Our Residential Property Team has recently successfully acted for a client purchasing a leasehold flat in Bishop’s Stortford under significant time pressure. The client had already exchanged contracts on the sale of their existing home before instructing us, meaning that there was a real risk of them being left without a property to move into if the purchase did not complete on time.
Challenges
The transaction presented two main challenges in particular:
Tight Deadlines: With a fixed completion date on their sale, the client needed us to investigate, report, exchange, and complete on the purchase within a very compressed timeframe.
Building Safety Act 2022: The property fell within the scope of the Building Safety Act, which required enhanced due diligence around building height, safety compliance, and lease protections. The new legal landscape added complexity to an already time-sensitive transaction.
Our Approach
We prioritised key areas of legal risk and streamlined the investigation process. We liaised closely with our client, the seller’s solicitors, the estate agents and the building’s managing agents to obtain and review critical documentation, including evidence of the building’s compliance with safety regulations and the lease’s protection under the Building Safety Act. Our team provided the client with clear and precise advice on the purchase, including the implications of the Building Safety Act for both the immediate transaction and the property’s long-term value and mortgageability.
Outcome
We achieved exchange and completion within the required deadline, allowing the client to transition smoothly from their sold property into their new home without disruption. In total, the timescale of the transaction was 7 weeks from receipt of initial documents from the seller’s solicitors to the day of completion. Our understanding of the building and the client’s requirements, and our ability to act quickly under pressure, were crucial to the successful outcome.
Why It Matters
This case reflects our Residential Property Team’s outstanding commitment to delivering practical, responsive advice in a changing and challenging legal environment. As the impact of new legislation and regulation continues to shape the property market and the conveyancing process, our clients benefit from our proactive, expert-led approach to residential transactions.
If you would like to speak to our Residential Property team, please call us on 01279 295047 or complete our contact form and we will be in touch.