Selling a property after someone has died

When someone dies, all their belongings and property vest in their personal representatives who must enter into any agreement to sell the property and sign the necessary transfers, which are called ‘assents’.  ‘Selling a home or holiday home when someone has died is similar in many ways to a conventional property transaction,’ explains Holly Stevens, Director & Head of Residential Property with Ware & Kay in York. ‘However, there are some important differences and additional procedures you must follow. This can mean a sale takes longer or is more complicated, but there is a lot you can do to make things easier.’ Check you can deal with the property Ideally, your loved one will have made a will and their wishes will be clear. If you are named as executor, you may decide to renounce this…

Do you need a freezing injunction to protect marital assets?

Once a relationship has broken down, while many couples remain on good terms, sometimes the situation is irretrievable and behaviour can go beyond what is acceptable or legal. In particular, disputes over who gets what in the financial settlement can prompt underhand dealings with the wealthier partner attempting to conceal assets or reduce their value.  For example, they may build up debts (personal and/or business), or deliberately squander money in gambling or expensive trips that they did not participate in before. You might be worried that they are giving away valuable art or antiques. ‘If you are worried that your spouse is hiding, selling, or otherwise getting rid of assets to prevent you getting your fair share in the financial settlement after your divorce, then there are legal steps which you can take to protect…

Talking buying or selling land

Agri-environmental schemes are government-backed initiatives which pay farmers to make their agricultural activities more sustainable. They aim to increase biodiversity, restore the landscape, promote wildlife and to improve the quality of water, air and soil. Given the hardships many farmers have suffered due to Brexit, the pandemic and more recently the cost-of-living crisis, it is understandable why so many have embraced the concept of receiving subsidies to ‘go green’. But what schemes are available and what are the implications if you sell agricultural land which is subject to one of these schemes? Jacqueline Barr, agricultural law specialist at Ware & Kay Solicitors in York & Wetherby, reports. Shortly after the Agriculture Act was passed in November 2020, the government published The Path to Sustainable Farming: An Agricultural Transition Plan 2021 to 2024, which outlined its…

Valuing a private company or family business in a divorce settlement

Running your own business can be the fulfilment of a lifelong dream, but it also brings stresses and strains which sometimes contribute to relationship breakdown. It certainly adds complexity when trying to agree a financial settlement after divorce. ‘The key challenge is to achieve a fair settlement without jeopardising the long-term financial health of the business upon which both people may still need to rely,’ says Robert Bellhouse, a Family Solicitor in the family team with Ware & Kay. ‘Determining a valuation for any business takes skill and tends to be a more complex exercise than valuing other matrimonial assets such as the house or a pension.’ Obtaining a business valuation Like all other matrimonial assets, it will be necessary to obtain a valuation of the family business or private company.  In order to achieve…