My fiance’s brother is a property lawyer. I expect that I will be offered preferential rates for conveyancing, but if not, what kind of figure would I typically be looking at for conveyancing in Ascot?
It’s sensible to look for two or three conveyancing estimates. Make use of our search tool on this page. The amounts may vary but the service one can expect differ between law firms as is the case with most professions.
Yesterday I discovered that there is a flying freehold issue on a property I put an offer in last month in what should have been a simple, chain free conveyancing. Ascot is the location of the property. Can you shed any light on this issue?
Flying freeholds in Ascot are rare but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Ascot you must be sure that your lawyer goes through the deeds diligently. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Ascot may decide that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold premises.
I'm remortgaging my current home to a BTL mortgage with Barclays Direct and intend to use the remaining equity as a down payment on another house. The neighborhood we are looking at is Ascot. Will your lawyers be able to act for the two banks and link together the conveyances?
Make use of our search tool on this site to be sure that the solicitors are approved by both mortgage companies. On the basis that they are the conveyancer should be able to tie up the two transactions but you should have a chat with you solicitor and make apparent your expectations and needs.
I am thinking of appointing a conveyancing practitioner in Ascot for my sale. Can I check a solicitor's record with the legal regulator?
Anyone may find presented Solicitor Regulator Association (SRA) decisions arising from inquisitions commenced on or after 1 January 2008. Visit Check a solicitor's record. For details Pre 2008, or to check a firm's history, telephone 0870 606 2555, 08.00 - 18.00 Monday, Wednesday, Thursday, Friday and 09.30 - 18.00 Tuesday. For non-uk callers, use +44 (0)121 329 6800. The regulator may monitor call for training purposes.
I am attracted to a two apartments in Ascot both have approximately forty five years remaining on the leases. Should I regard a short lease as a deal breaker?
There are no two ways about it. A leasehold apartment in Ascot is a deteriorating asset as a result of the shortening lease. The nearer the lease gets to its expiry date, the more it adversely affects the value of the premises. The majority of purchasers and lenders, leases with under 75 years become less and less attractive. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of a residence with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Ascot conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend the lease. They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that any new terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
I own a studio flat in Ascot, conveyancing formalities finalised half a dozen years ago. Can you please calculate a probable premium for a statutory lease extension? Equivalent properties in Ascot with over 90 years remaining are worth £190,000. The average or mid-range amount of ground rent is £65 invoiced every year. The lease finishes on 21st October 2079
With 61 years remaining on your lease the likely cost is going to be between £19,000 and £22,000 plus professional fees.
The figure that we have given is a general guide to costs for renewing a lease, but we are not able to provide a more accurate figure in the absence of detailed due diligence. You should not use this information in tribunal or court proceedings. There may be other issues that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Neither should you take any other action based on this information without first getting professional advice.