Planning to exchange soon on a leasehold property in Bankside. Conveyancing lawyers inform me that they are sending me a report within the next couple of days. What should I be looking out for?

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

• Are pets allowed in the flat?
• Ground rent - how much and when you need to pay, and also know whether this is subject to change
• Whether your lease has a provision for a reserve fund?
• You should have a good understanding of the insurance provisions
• Changes to the flat (alterations and additions)
• 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.

I am tempted by the attractive purchase price for a two maisonettes in Bankside which have in the region of 50 years unexpired on the leases. Will this present a problem?

There are plenty of short leases in Bankside. The lease is a right to use the premises for a prescribed time frame. As the lease gets shorter the value of the lease deteriorate and it becomes more expensive to acquire a lease extension. This is why it is generally wise to extend the lease term. 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 properties of this type. Lease extension can be a protracted process. We advise that you get professional help from a solicitor and surveyor with experience in this arena

What are your top tips when it comes to choosing a Bankside conveyancing practice to carry out our lease extension conveyancing?

If you are instructing a property lawyer for lease extension works (regardless if they are a Bankside conveyancing firm) it is imperative that he or she should be familiar with the legislation and specialises in this area of conveyancing. We advise that you talk with several firms including non Bankside conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions could be of use:

• How familiar is the practice with lease extension legislation?
• What are the costs for lease extension work?

Can you provide any top tips for leasehold conveyancing in Bankside from the point of view of speeding up the sale process?

• A significant proportion of the frustration in leasehold conveyancing in Bankside can be reduced where you appoint lawyers the minute your agents start advertising the property and ask them to put together the leasehold information needed by the purchasers’ solicitors.
• Many freeholders or managing agents in Bankside levy fees for supplying management packs for a leasehold homes. You or your lawyers should discover the fee that they propose to charge. The management information sought as soon as you have a buyer, thus reducing delays. The typical amount of time it takes to receive management information is three weeks. It is the most frequent cause of delay in leasehold conveyancing in Bankside.
• In the event that you altered the property did you need the Landlord’s consent? Have you, for example installed wooden flooring? Bankside leases often stipulate that internal structural alterations or installing wooden flooring calls for a licence from the Landlord approving such changes. Where you dont have the approvals to hand you should not contact the landlord without contacting your solicitor in advance.
• Some Bankside leases require Licence to Assign from the landlord. If this is the case, you should place the estate agents on notice to make sure that the purchasers put in hand financial (bank) and professional references. Any bank reference should make it clear that the buyer is able to meet the yearly service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the actual amount of the service charge so that they can pass this information on to the purchasers or their solicitors.
• If you have the benefit of shareholding in the Management Company, you should ensure that you hold the original share certificate. Obtaining a replacement share certificate can be a time consuming formality and delays many a Bankside home move. If a duplicate share certificate is needed, do contact the company officers or managing agents (where applicable) for this sooner rather than later.

I am the leaseholder of a ground-floor 1950’s flat in Bankside. In the absence of agreement between myself and the landlord, can the Leasehold valuation Tribunal make a decision on the premium payable for a lease extension?

Most certainly. We can 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 was in relation to 41 flats. The unexpired term was 107 years.

In relation to leasehold conveyancing in Bankside what are the most common lease problems?

Leasehold conveyancing in Bankside is not unique. All 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:

• A provision to repair to or maintain elements of the building
• 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

You could encounter 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. HSBC Bank, The Mortgage Works, and Godiva Mortgages Ltd all have very detailed 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 grant the mortgage, obliging the buyer to withdraw.

I own a 1 bedroom flat in Bankside, conveyancing formalities finalised half a dozen years ago. How much will my lease extension cost? Equivalent flats in Bankside with an extended lease are worth £205,000. The average or mid-range amount of ground rent is £45 yearly. The lease runs out on 21st October 2101

You have 75 years remaining on your lease we estimate the premium for your lease extension to be between £10,500 and £12,000 as well as plus your own and the landlord's "reasonable" professional fees.

The figure that we have given is a general guide to costs for extending a lease, but we cannot give you a more accurate figure without more detailed investigations. Do not use this information in a Notice of Claim or as an informal offer. There are no doubt additional concerns that need to be considered and clearly you should be as accurate as possible in your negotiations. Please do not move forward based on this information without first getting professional advice.