There is a management company for the block that I understand will deal with any problems at the property. Is this a good thing?
Particular problems can arise with a management company. In recent times the convention is for a developer to construct the property, grant the leases and then retain the freehold interest to reap the benefit of the payment of the annual ground rents. The developer will, however, pass the bulk of the obligations such as insurance, repair etc. . to a management company. In such cases your conveyancing solicitor or property lawyer will need to satisfy the mortgage lender that the appropriate enforcement provisions are available in the event that the management company breaches its covenants or goes into liquidation. Indemnity insurance is one option in the absence of this.
Your property solicitor will need to carry out checks that the company is registered and to ensure that the management company is operating satisfactorily. The conveyancer or property solicitor will also want to be certain that the freehold has been transferred to the management company - if it hasn't then the lease will need to include an obligation on the landlord to step in and carry out the repair and insurance obligations if the management company defaults.