My partner and I may need to rent out our Bankside 1st floor flat for a while due to a new job. We used a Bankside conveyancing firm in 2001 but they have closed and we did not have the foresight to get any guidance as to whether the lease permits subletting. How do we find out?

The lease governs the relationship between the freeholder and you the flat owner; specifically, it will indicate if subletting is prohibited, or permitted but only subject to certain conditions. The rule is that if the lease contains no specific ban or restriction, subletting is permitted. The majority of leases in Bankside do not prevent strict prohibition on subletting – such a provision would adversely affect the market value the property. In most cases there is simply a requirement that the owner notifies the freeholder, possibly supplying a copy of the tenancy agreement.

Expecting to sign contracts shortly on a basement flat in Bankside. Conveyancing lawyers assured me that they will have a report out to me tomorrow. Are there areas in the report that I should be focusing on?

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

• Defining your legal entitlements in relation to the communal areas in the block.For example, does the lease provide for a right of way over an accessway or hallways?

I've found a house that appears to be perfect, at a reasonable figure which is making it all the more appealing. I have since discovered that it's a leasehold rather than freehold. I would have thought that there are particular concerns purchasing a leasehold house in Bankside. Conveyancing solicitors have are about to be appointed. Will my lawyers set out the risks of buying a leasehold house in Bankside ?

The majority of houses in Bankside are freehold rather than leasehold. In this scenario it’s worth having a local conveyancer who is familiar with the area can help the conveyancing process. It is clear that you are buying in Bankside in which case you should be shopping around for a Bankside conveyancing solicitor and be sure that they are used to dealing with leasehold houses. As a matter of priority you will need to check the number of years remaining. As a lessee you will not be entirely free to do whatever you want to the property. The lease will likely included provisions for example requiring the landlord’sconsent to conduct changes to the property. It may be necessary to pay a contribution towards the maintenance of the estate where the house is part of an estate. Your solicitor should report to you on the legal implications.

I am a negotiator for a reputable estate agency in Bankside where we have witnessed a number of flat sales derailed as a result of leases having less than 80 years remaining. I have been given inconsistent advice from local Bankside conveyancing solicitors. Can you confirm whether the seller of a flat can start the lease extension process for the buyer?

Provided that the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. This means that the proposed purchaser can avoid having to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or simultaneously with completion of the disposal of the property.

An alternative approach is to extend the lease informally by agreement with the landlord either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the purchaser.

Having spent years of negotiations we are unable to agree with our landlord on how much the lease extension should cost for our flat in Bankside. Does the Leasehold Valuation Tribunal have jurisdiction to calculate the appropriate figures?

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

An example of a Freehold Enfranchisement decision for a Bankside premises 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 was in relation to 41 flats. The the unexpired term as at the valuation date was 107 years.

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

There is nothing unique about leasehold conveyancing in Bankside. All leases is drafted differently and drafting errors can sometimes mean that certain provisions are not included. For example, if your lease is missing any of the following, it could be defective:

• A provision to repair to or maintain elements of the building
• Insurance obligations
• Clauses dealing with recovering service charges for expenditure on the building or common parts.
• Maintenance charge proportions which don’t add up to the correct percentage

You will have a problem when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. Accord Mortgages Ltd, Chelsea Building Society, and Barclays Direct all have express requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease is defective they may refuse to provide security, forcing the purchaser to withdraw.