1) Turn off the water to the tap - If this is the hot water the stop cock may be near the hot water cylinder. Check that it is off and allow the water to drain of and when the water stops flowing go to the next operation
2) Remove the top of the tap - lever out the very top with a sharp tool.
3) Remove the small screw to remove the top of the tap
4) Undo the main body with a spanner.
5) Screw out the moving section of the tap (normally a left hand thread) - this may also involve removing the circlip - do this carefully as you will need to replace it later.
6) clean out the thread of both parts and then lubricate using silicon lubricant.
7) check the quality of the tap washer and replace if necessary
8) Re-assemble in reverse and turn on water, checking for any leaks when the tap is closed.
Good luck.
Robert welsh, July 2008