I am hoping to complete my purchase in Penge next Friday. I have now been asked to send a copy of my building insurance schedule by my solicitor as as she informs me that she is duty bound to validate that it is in order for the bank. What risks does the mortgage company expect the insurance to cover?

Any lawyer 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 Part 2 conditions. These obligations are not unique to conveyancing in Penge.

I am the registered owner of a freehold premises in Penge but still invoiced for rent, why is this and what is this?

It’s unusual for properties in Penge and has limited impact for conveyancing in Penge but some freehold properties in England (particularly common in North West England) pay an annual sum known as a Chief Rent or a Rentcharge to a third party who has no other legal interest in the land.

Rentcharge payments are usually between £2.00 and £5.00 per year. Rentcharges have existed for many centuries, but the Rent Charge Act 1977 barred the generation of new rentcharges post 1977.

Previous rentcharges can now be extinguished by making a lump sum payment under the Act. Any rentcharges that are still in existence post 2037 will be dispensed with completely.

What is the difference between a licensed conveyancer and conveyancing solicitor in Penge

There are many recorded licenced Conveyancers in Penge and Solicitor partnerships in Penge to choose from We would stress that the two are supervised by regulatory bodies with both specialising in the legal work in transferring property. Both can deal with other property legal work such as remortgage conveyancing, lease extensions and transfer of equity conveyancing.

We were going to get a DIP from Nationwide this week so we can work out what to offer on a property we like as otherwise we are dependent on web based calculators (which aren't taking into account credit checks etc). Do Nationwide recommend any Penge solicitors on the Nationwide conveyancing panel, or is it better to go independently?

You will need to appoint Penge solicitors independently although you'll need to choose one on the Nationwide conveyancing panel. The solicitor represents both you and Nationwide through the process.

Yorkshire BS have agreed my mortgage in principle, my bid on a apartment in Penge has been accepted, now what?

Your estate agent will need to know who your solicitors are (ensure that the lawyers are on the lender’s approved list). Telephone Yorkshire BS or your broker and finalise any outstanding documentation. Yorkshire BS will appoint a valuer who will get in contact with the estate agent or vendor to arrange an appointment. Once conducted (assuming no problems) it takes about ten days for the mortgage offer to be issued. Yorkshire BS will issue the offer to you and your solicitors. The transaction will then take it’s course according the nature and complexity of the conveyancing in Penge.

In what way does the Landlord & Tenant Act 1954 affect my commercial property in Penge and how can your lawyers assist?

The 1954 Act affords a safeguard to commercial lessees, granting the a statutory right to make a request to court for a continuation of occupancy at the end of an expired lease. There are certain specified grounds that a landlord can refrain from granting a lease renewal and the rules are complex. Fees are different for commercial conveyancing. Penge is one of our numerous locations in which the firms we work with are based

I am looking at a couple of apartments in Penge both have about forty five years left on the leases. Should I regard a short lease as a deal breaker?

There are plenty of short leases in Penge. The lease is a right to use the premises for a prescribed time frame. As a lease shortens the saleability of the lease decreases and results in it becoming more expensive to extend the lease. This is why it is often a good idea to extend the lease term. It is often difficulties arise selling premises with a short lease because mortgage lenders less inclined to grant a loan on such properties. Lease extension can be a difficult process. We advise that you seek professional assistance from a conveyancer and surveyor with experience in this area.

After years of correspondence we cannot agree with our landlord on how much the lease extension should cost for our flat in Penge. Does the Leasehold Valuation Tribunal have jurisdiction to calculate the appropriate figures?

Absolutely. We can put you in touch with a Penge conveyancing firm who can help.

An example of a Lease Extension decision for a Penge residence is Flats 5, 9, 38 & 40 Blakewood Court Anerley Park in January 2012. the tribunal held that the premiums payable for the new lease sare: FLAT 5:- £7,130 FLAT 9:- £7,860 FLAT 38:- £15,867 FLAT 40: £14,834 This case related to 4 flats.