Leasehold Conveyancing in Ascot - Get a Quote from the leasehold experts approved by your lender

When it comes to leasehold conveyancing in Ascot, you will need to appoint a conveyancing lawyer with leasehold experience. Whether your mortgage company is to be Halifax, RBS or NatWest be sure to choose a lawyer on their panel. Feel free to use our search tool

Frequently asked questions relating to Ascot leasehold conveyancing

I am hoping to exchange soon on a studio apartment in Ascot. Conveyancing lawyers assured me that they are sending me a report on Monday. What should I be looking out for?

The report on title for your leasehold conveyancing in Ascot should include some of the following:

  • The unexpired lease term You should be advised as what happens when the lease expires, and aware of the importance of the 80 year mark
  • Ground rent - how much and when you need to pay, and also know whether this will change in the future
  • An explanation as to the provision in the lease to pay service charges - with regard to both the building, and the more general rights a leaseholder has
  • You should have a good understanding of the insurance provisions
  • Changes to the flat (alterations and additions)
  • I don't know whether the lease allows me to alter or improve anything in the flat - you should know whether it applies to all alterations or just structural alteration, and whether consent is required
  • Whether the landlord has obligations to ensure rights of quiet enjoyment over your property and do you know what it means in practice? For a comprehensive list of information to be contained in your report on your leasehold property in Ascot please enquire of your conveyancer in ahead of your conveyancing in Ascot

  • I am tempted by the attractive purchase price for a couple of maisonettes in Ascot both have in the region of 50 years remaining on the leases. Should I regard a short lease as a deal breaker?

    There are plenty of short leases in Ascot. The lease is a legal document that entitles you to use the premises for a period of time. As the lease shortens the saleability of the lease deteriorate and it becomes more costly to extend the lease. This is why it is advisable to increase the term of the lease. It is often difficulties arise selling premises with a short lease as mortgage lenders may be reluctant to lend money on such properties. Lease extension can be a difficult process. We advise that you seek professional help from a conveyancer and surveyor with experience in this field

    I am a negotiator for a busy estate agent office in Ascot where we have experienced a number of flat sales put at risk due to leases having less than 80 years remaining. I have been given conflicting advice from local Ascot conveyancing firms. Could you clarify whether the seller of a flat can instigate the lease extension formalities 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 start 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 disposal of the property.

    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 appointing a Ascot conveyancing practice to carry out our lease extension conveyancing?

    When appointing a property lawyer for lease extension works (regardless if they are a Ascot conveyancing practice) it is essential that they be familiar with the legislation and specialises in this area of conveyancing. We advise that you talk with two or three firms including non Ascot conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions could be useful:

    • How many lease extensions has the firm completed in Ascot in the last twenty four months?
  • What are the charges for lease extension work?

  • What makes a Ascot lease problematic?

    There is nothing unique about leasehold conveyancing in Ascot. All leases is drafted differently and legal mistakes in the legal wording can sometimes mean that certain clauses are erroneous. 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 building
    • Insurance obligations
    • Clauses dealing with recovering service charges for expenditure on the building or common parts.
    • Service charge per centages that don't add up correctly leaving a shortfall

    You will have a problem when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Barclays , Virgin Money, and Alliance & Leicester all have express conveyancing instructions when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is problematic they may refuse to grant the mortgage, forcing the purchaser to withdraw.

    I inherited a basement flat in Ascot, conveyancing having been completed half a dozen years ago. Can you let me have an estimated range of the fair premium for a lease extension? Comparable flats in Ascot with a long lease are worth £228,000. The ground rent is £45 levied per year. The lease finishes on 21st October 2095

    With just 70 years left to run the likely cost is going to range between £12,400 and £14,200 as well as professional fees.

    The suggested premium range that we have given is a general guide to costs for renewing a lease, but we are not able to provide the actual costs in the absence of comprehensive investigations. Do not use the figures 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. Please do not move forward based on this information without first seeking the advice of a professional.

    Other Topics

    Lease Extensions in Ascot