Restrictive covenants, what property buyers need to know

Picture this; you have had your offer accepted and the conveyancing is progressing smoothly, but before exchange of contracts, your solicitor tells you that the property you are buying is subject to a restrictive covenant. ‘That scenario is more common than you might think,’ admits Louise Davis, Senior Associate and Head of Residential Property in Malton. ‘It is important to be aware of any adverse title issues, and our pre-contract searches and enquiries are designed to reveal these. A restrictive covenant may sound worrying but, in most cases, it should not derail your purchase.’ Here she answers some of the most frequently asked questions about restrictive covenants. What is a restrictive covenant? A restrictive covenant is a restriction on the use of one plot of land for the benefit of another. For example, a farmer…

Seven Reasons to Register Your Property

Nearly 10% of land in England and Wales remains unregistered at HM Land Registry, often because the owner purchased it long ago or inherited it. While this may not affect your daily life, it could disadvantage you in the future if you want to sell or re-mortgage. Here are seven key reasons to register your property.   1. Easier Proof of Ownership   Registered property simplifies ownership verification. Prospective buyers can easily obtain proof of ownership from HM Land Registry. In contrast, unregistered property requires providing a chain of title deeds, which is riskier, as deeds may be lost or destroyed. Registration ensures ownership is stored electronically, making access easy.   2. Simpler and Quicker Title Investigation   Registered properties have their ownership details clearly outlined by HM Land Registry, making it easy to confirm property…

Buying a static caravan or park home

It is estimated there are over 100,000 park homes in England, with a 15 per cent increase in the delivery of new park homes in the last year. This is in addition to the number of static caravans on dedicated holiday parks. ‘Buying a park home is an increasingly popular option, agrees Catherine Edge, Senior Associate and Deputy Head of Residential Property team with Ware & Kay incorporating Pearsons & Ward. ‘It appeals to all sorts of people; retirees, downsizers, or those simply looking to make the most of their leisure time. It can be a major financial commitment, so it is important not to scrimp on professional advice.’   Catherine answers some the common questions about the legal aspects of buying a static caravan or park home. How is a park home different from…

Climate change, what to consider when selling a property

Climate change is likely to affect most if not all our homes, and homebuyers are much more conscious of environmental issues nowadays, which is something to be aware of if you are selling. ‘If your home is already affected, other properties in your neighbourhood probably will be too. Often, you can improve your chances of a successful sale by showing you have considered any issues and taken steps to address them,’ says Lucy Gilman, Associate Director with Ware & Kay incorporating Pearsons & Ward. Adverse incidents, like flooding, often seem like a twofold blow; once when you experience the stressful event itself, and again when you must disclose it on sale. That is why it is so important to discuss any concerns with a solicitor you trust, someone who can advise you of the legal…

Buying a house with a swimming pool

Many of us dream about having our own pool, especially as summer approaches. What better way to beat a heatwave? And, on a more practical note, swimming is great exercise, suitable for all ages and fitness levels. So, if you are searching for your next home, a house with a pool may be high on your wish list. ‘With rising temperatures and longer summers, it is easy to see the appeal of a house with a swimming pool,’ agrees Holly Stevens, Director in the residential property team with Ware & Kay incorporating Pearsons & Ward. ‘However, this amenity can raise issues, both practical and legal. So, it is important to do your homework first.’ Here she offers some advice before taking the plunge. Ask yourself how often you will use the pool In the heat…

Selling a leasehold property where there is a problem or dispute

 If you are selling a leasehold property, as part of the standard conveyancing process, your buyers will expect you to provide certain information about your property. There are set forms for this, including one which relates specifically to leases that asks if you are aware of any problems regarding the service charge or any complaints about your landlord, the management company, or any neighbour. Unfortunately, occasionally disputes occur and usually these can be resolved over time. But what if you are keen to move, can you still put your home on the market and hope to find a buyer at the right price? ‘It is important to be realistic in your expectations if there is a problem with a leasehold property,’ cautions Louise Davis, Associate in the Residential Property Department with Ware & Kay incorporating Pearsons…

Budget 2024 update: buying more than one property

The Government’s 2024 Spring Budget saw significant changes to the way property is taxed, including the imminent abolition of multiple dwelling relief. This will primarily affect investors looking to buy multiple properties at the same time, however, it could also affect you if you are buying a property that comprises more than one unit, such as a house with a distinct annex. ‘If you are purchasing a property with a separate granny annex and multiple dwelling relief applies to your purchase, it can save you thousands of pounds in stamp duty,’ explains Holly Stevens, Director & Head of Residential Property with Ware & Kay incorporating Pearsons & Ward. ‘However, this relief will very shortly be abolished, so if you think an intended purchase may qualify, then speak to your solicitor as soon as possible.’ In…

Gazumping and gazundering – perils in an uncertain market

Research suggests that nearly a third of recent sellers have suffered gazundering, which property pundits attribute to a downturn in the market. But, in some areas, the lack of suitable properties means there is still fierce competition for homes, with buyers trying to outbid each other via gazumping. ‘It is certainly a challenging time to be moving home,’ agrees Lucy Gilman, Head of the Wetherby Office with Ware & Kay Solicitors. ‘Unfortunately, some buyers and sellers are taking advantage of the current market to renegotiate the agreed price, threatening to pull out if their demands are not met. The good news is there are things you and your solicitor can do to reduce the risks.’ Gazundering, and why it is a problem With gazundering, the parties agree on a price, and the sale is proceeding…

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What is conveyancing?

Real estate transactions involve a complex legal process known as conveyancing. In this guide, we aim to shed light on the essential aspects of conveyancing. Should you have further inquiries or require personalised legal assistance, our team of experienced solicitors is ready to assist you. Call us today on 01904 716000 (York) or 01937 583210 (Wetherby) or 01653 692247 (Malton), or complete our online contact form. What is Conveyancing? Conveyancing is the legal process of transferring property ownership from one party to another. This comprehensive process involves several key steps to ensure a smooth and legally sound transfer. Below are the fundamental aspects of conveyancing. Pre-Contract Stage There are multiple steps early in the conveyancing process. This includes a Title Check, where your solicitor thoroughly checks the property's title to ensure that the seller has the legal right to sell. Your team will…