Homeownership housekeeping during Stay at Home
With the current Stay at Home requirements strictly limiting the circumstances in which any of us can leave our homes, there has rarely been so much of an opportunity to engage in the kind of housekeeping tasks that can be difficult to get around to.
Indeed, investing some time now in certain tasks can pay dividends when it ultimately comes round to time to sell-up, or in other circumstances.
To help you make the most of time that would ordinarily be spent out and about, we have put together the following tips:
Lease extensions
If you own a leasehold property with less than around 85 years remain on the lease, it is time to consider extending the lease. Leasehold properties with less than 85 years left on the lease can be difficult to sell and may fetch a much lower selling price than they otherwise expect to attract. A leasehold property with less than 70 years’ remaining on the lease can be impossible to mortgage.
The process involved in extending the lease on a property varies depending on whether it is for a house or a flat.
Contact us today for detailed advice.
Buying your lease
If you own a leasehold property, you may wish to consider buying the freehold of the property. Where you live in a flat, you will need to do this with your neighbours.
If you own a leasehold house, you can generally seek to buy the lease from the freeholder after you have owned the property for two years.
Ensuring that you can obtain the best deal can be complicated and requires a knowledge of the processes involved.
Contact us today for advice on purchasing your lease.
Transfers of Equity
How you own your property can make a big difference to how well it serves your interests and those of your family, beyond providing shelter.
If you want to change the legal ownership of a property, whether as a consequence of marriage, divorce, cohabitation or for tax planning reasons, you will need a Transfer of Equity.
The Transfer of Equity process is complex and requires detailed legal advice.
Contact us today for advice on a Transfer of Equity.
Claim adverse possession
Adverse possession exists where you are somehow occupying land that you are not entitled to use.
Simply put, adverse possession allows you to claim rights to a property or land because you have been using it constantly for some time.
Adverse possession could relate to the use of a private road or a driveway, for example, or other land within your property that might have been fenced-in in error in the past.
Ensuring that the land you use as part of your property is properly registered in your name can be vital when it comes to selling up. Confusion over the extent of the property’s boundaries or the rights associated with the property can lead to significant delays and added costs in the conveyancing process, or could even see your buyer refused a mortgage or pull out of the transaction.
Adverse possession does not mean that ‘possession is nine-tenths of the law’ and the rules that apply are complex and very specific in how they should be applied.
If there is land within your boundaries or that you use to access your property that you have any doubt over the status of, please contact us today for advice.
Contact us today for advice on all aspects of residential property law.
