I have given 8 weeks notice to my existing landlord and must leave my rented flat in Bounds Green by 20/5/2025. Conveyancing on my purchase has just started. Is it possible to complete in 5 weeks as I wish to avoid having to move into short term accommodation?
The normal practice is not to give notice for your letting unless your lawyer suggests that you should. Assuming that you have not already done so, update to your conveyancer and request that they seek the assistance the sellers lawyers, try to get a realistic time scale from them that everyone will work towards
Please explain the implications if my solicitor is removed from the Co-operative Solicitor panel ahead of completing my conveyancing in Bounds Green?
The first thing to point out is that, this is a very rare occurrence. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have to instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by a regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit for a fee.
Will my solicitor be raising enquiries concerning flooding as part of the conveyancing in Bounds Green.
The risk of flooding is if increasing concern for solicitors specialising in conveyancing in Bounds Green. Some people will acquire a house in Bounds Green, fully expectant that at some time, it may be flooded. However, leaving to one side the physical destruction, if a property is at risk of flooding, it may be difficult to obtain a mortgage, adequate insurance cover, or sell the premises. Steps can be carried out as part of the conveyancing process to forewarn the buyer.
Lawyers are not qualified to offer advice on flood risk, but there are a various searches that can be carried out by the buyer or by their conveyancers which will give them a better understanding of the risks in Bounds Green. The standard information sent to a buyer’s solicitor (where the Conveyancing Protocol is adopted) includes a usual inquiry of the seller to determine whether the premises has historically flooded. If flooding has previously occurred which is not revealed by the vendor, then a buyer could issue a claim for damages as a result of such an incorrect reply. The purchaser’s solicitors will also commission an environmental search. This will higlight whether there is a recorded flood risk. If so, more detailed inquiries will need to be made.
Hoping to buy a property located in Bounds Green and I am already nervous. I couldn't find anything specific about Bounds Green. Conveyancing will be needed in due course but do you know about the Bounds Green area? or perhaps some other tips you can share?
Rather than looking online forget looking online you should go and have a look at Bounds Green. In the meantime here are some basic statistics that we found
Do you have any advice for leasehold conveyancing in Bounds Green from the point of view of saving time on the sale process?
- A significant proportion of the delay in leasehold conveyancing in Bounds Green can be reduced if you appoint lawyers as soon as your agents start advertising the property and ask them to put together the leasehold information which will be required by the purchasers’ conveyancers. You believe that you know the number of years remaining on your lease but it would be advisable double-check by asking your solicitors. A purchaser's lawyer will be unlikely to recommend their client to to exchange contracts if the remaining number of years is less than 75 years. In the circumstances it is important at an as soon as possible that you consider whether the lease term requires a lease extension. If it does, contact your solicitors before you put your property on the market for sale. Many freeholders or managing agents in Bounds Green levy fees for supplying management packs for a leasehold home. You or your lawyers should discover the actual amount of the charges. The management information sought as soon as you have a buyer, thus accelerating the process. The average time it takes to obtain the necessary information is three weeks. It is the most usual reason for frustration in leasehold conveyancing in Bounds Green. If you have the benefit of shareholding in the freehold, you should ensure that you are holding the original share document. Obtaining a new share certificate is often a time consuming formality and delays many a Bounds Green home move. Where a reissued share is necessary, you should approach the company director and secretary or managing agents (where applicable) for this at the earliest opportunity. A minority of Bounds Green leases require Landlord’s consent to the sale and approval of the buyers. If this applies to your lease, you should notify your estate agents to make sure that the purchasers put in hand bank and professional references. Any bank reference will need to confirm that the buyers are able to meet 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.
I am the leaseholder of a first floor flat in Bounds Green. Given that I can not reach agreement with the landlord, can the Leasehold valuation Tribunal make a decision on the sum payable for the purchase of the freehold?
if there is a missing freeholder or where there is disagreement about the premium for a lease extension, under the relevant statutes it is possible to make an application to the First-tier Tribunal (Property Chamber) to arrive at the sum to be paid.
An example of a Lease Extension case for a Bounds Green flat 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 affected 1 flat. The unexpired lease term was 81.79 years.
Is there a reason that Bounds Green conveyancing charges differ for leasehold and freehold properties?
There is always increased work needed for leasehold conveyancing. Bounds Green has many leasehold properties. There is more time involved in the purchase: for example, the lease and leasehold information (including current service charge, ground rent and buildings insurance details) obtained from the freeholder or managing agents. There are strict criteria that the lease must meet in order to be acceptable to a mortgage company. If it does not meet these requirements, the lease must be amended, which can involve additional expense for the seller.