Last September we completed a house move in Bounds Green. We have noticed several issues with the property which we believe were missed in the conveyancing searches. What action can we take? Can you clarify the nature of searches that should have been ordered for conveyancing in Bounds Green?
The query is not clear as what problems have arisen and if they are specific to conveyancing in Bounds Green. Conveyancing searches and due diligence initiated during the legal transfer of property are designed to help avoid problems. As part of the legal transfer of property, the vendor answers a questionnaire referred to as a Seller’s Property Information Form. If the information ends up being inaccurate, you may have a misrepresentation claim against the seller for any losses that you have suffered. The survey should have identified any problems with the structure of the property. Assuming a detailed survey was carried out and the issues were not identified, you may have a claim against the surveyor. However, if you did not have a full survey, you may be responsible for fixing any defects that have now been noted. We would always encourage buyers to take every possible step to ensure they are completely aware of the condition of a property before purchase regardless of whether they are buying in Bounds Green.
When does exchange of contracts happen for purchase conveyancing in Bounds Green and am I required to attend the conveyancers office?
If you are in close proximity to our conveyancing solicitors in Bounds Green you are welcome to attend to sign the paperwork. That being said, the lender approved solicitors we work with provide countrywide coverage for conveyancing and give just as comprehensive and professional a job for you when communicating with you electronically. The signing of the purchase agreement is not when everything is set in stone. A signed contract is just a prerequisite for the solicitor to officially exchange when the time is right, which is ordinarily shortly after signing. The procedure is nowadays normally dealt with by telephone and can be very rapid, although where a long "chain" is in play, since the process requires the relevant party's solicitor (not necessarily a conveyancing solicitor in Bounds Green)to be in the office available at the end of the phone to exchange contracts.
We are expecting a mortgage offer soon. The lender mentioned the loan came with free conveyancing. Is the implication that I have to use their panel solicitor as I would prefer to instruct a local conveyancing solicitor in Bounds Green?
You should check but the the probability is that give you one of their panel lawyers if you take up the "fee-free" deal. Speak to the bank and explore if they allow a cash alternative. In the past a few mortgage companies offered a £250 cashback as a further option in which case you could put that amount towards the cost for your conveyancing solicitor near Bounds Green.
Will my conveyancer be making enquiries regarding flooding as part of the conveyancing in Bounds Green.
Flooding is a growing risk for lawyers dealing with homes in Bounds Green. There are those who purchase a property in Bounds Green, completely aware that at some time, it may suffer from flooding. However, leaving to one side the physical destruction, where a property is at risk of flooding, it may be difficult to obtain a mortgage, satisfactory insurance cover, or sell the premises. Steps can be carried out during the course of a house purchase to forewarn the buyer.
Lawyers are not best placed to offer advice on flood risk, but there are a numerous searches that can be undertaken by the buyer or on a buyer’s behalf which will figure out the risks in Bounds Green. The conventional set of information given to a purchaser’s conveyancer (where the solicitors are adopting what is known as the Conveyancing Protocol) contains a standard inquiry of the vendor to find out if the premises has ever been flooded. In the event that flooding has previously occurred which is not disclosed by the vendor, then a buyer could issue a legal claim for losses resulting from an incorrect reply. A purchaser’s conveyancers should also order an environmental search. This should indicate whether there is a recorded flood risk. If so, additional inquiries should be carried out.
How does conveyancing in Bounds Green differ for newly converted properties?
Most buyers of new build residence in Bounds Green contact us having been asked by the seller to exchange contracts and commit to the purchase even before the property is constructed. This is because builders in Bounds Green typically acquire 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 Bounds Green or who has acted in the same development.
I am a negotiator for a long established estate agency in Bounds Green where we have witnessed a few flat sales jeopardised due to short leases. I have received conflicting advice from local Bounds Green conveyancing solicitors. Please can you confirm whether the seller of a flat can initiate the lease extension formalities for the buyer?
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 to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or simultaneously with completion of the disposal of the property.
Alternatively, it may be possible 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 purchaser.
Following years of negotiations we cannot agree with our landlord on how much the lease extension should cost for our flat in Bounds Green. Can we issue an application to the Residential Property Tribunal Service?
Where there is a absentee freeholder or where there is disagreement about what the lease extension should cost, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the First-tier Tribunal (Property Chamber) to judgment on the premium.
An example of a Lease Extension decision for a Bounds Green property is First Floor Flat 109 Lyndhurst Road in May 2010. Following a vesting order by Edmonton County Court on 29th October 2009 the Tribunal decided on a figure of £5,012 for a lease extension. This case related to 1 flat. The unexpired term as at the valuation date was 81.79 years.