Our lawyer has uncovered a defect with the lease for the flat we are buying in Pocklington. The other side have offered defective title insurance as a solution. We are content with insurance and will pay for it. Our conveyancing practitioner has advised that he must ensure that the mortgage company is willing to move forward with this solution. Are we the client or is the bank?

The short answer to your last question is that, notwithstanding the risk of a conflict of interest, you and the lender are the client. Your lawyer must comply with the UK Finance Lenders’ Handbook provisions. The UK Finance Lenders’ Handbook conditions require your lawyer to disclose issues such as defects with the lease so that the lender can be afforded the opportunity to check with their valuer as to the extent that the value of the property is affected. Should you refuse to allow your lawyer to make the appropriate notification then your solicitor will have no choice but to discontinue acting for you.

Is there a reason why leasehold purchase conveyancing in Pocklington is more expensive?

In summary, leasehold conveyancing in Pocklington and elsewhere usually necessitates extra hours of investigation compared to freehold conveyancing. This includes lease investigation, corresponding with the landlord concerning serving required notices, obtaining current service charge and management information, securing the landlord’s consents and reviewing management accounts. The obligations on both the landlord and the tenant in the lease need to be studied by the buyer’s conveyancing team and read from beginning to end – no matter how many different proprietor have owned the lease since it was first entered into.

five months have gone by since my purchase conveyancing in Pocklington completed. I have checked the Land Registry site which shows that I paid £175,000 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 residence 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.

Over the last few months I have been searching for a leasehold apartment up to £235,500 and found one near me in Pocklington I like with amenity areas and transport links nearby, the downside is that it only has 49 years unexpired on the lease. I can't really find anything else in Pocklington in this price bracket, so just wondered if I would be making a grave error buying a lease with such few years left?

If you require a mortgage the shortness of the lease may be an issue. Discount the offer by the amount the lease extension will cost if it has not already been discounted. If the current owner has owned the property for a minimum of twenty four months you may 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 term and have £0 ground rent by law. You should consult your conveyancing solicitor regarding this.

I today plan to offer on a house that seems to tick a lot of boxes, at a reasonable figure which is making it all the more appealing. I have just found out that it's a leasehold rather than freehold. I would have thought that there are particular concerns buying 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 and not leasehold. This is one of the situations where having a local conveyancer who is familiar with the area who can help the conveyancing process. It is clear that you are buying in Pocklington in which case you should be looking for a Pocklington conveyancing solicitor and be sure that they have experience in transacting on leasehold houses. First you will need to check the unexpired lease term. As a tenant you will not be at liberty to do whatever you want with the house. The lease will likely included provisions such as obtaining the freeholder’spermission to conduct changes to the property. It may be necessary to pay a contribution towards the maintenance of the estate where the house is located on an estate. Your conveyancer should report to you on the legal implications.

I own a split level flat in Pocklington, conveyancing having been completed March 1996. Can you please calculate a probable premium for a statutory lease extension? Comparable properties in Pocklington with an extended lease are worth £190,000. The ground rent is £65 yearly. The lease terminates on 21st October 2085

With 61 years left to run we estimate the premium for your lease extension to be between £19,000 and £22,000 as well as costs.

The figure above a general guide to costs for renewing a lease, but we cannot give you the actual costs in the absence of comprehensive investigations. Do not use this information in tribunal or court proceedings. There may be other concerns that need to be considered and you obviously want to be as accurate as possible in your negotiations. Neither should you move forward based on this information without first getting professional advice.