I am attracted to a couple of flats in Ascot which have in the region of forty five years left on the leases. should I be concerned?

There are plenty of short leases in Ascot. The lease is a right to use the premises for a prescribed time frame. As the lease shortens the saleability of the lease decreases and it becomes more expensive to extend the lease. For this reason it is advisable to extend the lease term. More often than not it is difficulties arise selling premises with a short lease because mortgage companies may be reluctant to lend money on properties of this type. Lease extension can be a difficult process. We advise that you get professional help from a solicitor and surveyor with experience in this field

Last month I purchased a leasehold property in Ascot. Do I have any liability for service charges relating to a period prior to completion of my purchase?

In a situation where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to ensure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.

If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).

What advice can you give us when it comes to choosing a Ascot conveyancing firm to deal with our lease extension?

When appointing a solicitor for lease extension works (regardless if they are a Ascot conveyancing practice) it is most important that they be familiar with the legislation and specialises in this area of work. We recommend that you make enquires 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:

• What volume of lease extensions have they carried out in Ascot in the last year?
• Can they put you in touch with client in Ascot who can give a testimonial?

Do you have any advice for leasehold conveyancing in Ascot with the intention of speeding up the sale process?

• Much of the delay in leasehold conveyancing in Ascot can be avoided if you appoint lawyers the minute you market your property and ask them to put together the leasehold information needed by the buyers representatives.
• Many landlords or Management Companies in Ascot levy fees for providing management packs for a leasehold premises. You or your lawyers should discover the fee that they propose to charge. The management pack sought on or before finding a buyer, thus reducing delays. The typical amount of time it takes to receive management information is three weeks. It is the most usual cause of frustration in leasehold conveyancing in Ascot.
• If there is a history of conflict with your landlord or managing agents it is essential that these are settled before the property is put on the market. The buyers and their solicitors will be nervous about purchasing a property where there is a current dispute. You will have to accept that you will have to pay any arrears of service charge or resolve the dispute prior to the buyers completing the purchase. It is therefore preferable to have any dispute settled prior to the contract papers being issued to the buyers’ solicitors. You will still have to reveal particulars of the dispute to the purchasers, but it is better to reveal the dispute as over rather than unsettled.
• If you have the benefit of shareholding in the freehold, you should make sure that you hold the original share document. Organising a re-issued share certificate can be a time consuming process and frustrates many a Ascot conveyancing transaction. Where a duplicate share certificate is required, do contact the company officers or managing agents (if relevant) for this as soon as possible.
• You may think that you are aware of the number of years left on your lease but you should double-check by asking your solicitors. A purchaser's conveyancer will not be happy to advise their client to proceed with the purchase of a leasehold property the remaining number of years is less than 80 years. In the circumstances it is important at an as soon as possible that you consider whether the lease for your property needs extending. If it does, contact your solicitors before you put your premises on the market for sale.

What are the common deficiencies that you come across in leases for Ascot properties?

Leasehold conveyancing in Ascot is not unique. Most leases are unique and legal mistakes in the legal wording can sometimes mean that certain clauses are wrong. The following missing provisions could result in a defective lease:

• A provision to repair to or maintain elements of the building
• A duty to insure the building
• 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

You could encounter 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. Nationwide Building Society, Virgin Money, and TSB 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 problematic they may refuse to provide security, obliging the buyer to pull out.

Ascot Conveyancing for Leasehold Flats - Sample of Queries Prior to Purchasing

Many Ascot leasehold apartments will be liable to pay a service charge for the upkeep of the building invoiced by the landlord. Should you buy the property you will have to pay this contribution, normally in instalments throughout the year. This can be anything from two or three hundred pounds to thousands of pounds for large purpose-built blocks. There will also be a ground rent to be met annual, this is usually not a exorbitant sum, say around £25-£75 but you should to enquire as occasionally it could be prohibitively expensive.