Due to move into my new home in Abbey Wood next Monday. I have now been asked to send a copy of my building insurance schedule by my solicitor as he says that he has to check this in his capacity as lawyer for the lender. What does the insurance need to cover?

All property lawyers on acting for mortgage companies would need to check that the following risks are covered fire; lightning; aircraft; explosion; earthquake; storm; flood; escape of water or oil; riot; malicious damage; theft or attempted theft; falling trees and branches and aerials; subsidence; heave;landslip;collision;accidental damage to underground services;professional fees, demolition and site clearance costs; and public liability to anyone else. There are some other issues such as the level of excess that are set out in a lender’s UK Finance Lenders’ Handbook instructions. These obligations are not limited to conveyancing in Abbey Wood.

Can you explain why leasehold purchase conveyancing in Abbey Wood costs more?

The conveyancing costs on a leasehold premises in Abbey Wood is often higher as compared to a freehold residence. This is because there is an amount of supplemental time necessary in corresponding with the landlord and managing agents to obtain evidence concerning whether the rent and maintenance fee have been discharged and whether there are any significant expenditure in the near future on repairs or maintenance of the building.

How does conveyancing in Abbey Wood differ for newly converted properties?

Most buyers of new build residence in Abbey Wood contact us having been asked by the housebuilder to exchange contracts and commit to the purchase even before the property is completed. This is because new home sellers in Abbey Wood usually buy the land, 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 conveyancing solicitors 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 Abbey Wood or who has acted in the same development.

I opted to have a survey done on a property in Abbey Wood ahead of instructing conveyancers. I have been informed that there is a flying freehold overhang to the property. The surveyor has said that some mortgage companies may refuse to issue a mortgage on a flying freehold house.

It varies from the lender to lender. Lloyds has different requirements for example to Halifax. Should you wish to call us we can look into this further via the appropriate mortgage company. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Abbey Wood. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Abbey Wood to see if the conveyancing costs will increase in light of this.

Can you provide any advice for leasehold conveyancing in Abbey Wood with the aim of expediting the sale process?

• Much of the delay in leasehold conveyancing in Abbey Wood can be reduced if you instruct lawyers the minute your agents start marketing the property and request that they start to collate the leasehold documentation which will be required by the purchasers’ representatives.
If there is a history of conflict with your freeholder or managing agents it is essential that these are settled before the property is marketed. The buyers and their solicitors will be reluctant to purchase a property where there is a current dispute. You may need to swallow your pride and pay any arrears of service charge or settle the dispute prior to the buyers completing the purchase. It is therefore preferable to have any dispute settled prior to the contract papers being issued to the buyers’ solicitors. You are still duty bound to disclose details of the dispute to the buyers, but it is better to present the dispute as over as opposed to unresolved. If you hold a share in a the Management Company, you should ensure that you have the original share certificate. Obtaining a replacement share certificate can be a time consuming process and delays many a Abbey Wood conveyancing transaction. If a reissued share is necessary, you should approach the company officers or managing agents (where applicable) for this sooner rather than later. The majority of landlords or Management Companies in Abbey Wood levy fees for providing management packs for a leasehold property. You or your lawyers should find out the fee that they propose to charge. The management information can be applied for as soon as you have a buyer, thus reducing delays. The average time it takes to receive management information is three weeks. It is the most frequent reason for frustration in leasehold conveyancing in Abbey Wood.

Following years of dialogue we cannot agree with our landlord on how much the lease extension should cost for our flat in Abbey Wood. Can we issue an application to the Residential Property Tribunal Service?

if there is a missing freeholder or if 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 assess the amount due.

An example of a Lease Extension decision for a Abbey Wood flat is Various @ Colombus Square in January 2012. the Tribunal calculated the premiums to be paid for new leases for each of the flats in Mariners Walk to be £3822 and the premium to be paid for the new lease of 2 Knights Court to be £4439. This case was in relation to 13 flats. The number of years remaining on the existing lease(s) was 76 years.