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Ascot leasehold conveyancing Example Support Desk Enquiries

I am in need of some leasehold conveyancing in Ascot. Before I set the wheels in motion I require certainty as to the number of years remaining on the lease.

If the lease is registered - and 99.9% are in Ascot - then the leasehold title will always include the basic details of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title.For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.

I am intending to let out my leasehold flat in Ascot. Conveyancing solicitor who did the purchase is retired - so can't ask her. Is permission from the freeholder required?

Notwithstanding that your previous Ascot conveyancing lawyer is no longer available you can review your lease to check if you are permitted to let out the apartment. 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 permission from your landlord or some other party before subletting. The net result is you not allowed to sublet without prior permission. Such consent should not be unreasonably turned down. If your lease does not allow you to sublet you should ask your landlord for their consent.

I've found a house that appears to meet my requirements, at a reasonable price which is making it all the more appealing. I have just been informed that the title is leasehold as opposed to freehold. I am assuming that there are issues buying a leasehold house in Ascot. Conveyancing advisers have are soon to be instructed. Will they explain the issues?

The majority of houses in Ascot are freehold and not leasehold. In this scenario it’s worth having a local solicitor who is familiar with the area can assist with the conveyancing process. We note that you are buying in Ascot in which case you should be looking for a Ascot conveyancing solicitor and check that they are used to transacting on leasehold houses. First you will need to check the number of years remaining. As a lessee you will not be at liberty to do whatever you want to the property. The lease will likely included provisions for example obtaining the freeholder’spermission to carry out alterations. It may be necessary to pay a contribution towards the maintenance of the communal areas where the house is located on an estate. Your conveyancer will advise you fully on all the issues.

I am a negotiator for a reputable estate agency in Ascot where we see a number of leasehold sales put at risk as a result of leases having less than 80 years remaining. I have been given inconsistent advice from local Ascot conveyancing solicitors. Could you clarify whether the seller of a flat can commence 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 start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the buyer can avoid having to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed 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.

When it comes to leasehold conveyancing in Ascot what are the most frequent lease problems?

Leasehold conveyancing in Ascot is not unique. Most leases are unique and legal mistakes in the legal wording can sometimes mean that certain provisions are missing. For example, if your lease is missing any of the following, it could be defective:

  • Repairing obligations to or maintain parts of the building
  • A duty to insure the building
  • 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

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. National Westminster Bank, Norwich and Peterborough Building Society, and Bank of Ireland all have very detailed conveyancing instructions 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 provide security, forcing the buyer to pull out.

I own a 1 bedroom flat in Ascot, conveyancing having been completed 2005. Can you shed any light on how much the price could be for a 90 year extension to my lease? Corresponding flats in Ascot with an extended lease are worth £226,000. The average or mid-range amount of ground rent is £45 yearly. The lease ends on 21st October 2086

You have 64 years left to run we estimate the price of your lease extension to span between £15,200 and £17,600 plus professional fees.

The suggested premium range above a general guide to costs for renewing a lease, but we are not able to advice on a more accurate figure in the absence of comprehensive investigations. You should not use this information in a Notice of Claim or as an informal offer. There are no doubt additional issues that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information without first getting professional advice.

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Lease Extensions in Ascot