Various web forums that I have visited warn that are a common cause of obstruction in Ascot conveyancing transactions. Is this right?
The Council of Property Search Organisations (CoPSO) released conclusions of a review by MoveWithUs that conveyancing searches do not figure within the top 10 causes of hindrances during the legal transfer of property. Searches are not likely to be the root cause of holding up conveyancing in Ascot.
How does conveyancing in Ascot differ for newly converted properties?
Most buyers of new build or newly converted property in Ascot contact us having been asked by the developer to sign contracts and commit to the purchase even before the house is completed. This is because developers in Ascot tend to buy the site, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are accustomed to new build conveyancing in Ascot or who has acted in the same development.
Am I better off to go with a Ascot conveyancing lawyer based in the vicinity that I am buying? An old friend can perform the legal work but her office is approximately 350miles away.
The primary upside of using a local Ascot conveyancing firm is that you can visit the firm to execute documents, deliver your ID and pester them if necessary. They will also have local insight which is a benefit. However nothing is more important than finding someone that will do a good and efficient job. If you know people who used your friend and they were content that should trump using an unknown Ascot conveyancing solicitor solely due to them being Ascot based.
I today plan to offer on a house that appears to meet my requirements, at a reasonable figure which is making it all the more appealing. I have since discovered that the title is leasehold as opposed to freehold. I would have thought that there are particular concerns buying a leasehold house in Ascot. Conveyancing lawyers have not yet been appointed. Will they explain the issues?
Most houses in Ascot are freehold rather than leasehold. This is one of the situations where having a local conveyancer who is familiar with the area who can help the conveyancing process. We note that you are purchasing in Ascot so you should seriously consider shopping around for a Ascot conveyancing solicitor and check that they have experience in transacting on leasehold houses. First you will need to check the number of years remaining. Being a tenant you will not be at liberty to do whatever you want to the property. The lease comes with conditions such as requiring the landlord’sconsent to conduct alterations. It may be necessary to pay a maintenance charge towards the maintenance of the estate where the property is part of an estate. Your solicitor will report to you on the legal implications.
I own a basement flat in Ascot, conveyancing formalities finalised May 2002. Can you give me give me an indication of the likely cost of a lease extension? Equivalent properties in Ascot with over 90 years remaining are worth £179,000. The average or mid-range amount of ground rent is £65 charged once a year. The lease finishes on 21st October 2082
With just 57 years unexpired we estimate the premium for your lease extension to be between £26,600 and £30,800 as well as costs.
The suggested premium range above a general guide to costs for extending a lease, but we are not able to supply the actual costs without more detailed investigations. You should not use the figures in a Notice of Claim or as an informal offer. There are no doubt additional concerns that need to be considered and clearly you want to be as accurate as possible in your negotiations. Neither should you take any other action based on this information before getting professional advice.
When it comes to my conveyancing in Ascot should I be paying VAT on the following: (1) Land reg fee on purchase (2) Pre - completion search fee (3) SDLT E submission on purchase (4) Bank TT fee
(1) Land reg fee on purchase - No (2) Pre - completion search fees -No, (such conveyancing searches are HMLR ones and means £4 and possibly £2 bankruptcy per name on your mortgage) (3) SDLT E submission on your purchase - There is no VAT on Stamp Duty. However if the firm is charging a stamp duty e-submission fee as part of their services - some Ascot conveyancers do - that will incur VAT(4) Bank transfer fee - Yes it is for the lawyer's time in submitting the funds this way.