Owning A Property Jointly

If you are buying, acquiring or holding property jointly with someone else it is important that everyone understands the basis of joint ownership from the beginning. There are two sorts: Joint Tenants and Tenants-in-Common. ("Tenant" does not have its usual meaning of someone paying in rent in either case). Joint Tenants: Joint Tenancy is the form of joint ownership where two or more people own the property together on the basis that: On any sale of the property, the proceeds of sale are automatically divided equally between the parties, regardless of the contributions they may have made to the original purchase price, subsequent improvements etc. If any joint owner dies, his/her share automatically passes to the surviving owner(s). This transfer happens without payment and is not affected by any Will the deceased owner may…

Lasting Power Of Attorney

Who would look after my personal welfare and finances if I were unable to? If you don't know the answer to the above question then you are not alone. We often take for granted the ability to manage our financial affairs, such as paying household bills, mortgages, healthcare costs and give little thought to what might happen if we were unable to manage these tasks anymore. Why would I be unable to manage my affairs? For various reasons such as mental incapacity or physical restrictions, both of which can result from illness, accident or old age. What can I do? Set up a Lasting Power of Attorney ('LPA') - a legal document which allows you to appoint someone you trust (known as an 'Attorney') to act on your behalf if or when the need arises…

Chancel Repairs

Chancel repair liability is the responsibility on some property owners in England and Wales to pay for repairs to the chancel of their local church.  The Chancel is the part of the church reserved for the use of the clergy or choir, and where the altar is placed. Making enquiries of your local PCC to find out if you have potential liability is not advisable, as this may alert them to the need to register their interest, and insurance would not then be able to be obtained. History Historically, the responsibility for the upkeep of a church was divided between the rector (the clergyman in charge of the parish) and the parishioners (the members of the parish).  Subsequently, parishioners' responsibilities were transferred by legislation to the church, but rectors were still responsible for the…

Service Charge Demands

Legislation protects residential tenants from excessive service charges. Before entering into contracts to provide services or carry out works relating to residential properties, you should consider whether you need to consult with your tenants. If you fail to consult when required, you will only be able to recoup the statutory maximum, unless you receive dispensation from the Leasehold Valuation Tribunal (LVT). What is a service charge? A service charge is an amount payable by your tenant as part of or in addition to their rent. Service charges may vary according to the costs or estimated costs incurred in connection with the matters for which the service charge is payable. Service charges must be reasonable You can request that your tenant pays you a service charge for costs you incur for: Services Repairs…