Planning to complete next month on a studio apartment in Bankside. Conveyancing solicitors have said that they are sending me a report next week. What should I be looking out for?

The report on title for your leasehold conveyancing in Bankside should include some of the following:

• The unexpired lease term You should be advised as what happens when the lease expires, and informed of the importance of the 80 year mark
• The total extent of the demise. This will be the property itself but could also incorporate a loft or basement if applicable.
• You need to be told what counts as a Nuisance in the lease
• Ground rent - how much and when you need to pay, and also know whether this is subject to change
• An explanation as to the provision in the lease to pay service charges - with regard to both the building, and the more general rights a leaseholder has
• I don't know whether the lease allows me to alter or improve anything in the flat - you should know whether it applies to all alterations or just structural alteration, and whether consent is required
• What the implications are if you breach a clause of your lease?

I've found a house that appears to tick a lot of boxes, at a great figure which is making it all the more appealing. I have subsequently discovered that it's a leasehold as opposed to freehold. I would have thought that there are issues purchasing a house with a leasehold title in Bankside. Conveyancing lawyers have are soon to be instructed. Will my lawyers set out the implications of buying a leasehold house in Bankside ?

The majority of houses in Bankside are freehold and not leasehold. In this scenario it’s worth having a local conveyancer who is familiar with the area can assist with the conveyancing process. it is apparent that you are purchasing in Bankside so you should seriously consider looking for a Bankside conveyancing practitioner and check that they are used to dealing with leasehold houses. First you will need to check the number of years remaining. Being a lessee you will not be entirely free to do whatever you want to the property. The lease will likely included provisions for example obtaining the freeholder’spermission to conduct alterations. It may be necessary to pay a maintenance charge towards the upkeep of the estate where the house is part of an estate. Your solicitor will appraise you on the various issues.

My wife and I purchased a leasehold flat in Bankside. Conveyancing and Chelsea Building Society mortgage organised. I have received a letter from someone saying they have taken over the reversionary interest in the property. It included a ground rent demand for rent dating back to 1997. The conveyancing solicitor in Bankside who acted for me is not around.Any advice?

The first thing you should do is make enquiries of HMLR to make sure that this person is in fact the new freeholder. You do not need to instruct a Bankside conveyancing solicitor to do this as you can do this on the Land Registry website for £3. You should note that regardless, even if this is the legitimate freeholder, under the Limitation Act 1980 no more than 6 years of rent can be collected.

I am attracted to a two flats in Bankside both have in the region of fifty years left on the lease term. Do I need to be concerned?

There are plenty of short leases in Bankside. The lease is a right to use the property for a period of time. As a lease shortens the marketability of the lease deteriorate and it becomes more costly to acquire a lease extension. This is why it is generally wise to increase the term of the lease. More often than not it is difficult to sell a property with a short lease because mortgage companies less inclined to grant a loan on such properties. Lease enfranchisement can be a protracted process. We advise that you seek professional help from a solicitor and surveyor with experience in this arena

I own a ground-floor 1960’s flat in Bankside. In the absence of agreement between myself and the freeholder, can the Leasehold valuation Tribunal determine the amount payable for a lease extension?

You certainly can. We are happy to put you in touch with a Bankside conveyancing firm who can help.

An example of a Freehold Enfranchisement case for a Bankside residence is 1-41 Royal Tower Lodge 40 Cartwright Street in April 2013. the tribunal adding the agreed value of capitalised ground rents and the reversion the price to be paid for the freehold was £1,187,000 This case related to 41 flats. The unexpired lease term was 107 years.

Are there common deficiencies that you witness in leases for Bankside properties?

Leasehold conveyancing in Bankside is not unique. Most leases are unique and drafting errors can result in certain clauses are not included. For example, if your lease is missing any of the following, it could be defective:

• Repairing obligations to or maintain elements of the property
• Insurance obligations
• A provision for the recovery of money spent for the benefit of another party.
• Maintenance charge proportions which don’t add up to the correct percentage

A defective lease will likely cause problems when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Birmingham Midshires, The Royal Bank of Scotland, and Godiva Mortgages Ltd all have very detailed conveyancing instructions when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is problematic they may refuse to provide security, obliging the purchaser to pull out.

Bankside Conveyancing for Leasehold Flats - A selection of Queries Prior to Purchasing

What restrictions are there in the Bankside Lease? On the whole the outlay for major works are not included within maintenance charges, although there some managing agents in Bankside require tenants to pay into a reserve fund and this is used to offset against major works. Who are the managing agents?