My partner and I may need to let out our Bankside basement flat temporarily due to a career opportunity. We used a Bankside conveyancing firm in 2004 but they have closed and we did not have the foresight to seek any guidance as to whether the lease allows us to sublet. How do we find out?

Notwithstanding that your previous Bankside conveyancing lawyer is not around you can check your lease to see if it allows you to sublet the premises. The accepted inference is that if the deeds are non-specific, subletting is allowed. There may be a precondition that you need to obtain consent from your landlord or some other party in advance of subletting. This means you not allowed to sublet without first obtaining permission. Such consent must not not be unreasonably refused ore delayed. If the lease does not allow you to sublet you should ask your landlord if they are willing to waive this restriction.

I have recently realised that I have 72 years left on my lease in Bankside. I now wish to get lease extension but my landlord is can not be found. What are my options?

If you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for an order to dispense with the service of the initial notice. This will mean that your lease can be lengthened by the magistrate. You will be obliged to prove that you have done all that could be expected to find the landlord. On the whole an enquiry agent should be helpful to carry out a search and prepare an expert document to be used as evidence that the freeholder can not be located. It is advisable to get professional help from a conveyancer in relation to investigating the landlord’s disappearance and the application to the County Court covering Bankside.

Expecting to sign contracts shortly on a ground floor flat in Bankside. Conveyancing lawyers assured me that they will have a report out to me within the next couple of days. What should I be looking out for?

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

• The total extent of the property. This will be the apartment itself but might incorporate a loft or basement if applicable.
• Does the lease prevent you from renting out the property, or having a home office for business
• Whether your lease has a provision for a sinking fund?
• 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
• The landlord’s rights to access the flat you be made aware that your landlord has rights of access and I know how much notice s/he must provide.
• Responsibility for repairing the window frames

I am tempted by the attractive purchase price for a couple of flats in Bankside which have approximately 50 years remaining on the lease term. Should I regard a short lease as a deal breaker?

There are no two ways about it. A leasehold apartment in Bankside is a wasting asset as a result of the shortening lease. The closer the lease gets to zero years unexpired, the more it reduces the value of the property. For most purchasers and banks, leases with under eighty years become less and less attractive. 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 property 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 Bankside conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend the lease You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. 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.

Last month I purchased a leasehold flat in Bankside. Am I liable to pay service charges relating to a period prior to my ownership?

In a situation where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to be sure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.

If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).

I have tried to negotiate informally with with my landlord to extend my lease without any joy. Can the Leasehold Valuation Tribunal decide on such issues? Can you recommend a Bankside conveyancing firm to help?

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 decision for a Bankside property 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 the unexpired residue of the current lease was 107 years.

Bankside Conveyancing for Leasehold Flats - Sample of Questions you should consider Prior to buying

Who is in charge of the building? How long is the Lease?