Examples of recent questions relating to leasehold conveyancing in Ascot
Jane (my partner) and I may need to rent out our Ascot 1st floor flat for a while due to a career opportunity. We instructed a Ascot conveyancing firm in 2003 but they have closed and we did not have the foresight to seek any advice as to whether the lease allows us to sublet. How do we find out?
A lease dictates relations between the landlord and you the flat owner; in particular, it will set out if subletting is banned, or permitted but only subject to certain caveats. The accepted inference is that if the lease contains no specific ban or restriction, subletting is allowed. The majority of leases in Ascot do not prevent subletting altogether – such a provision would adversely affect the market value the property. Instead, there is usually simply a requirement that the owner notifies the freeholder, possibly supplying a duplicate of the sublease.
Looking forward to exchange soon on a garden flat in Ascot. Conveyancing lawyers have said that they are sending me a report next week. What should I be looking out for?
Your report on title for your leasehold conveyancing in Ascot should include some of the following:
- You should receive a copy of the lease
Last month I purchased a leasehold property in Ascot. Am I liable to pay 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).
Can you provide any top tips for leasehold conveyancing in Ascot from the point of view of speeding up the sale process?
- Much of the frustration in leasehold conveyancing in Ascot can be bypassed if you appoint lawyers the minute you market your property and ask them to put together the leasehold information needed by the purchasers’ representatives.
- If you have carried out any alterations to the premises would they have required Landlord’s consent? Have you, for example installed wooden flooring? Most leases in Ascot state that internal structural changes or laying down wooden flooring necessitate a licence issued by the Landlord acquiescing to such changes. Should you dont have the approvals in place you should not contact the landlord without contacting your conveyancer in advance.
What makes a Ascot lease defective?
There is nothing unique about leasehold conveyancing in Ascot. All 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 elements of the premises
- 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
You will have a problem when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. Birmingham Midshires, Chelsea Building Society, and Aldermore 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 grant the mortgage, obliging the buyer to pull out.
Ascot Leasehold Conveyancing - Sample of Questions you should consider Prior to buying
Where a Ascot lease has fewer than 80 years it will have adverse implications on the salability of the flat. Check with your mortgage company that they are willing to to proceed given the lease term. A short lease means that you will almost definitely have to extend the lease at some point and it is worth finding out how much this would cost. Remember, in most cases you will be be obliged to have owned the premises for a couple of years before you are eligible to carry out a lease extension.
Who is in charge of the block?
Be sure to find out if there are any onerous restrictions in the lease. For instance it is reasonably common in Ascot leases that pets are not permitted in certain buildings in Ascot. If you love the propertyin Ascot yet your dog can’t move with you then you have a very difficult determination.