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Property - Residential Residential Leasehold Property Leasehold properties will be either shared ownership houses or, more usually, flats. A residential lease is a complex document that must be carefully checked by the buyer's solicitors. A badly drafted lease can impose onerous liabilities on the tenant and make the property potentially unsaleable or unmortgageable. Fletcher & Lawson have experience in all types of leasehold property (both residential and commercial) and can offer excellent and relevant advice. There are a number of matters to be considered in relation to residential leases including: Grant of a New Lease If a new lease is being granted it must be drafted by the seller's solicitors. The buyer's solicitors may want to amend it to ensure that the tenant's interests are best protected. Stamp Duty is payable on the grant of a new lease. Rent Normally a leasehold property is bought by the payment of a single premium. However, a ground rent may be payable. This ground rent may be anything from a peppercorn rent of a few pounds to a more substantial rent, particularly in the case of shared ownership housing. There may be provisions in the lease for a rent review to increase the amount of rent paid. Strata Fees With a block of flats where there will be an annual charge for maintenance. This will relate not only to cleaning and decorating the building, but also to structural repairs. The financial accounts for the strata need to be carefully examined for unusual items that would warn a potential buyer of problems with the building or the running of the building. Buildings insurance is also payable, usually as a part of this charge. Restrictive Covenants Every lease contains a list of covenants which the tenant must observe. These can often quite substantially affect the use of the property. They must be carefully checked before a commitment to buy is made. There are usually covenants relating to the sale of the lease requiring either the landlord's consent or that notices be served on the landlord after the sale has completed. Planningtop Fletcher & Lawson can assist with all types of planning law, particularly major development work and planning appeals. Planning plays an important part in residential property. Planning Permission Before any work on a property is carried out, it is vital to address the issue of whether planning permission is required. Matters to consider:
Building Regulation Approval This matter is easily overlooked but a large number of works carried out on any residential property require building regulation approval. Building inspectors from the local council must visit the site to confirm the works have been carried out properly and, when completed, will issue a building regulation approval certificate that, again, must be kept with the title deeds. The title deeds must always be checked to see that the deeds do not impose a condition to get consent from a third party such as the original developer. Easements & Covenantstop Ownership of land comes with rights and responsibilities in respect of the land and neighbouring properties. These can be necessary to the use of the land in question, such as a right of way across a neighbouring property to the public highway. Easements Easements include rights of way and rights to enter an adjacent property to repair boundary walls. It is important that all necessary easements are in place to allow for the intended use of the property. Easements can also affect the property being bought and it is necessary to check that these are not detrimental to the buyer's planned use of the property or affect the title to the property itself. Covenants Some covenants impose obligations on the buyer of the land, such as an obligation to fence a boundary. Sometimes they can be more onerous and Fletcher & Lawson can offer the right advice about the effect of such a covenant. Another type of covenant restricts the use of the property being sold. This could include a requirement that an original plot of land is only used for building one dwelling. It is important to ensure that such a covenant has not been breached. If this has happened, it is possible to seek retrospective consent to the breach or to take out an insurance policy to protect the new owners of the property. Co-Ownership Issuestop There are two ways of jointly owning property; as tenants in common or as joint tenants. Although these terms are not familiar it is very important to appreciate the differences between the two and take advice on the most appropriate means of ownership. The differences are as follows: Beneficial Tenants in Common
Tenancy Agreementstop Either in response to the threat of negative equity or simply as an investment, many people are choosing to let their houses. It is important that this is not done on a casual basis. Residential tenancy legislation is highly complex. Moreover, there have been recent changes in the law and further changes are possible. If current legal advice is not taken, there is a risk that a very different tenancy will be granted to the one intended, often to the disadvantage of the landlord. At Fletcher & Lawson we have a number of different tenancy agreements that we use and can also draft new clauses to reflect arrangements made between the parties. If this is not done, it is possible to find that agreements that have been entered into have no legal effect. Disputes between landlord and tenant are not uncommon. In the first instance, a well drafted tenancy agreement can resolve many problems. Ultimately though, if matters cannot be resolved by negotiation, Fletcher & Lawson have considerable expertise in the complex field of landlord and tenant litigation and we can give the correct advice at an early stage. Gifts of Landtop Property often makes up the largest part of family assets. The question of who owns the family home can have serious financial repercussions. Deeds of Gift There are a variety of reasons for gifting property, particularly the equalisation of estates to avoid or reduce an inheritance tax liability on death Transfers of Propertytop On family breakdown the question of the ownership of the family home is one of the key issues. When agreement has been reached, either by the intervention of the courts or more amicably between the parties, Fletcher & Lawson can offer a fast conveyancing service. Moreover we appreciate that in these types of transactions, tact and sensitivity to the needs to the parties involved also play a large part in ensuring matters reach a satisfactory conclusion. Buying and Selling Residential Propertiestop Whether the client is a first time buyer or involved in a chain, the process of moving house can be extremely stressful. It is our practice that an individual conveyancer acts for the client during the transaction to ensure continuity throughout. There are two stages in any sale and purchase; exchange of contracts and settlement. On exchange, all parties become legally committed to the transaction, a deposit is paid to the sellers and a settlement date is set. On settlement, all the parties move house and the purchase monies are handed over to the seller's solicitors. There are a number of other points to consider in the sale and purchase of residential property: Buyer
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