CHANGE OF OWNERSHIP
Our residential property team can help you to decide how to legally own your property in the manner best suited to you. The team offer comprehensive advice on the implications the transfer, insolvency considerations and whether you need to update your Will or take Tax Planning advice
JOINT TENANTS or TENANTS IN COMMON
There are two ways that you can hold a property with others. This being Joint Tenants or Tenants in Common.
Joint tenants means that on the death of one owner, his or her interest automatically passes under the survivorship rules to the surviving joint tenant.
Tenants in common can specify the exact share of the property owned by each tenant.
Therefore, on the death of one, his or her share will not automatically pass to the survivor but will form part of his or her estate.
TRANSFERRING OWNERSHIP
There may be various reasons for transferring your property to another, for example, following a divorce, separation or bereavement.
Whether you are gifting a property or transferring it due to divorce or separation, our residential property team will provide comprehensive advice on the implications of the transfer, insolvency and other considerations and whether you need to update your Will or take Tax Planning advice.
Depending on your circumstances, Stamp Duty Land Tax, Inheritance Tax and Capital Gains Tax may be payable and our residential property team will be able to provide specialist advice tailored to your circumstances.
TENANCIES
A Tenancy Agreement is a contract between you and the Landlord for the possession of land or property. The residential property Lawyers at Baches Solicitors LLP provide advice, whether you are a Landlord or tenant, on short lettings and issues arising under a Tenancy Agreement.
We understand the importance of clarity in a Tenancy Agreement and can assist and explain your obligations to repair, insure and pay rents.
Our experts specialise in assured shorthold tenancies.
REGISTERED AND UNREGISTERED LAND
Registered land means that the title to the property is registered at the Land Registry and can be downloaded electronically.
About 20% of the land in England and Wales remains unregistered. Registration is not compulsory, it is voluntary, and there are many advantages that will give you peace of mind.
We recommend that all clients who own property which is unregistered should apply for voluntary registration of their Deeds at the Land Registry’s recommendations. There are several benefits of voluntary registration:-
- The Land Registry currently offer a 25% discount on registration fees.
- It provides a complete proof of ownership with a Government backed title and public register of ownership.
- It reduces the risk of any third party encroachment on the land or any attempt to gain adverse possession of your land.
- It eliminates the need to keep old historical deeds and documents, which there is always the gander of loss or destruction.
Sales of registered land are more straight forward and less complicated than those of unregistered land, and potential purchasers increasingly expect properties to be registered and younger Solicitors and Legal Executives are not familiar with unregistered titles.
The residential property team at Baches Solicitors LLP can advise and assist with this.
STAMP DUTY LAND TAX (SDLT)
Stamp Duty Land Tax (SDLT) is a direct tax payable on the purchase or transfer of property or land. The amount you pay depends upon
- Whether the property is residential or non-residential
- Whether the property is freehold or leasehold
- Whether there are any link transactions
- Whether it is a purchase of a property or the transfer of property that you already own.
For more information, please contact our residential conveyancing team who can explain this to you in more detail.
SURVEYS
If you are buying a property, it is important to have a survey carried out to ensure the price you are paying is correct and to ensure there are no defects with the property
The principle of a “caveat emptor” applies to Buyers of a property. This means that the buyer must be aware. It places the onus of the discovery of any physical defects on the Buyer. Consequently surveys are required to discover physical defects not readily apparent in an inspection of the property. The purpose of a survey is as follows:-
- Valuation.
- To determine if there are any major structural defects.
- A warning of potential structural problems or major repair work incurring further expenditure.
- Bring to the attention of the buyer and this firm the factors indicating third party rights (rights of way, party walls etc).
- Minor matters regarding remedial work and clarification of boundaries.
The result of the survey should be obtained before exchange as once the buyer has exchanged he/she cannot withdraw on the grounds of a physical defect in the property. As we are all aware the result of the survey may generate the need to make further enquiries.
The RICS have produced various booklets which will help you choose the right survey for you.
Additional surveys may be required to cover special circumstances and properties. Remember Chartered Surveyors are not electricians or plumbers.
