequently found deficiencies that you witness in leases for Pocklington properties?
There is nothing unique about leasehold conveyancing in Pocklington. All leases are unique and drafting errors can sometimes mean that certain sections are missing. 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
A defective lease can cause issues when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. HSBC Bank, Skipton Building Society, and Alliance & Leicester all have express conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease is problematic they may refuse to provide security, forcing the buyer to withdraw.
I acquired a ground floor flat in Pocklington, conveyancing having been completed in 2012. Can you work out an approximate cost of a lease extension? Comparable properties in Pocklington with an extended lease are worth £172,000. The average or mid-range amount of ground rent is £65 per annum. The lease expires on 21st October 2096
With just 73 years remaining on your lease we estimate the price of your lease extension to span between £9,500 and £11,000 plus costs.
The suggested premium range above a general guide to costs for extending a lease, but we are not able to supply the actual costs without more detailed investigations. You should not use the figures in a Notice of Claim or as an informal offer. There may be additional concerns that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Please do not take any other action based on this information without first seeking the advice of a professional.