Fixed-fee leasehold conveyancing in Ascot:

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Recently asked questions relating to Ascot leasehold conveyancing

I only have Fifty years left on my lease in Ascot. I now want to extend my lease but my landlord is can not be found. What are my options?

If you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application to the County Court for for permission to dispense with the service of the initial notice. This will mean that your lease can be extended by the magistrate. You will be obliged to demonstrate that you have used your best endeavours to track down the lessor. For most situations an enquiry agent may be useful to try and locate and to produce a report which can be used as evidence that the landlord is indeed missing. It is wise to seek advice from a property lawyer in relation to proving the landlord’s absence and the vesting order request to the County Court covering Ascot.

I work for a reputable estate agent office in Ascot where we have witnessed a number of flat sales jeopardised due to short leases. I have received contradictory information from local Ascot conveyancing firms. Could you clarify whether the seller of a flat can instigate the lease extension process for the purchaser on completion of the sale?

Provided that the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to commence 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 for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or simultaneously with completion of the disposal of the property.

An alternative approach is 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 firm to carry out our lease extension conveyancing?

If you are instructing a solicitor for lease extension works (regardless if they are a Ascot conveyancing practice) it is imperative that he or she should be familiar with the legislation and specialises in this area of conveyancing. We recommend that you make enquires with several firms including non Ascot conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. Some following of questions might be of use:

  • How experienced is the practice with lease extension legislation?
  • What are the legal fees for lease extension work?

  • Can you provide any top tips for leasehold conveyancing in Ascot with the intention of speeding up the sale process?

    • Much of the frustration in leasehold conveyancing in Ascot can be avoided where you get in touch lawyers the minute your agents start advertising the property and request that they start to put together the leasehold information needed by the buyers representatives.
    • The majority landlords or managing agents in Ascot charge for supplying management packs for a leasehold property. You or your lawyers should find out the actual amount of the charges. The management information sought as soon as you have a buyer, thus reducing delays. The average time it takes to obtain the necessary information is three weeks. It is the most common cause of frustration in leasehold conveyancing in Ascot.
  • In the event that you altered the property did you need the Landlord’s permission? In particular have you installed wooden flooring? Ascot leases often stipulate that internal structural alterations or addition of wooden flooring require a licence issued by the Landlord acquiescing to such changes. Should you dont have the approvals to hand do not contact the landlord without contacting your lawyer in advance.
  • Some Ascot leases require Licence to Assign from the landlord. If this is the case, you should notify your estate agents to make sure that the purchasers put in hand bank and professional references. Any bank reference should make it clear that the buyer is financially capable of paying the annual service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the actual amount of the service charge so that they can pass this information on to the purchasers or their lawyers.
  • If you hold a share in a the freehold, you should make sure that you hold the original share certificate. Arranging a replacement share certificate is often a lengthy process and slows down many a Ascot home move. If a duplicate share is needed, do contact the company director and secretary or managing agents (where relevant) for this as soon as possible.

  • If all goes to plan we aim to complete the sale of our £475000 apartment in Ascot in just under a week. The managing agents has quoted £396 for Landlord’s certificate, building insurance schedule and previous years statements of service charge. Is the landlord entitled to charge such fees for a leasehold conveyance in Ascot?

    Ascot conveyancing on leasehold flats more often than not requires the purchaser’s lawyer submitting enquiries for the landlord to address. Although the landlord is not legally bound to respond to such questions most will be willing to do so. They may levy a reasonable charge for answering enquiries or supplying documentation. There is no set fee. The average costs for the paperwork that you are referring to is over three hundred pounds, in some cases it is above £800. The management information fee levied by the landlord must be accompanied by a synopsis of entitlements and obligations in relation to administration fees, otherwise the invoice is technically not due. Reality however dictates that you have little option but to pay whatever is demanded should you wish to complete the sale of your home.

    I am the registered owner of a basement flat in Ascot, conveyancing was carried out half a dozen years ago. Can you let me have an estimated range of the fair premium for a lease extension? Corresponding flats in Ascot with a long lease are worth £264,000. The ground rent is £65 invoiced every year. The lease expires on 21st October 2100

    With just 78 years unexpired we estimate the price of your lease extension to span between £13,300 and £15,400 plus legals.

    The figure above a general guide to costs for renewing a lease, but we cannot give you a more accurate figure without more comprehensive investigations. You should not use the figures in tribunal or court proceedings. There are no doubt additional issues that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information before getting professional advice.

    Other Topics

    Lease Extensions in Ascot