Please help - my lawyer says that absentee landlord insurance is required on my purchase. What is the typical level of cover needed for conveyancing in Blackwall?

The right level of absentee landlord indemnity insurance should be dictated by who your lender. It would differ for example between and . Conveyancing practitioners as opposed to members of the public take out such policies.

When it comes to mortgage companies such as , do Blackwall incur a fee to be on the list of approved solicitors?

We are unaware of any bank fees to register on their list of approved firms, although some do levy an administration charge to deal with the processing of the conveyancing panel application.

Our offer on a detached house in Blackwall has been agreed to, but there is a chain. The vendors have placed an offer on a property, however it’s not yet tied up, and have viewings of other properties booked. I have selected a local conveyancing solicitor in Blackwall. What should be my next step? At what point do I apply for the mortgage with ?

It is normal to have apprehensions where there is a chain as you are unlikely to want to be too out of pocket prematurely (mortgage application is in the region of one thousand pounds, then valuation, Blackwall conveyancing search charges, etc). The first course of action is to check that your is on the conveyancing panel. Regarding the subsequent phase this very much depends on the specifics of your case, motivation for the property and on the state of the market. In a rising market some home buyers would apply for a home loan with and pay for the valuation and only if it was satisfactory would they request their to press on with the conveyancing in Blackwall.

We are downsizing from our house in Blackwall and according to the buyers it appears that there is a risk of it being built on contaminated land. A high street Blackwall lawyer would know this is not the case. It does beg the question why the purchasers used a nationwide conveyancing practice rather than a conveyancing solicitor in Blackwall. We have lived in Blackwall for three years we know that this is a non issue. Should we get in touch with our local Authority to obtain confirmation that the buyers are looking for.

It would appear that you have a conveyancing firm currently acting for you. Are they able to advise? You must enquire of your lawyer before you do anything. It is very possible that once the local authority has been informed of a potential issue it cannot be insured against (a bit like being diagnosed with a serious illness and then taking out health insurance to cover that same sickness)

About to purchase a new build apartment in Blackwall. Conveyancing is daunting at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build legal work.

Here is a sample of a few leasehold new build enquiries that you should expect your new-build leasehold conveyancing in Blackwall

The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme. Please confirm the Lease plans are surveyor prepared. Will control of the Management Company (if any) be handed over to purchasers on completion of the last sale or earlier? Has the Lease plan been approved by the Land Registry and if not when will they be lodged for this purpose?

I have been on the look out for a leasehold apartment up to £195,000 and found one round the corner in Blackwall I like with a park and station in the vicinity, however it only has 49 remaining years left on the lease. There is not much else in Blackwall suitable, so just wondered if I would be making a grave error buying a short lease?

Should you require a mortgage that many years will be problematic. Reduce the price by the anticipated lease extension will cost if not already taken into account. If the existing owner has owned the property for a minimum of twenty four months you may request that they start the process of the extension and then assign it to you. An additional ninety years can be extended on to the existing lease term with a zero ground rent applied. You should consult your conveyancing solicitor regarding this matter.

I am looking at a two apartments in Blackwall which have in the region of forty five years remaining on the lease term. Will this present a problem?

There is no doubt about it. A leasehold flat in Blackwall is a wasting asset as a result of the shortening lease. The closer the lease gets to zero years unexpired, the more it adversely affects the marketability of the property. For most purchasers and banks, leases with less than 75 years become less and less marketable. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of premises with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Blackwall conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending the lease. They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that the agreed terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.

I own a 1st floor flat in Blackwall, conveyancing formalities finalised 3 years ago. Can you give me give me an indication of the likely cost of a lease extension? Comparable flats in Blackwall with an extended lease are worth £165,000. The average or mid-range amount of ground rent is £45 levied per year. The lease expires on 21st October 50

With just 50 years left to run we estimate the premium for your lease extension to be between £36,100 and £41,800 as well as professional fees.

The suggested premium range that we have given is a general guide to costs for renewing a lease, but we cannot give you a more accurate figure in the absence of comprehensive due diligence. You should not use this information in tribunal or court proceedings. There may be additional concerns that need to be considered and you obviously want to be as accurate as possible in your negotiations. Please do not take any other action based on this information without first getting professional advice.