Jane (my partner) and I may need to let out our Bermondsey basement flat temporarily due to taking a sabbatical. We used a Bermondsey conveyancing firm in 2001 but they have since shut and we did not have the foresight to get any advice as to whether the lease permits subletting. How do we find out?

The lease dictates relations between the freeholder and you the leaseholder; in particular, it will indicate if subletting is prohibited, or permitted but only subject to certain caveats. The accepted inference is that if the lease contains no specific ban or restriction, subletting is allowed. The majority of leases in Bermondsey do not contain an absolute prevention of subletting – such a clause would adversely affect the market value the property. Instead, there is usually a basic requirement that the owner notifies the freeholder, possibly supplying a copy of the tenancy agreement.

I own a leasehold house in Bermondsey. Conveyancing and Nationwide 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 demand for arrears of ground rent dating back to 1998. The conveyancing practitioner in Bermondsey who acted for me is not around.Do I pay?

First contact HMLR to be sure that this person is indeed the new freeholder. You do not need to incur the fees of a Bermondsey conveyancing practitioner to do this as you can do this on the Land Registry website for less than a fiver. You should note that in any event, even if this is the rightful freeholder, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.

I am tempted by the attractive purchase price for a two apartments in Bermondsey both have about fifty years left on the leases. Should I regard a short lease as a deal breaker?

There is no doubt about it. A leasehold flat in Bermondsey is a wasting asset as a result of the shortening lease. The closer the lease gets to zero years unexpired, the more it adversely affects the salability of the premises. For most buyers and mortgage companies, leases with under eighty years become less and less marketable. On a more upbeat 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 a residence 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 Bermondsey conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending 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 any new 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.

What advice can you give us when it comes to choosing a Bermondsey conveyancing practice to carry out our lease extension conveyancing?

If you are instructing a conveyancer for lease extension works (regardless if they are a Bermondsey conveyancing firm) it is imperative that they be familiar with the legislation and specialises in this area of work. We recommend that you make enquires with two or three firms including non Bermondsey conveyancing practices before you instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions could be helpful:

• If the firm is not ALEP accredited then what is the reason?
• How many lease extensions has the firm carried out in Bermondsey in the last year?

I have attempted and failed to negotiate with my landlord to extend my lease without any joy. Can the Leasehold Valuation Tribunal decide on such matters? Can you recommend a Bermondsey conveyancing firm to act on my behalf?

Most definitely. We can put you in touch with a Bermondsey conveyancing firm who can help.

An example of a Freehold Enfranchisement matter before the tribunal for a Bermondsey 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 related to 41 flats. The unexpired lease term was 107 years.

What makes a Bermondsey lease unmortgageable?

There is nothing unique about leasehold conveyancing in Bermondsey. All leases are individual and drafting errors can sometimes mean that certain provisions are not included. The following missing provisions could result in a defective lease:

• Repairing obligations to or maintain parts of the building
• A duty to insure the building
• A provision for the recovery of money spent for the benefit of another party.
• Service charge per centages that don't add up correctly leaving a shortfall

You will have a problem when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. HSBC Bank, Coventry Building Society, and Bank of Ireland all have very detailed requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease does not cover certain provisions they may refuse to grant the mortgage, obliging the purchaser to pull out.

Bermondsey Conveyancing for Leasehold Flats - A selection of Queries before buying

It would be prudent to find out as much as possible concerning the managing agents as they will affect your use and enjoyment of the property. As the proprietor of a leasehold property you are often at the mercy of the managing agents both financially and when it comes to day to day issues like the tidiness of the common parts. Enquire of prospective neighbours whether they are happy with them. Finally, be sure you understand the dates that you are obliged pay the service charge to the appropriate party and specifically what it includes.