Due to complete my purchase in Morden Park next Thursday. 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 bank. What risks does the lender expect the insurance to cover?

Any lawyer on acting for lenders 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 Part 2 conditions. These requirements are not specific to conveyancing in Morden Park.

Is there a reason why leasehold purchase conveyancing in Morden Park is more expensive?

Morden Park leasehold conveyancing transactions usually involve additional investigations than freeholds including investigating the Lease, liaising with the Landlord such as serving applicable notices on the Landlord or managing agent, obtaining up-to-date service charge and management information, obtaining Landlord’s consents and reviewing management accounts and formation documents.

I'm the single recipient of my late father’s will and I have everything in my name now, including the house in Morden Park. Conveyancing formalities meant that the Land Registry date was in January. I plan to dispose of the house. I do know about the Mortgage Lenders six month 'rule', meaning my property ownership could be considered the same way as though I had purchased the property in January. Will no one buy the property for half a year?

The Council of Mortgage Lenders’ handbook instructs solicitors to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." Technically you may be affected by that. many mortgage companies would take a practical view as this provision is principally there to pick up on subsales or the wholesaling and assigning of property.

My fiancee and I are spending time looking at flats in Morden Park and I am about to put in an offer. Is it best to have my conveyancer on ‘stand by’? I will be getting a home loan with Bank of Ireland.

It would be sensible to start your search sooner rather than later. Once you decide who you want to use and once your offer is accepted you can instruct them to work for you and forward their details on to the EA. As you are seeking a mortgage with Bank of Ireland, ask your prospective lawyers if they are on the Bank of Ireland conveyancing panel otherwise they can't do the mortgage legal work.

Lloyds have agreed my mortgage in principle, my bid on a house in Morden Park has been agreed to, what are the next steps?

Your property agent will wish to be advised as to your conveyancer's details (ensure that the property lawyers are on the lender’s panel). Contact Lloyds or the broker and complete any outstanding forms. Lloyds will appoint a valuer who will get in contact with the estate agent or seller to book an appointment. Once conducted (assuming no problems) it takes about a week for the mortgage offer to be issued. Lloyds will issue the offer to you and your property lawyers. The transaction will then take it’s course according the nature and complexity of the conveyancing in Morden Park.

How does conveyancing in Morden Park differ for new build properties?

Most buyers of new build or newly converted property in Morden Park contact us having been asked by the seller to exchange contracts and commit to the purchase even before the house is finished. This is because builders in Morden Park tend to purchase 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 Morden Park or who has acted in the same development.

Do you have any top tips for leasehold conveyancing in Morden Park from the perspective of speeding up the sale process?

• Much of the frustration in leasehold conveyancing in Morden Park can be reduced where you appoint lawyers the minute your agents start advertising the property and request that they start to put together the leasehold documentation needed by the buyers’ lawyers.
Many landlords or Management Companies in Morden Park charge for supplying management packs for a leasehold premises. You or your lawyers should find out the fee that they propose to charge. The management pack sought on or before finding a buyer, thus accelerating the process. The average time it takes to obtain the necessary information is three weeks. It is the most frequent cause of delay in leasehold conveyancing in Morden Park. You may think that you are aware of the number of years remaining on your lease but you should double-check by asking your conveyancers. A buyer’s lawyer will not be happy to advise their client to where the remaining number of years is below 75 years. It is therefore essential at an as soon as possible that you identify whether the lease term requires a lease extension. If it does, contact your solicitors before you put your premises on the market for sale. If there is a history of any disputes with your freeholder or managing agents it is very important that these are settled before the property is marketed. The purchasers and their solicitors will be warry about purchasing a flat where there is a current dispute. You will have to accept that you will have to discharge any arrears of service charge or settle the dispute prior to completion of the sale. It is therefore preferable to have any dispute settled ahead of 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 reveal the dispute as historic rather than unsettled.

My wife and I have hit a brick wall in trying to purchase the freehold in Morden Park. Can the Leasehold Valuation Tribunal adjudicate on premiums?

Where there is a absentee freeholder or if there is disagreement about what the lease extension should cost, under the relevant legislation you can apply to the First-tier Tribunal (Property Chamber) to judgment on the premium.

An example of a Lease Extension matter before the tribunal for a Morden Park property is 33 The Maisonettes Alberta Avenue in June 2014. the Tribunal decided that the premium payable for the grant of a new lease be the sum of £20,680 (Twenty Thousand six hundred and eighty pounds). This case related to 1 flat. The unexpired term as at the valuation date was 60.43 years.