Don’t stumble over easements, rights of way or sporting rights when buying farmland

There are many reasons why you might want to buy agricultural property: to farm, of course, but also perhaps to develop, or to use for hunting or fishing purposes. Woodland, equestrian properties and fishing lakes may be a good investment for a self-invested personal pension (SIPP), or perhaps you simply wish to have a peaceful rural setting for your retirement.  Whatever your reasons, before you buy you need to ensure the property can actually be used for your intended purposes as there are many legal stumbling blocks that can arise when purchasing farmland, we highlight some of the issues relating to rights of way, easements, and sporting rights. Rights of way Many areas of farmland are in remote locations, some distance from a public road, and you will need to ensure you have a right of access…

Avoiding pitfalls of unregistered land

More than 85 per cent of land in England and Wales is now registered with HM Land Registry; however large swathes of rural farmland remain unregistered. Land is often farmed by the same family for years and therefore no ‘trigger event’ arises which would require first registration. Here our solicitors explain when it is compulsory to register unregistered land and outlines the benefits and the pitfalls for those who do not. When you should register All land or property must be registered with HM Land Registry if you have: purchased it; been given land or property as a gift; inherited any land or property; leased it for more than seven years; received it in exchange for other property or land; or had it mortgaged. Farmers should be aware that agricultural land must also be…

Buying a property for student accommodation

If your son or daughter is heading off to university, you may be thinking about their accommodation. With student rents averaging nearly £7,000 a year, you may also want to help financially. For some parents, the solution is to buy a property for their child to live in while studying and possibly to rent spare rooms to fellow students. But is this a good idea?   ‘It really depends on your personal circumstances, and what you want to achieve,’ says Holly Stevens, Director & Head of Residential Property with Ware & Kay in York. ‘Investing in a property in a university town could free your child from any accommodation worries while they are studying. However, you will find there is a lot to consider before you buy, and while you have students as tenants.’ Property…

Registered and unregistered land, what is the difference?

There are two systems of recording ownership of land in England & Wales; registered & unregistered.  Whether your land is registered or unregistered can have a major impact, & not only when you come to sell. Holly Stevens, Director & Head of Residential Property at Ware & Kay in York, considers the implications.  Registered land, an overview The Land Registry keeps a register of all registered land, which is indexed on a map. This register contains information on approximately 24 million properties.  Within this overall register, the Land Registry allocates properties their own unique number & individual register.  Each individual register includes three sections: ‘proprietor register’ - contains ownership information; ‘property register’ - contains a description of the property, linked to a map; & ‘charges register’- contains details of any mortgages or charges affecting…

Selling a property through the modern method of auction

Online auctions, especially the ‘modern method’ of auction, continue to grow in popularity. Last year saw a 40 per cent rise in the value of property sold at auction, much of this online. But what exactly is the modern method of auction, and is it something you should consider? For a seller there are certainly some advantages to the modern method of auction, such as speed and a defined timetable. However, there are also pitfalls for the unwary and so it is important to consider how it would work for you. Our team answers some common questions about the modern method of auction. What is the modern method of auction? Typically, the modern method of auction takes place online over a fixed period. As a seller, you enter into an agreement with the auctioneer who invites…

Is now a good time for first-time buyers?

  If you are looking to own your first home, you may wonder whether or not now is a good time to buy. On the one hand, the increase in property prices seems finally to have stalled. On the other, living costs and interest rates have risen sharply. Add to this the uncertain economic outlook, and it is hard to decide what to do for the best. Nobody knows for certain what the future holds. For most people, their home is a long-term commitment, and it is important to see things in perspective. Whether you decide to buy now, or to wait, there is a lot to consider. We outline some of the key considerations for first-time buyers. Plan your finances well in advance Building up savings can reduce the amount you need to borrow and…

The UK's most affordable locations for first-time homebuyers

More than six out of ten first-time purchasers in the UK shared the cost of the average home, which increased 13% to £302,010 last year. According to a new Halifax analysis, the number of first-time buyers decreased by 11% to 362,461 in 2022 from the year before. With average prices hovering around £171,425, Northern Ireland has continued to be the cheapest location to buy a home since 2017. The North East region was next, with houses costing on average £175,091. Unsurprisingly, London, where the typical house cost £518,900, was on the higher end of the scale. The average down payment for a home in the capital was £125,378; this amount would almost have been sufficient to purchase a home elsewhere in the UK. Scotland saw the biggest increase in the amount needed for a deposit, going…

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…

Transferring property to your children

Almost one in two first-time buyers receive some financial assistance from their parents, but cash gifts or mortgage support are not the only ways to help the next generation. If you are asset rich and own land, vacant buildings or a second home, transferring property to a child is another option.  People sometimes have a separate outbuilding, such as a gite or annex, which they would like to gift. Alternatively, the subdivision of a farm or large garden could provide the site for a child to build their own home.  However, it is important to consider your own needs, and how these may change over time. Transferring property to a child can also raise different issues to a traditional conventional transaction, so it is important to get the right professional advice especially on the tax issues…

Key considerations for buying a home off plan

Does the idea of a brand-new home appeal to you? If so, you are not alone as the last two years have seen a dramatic rise in the number of people buying off plan. Whether you are looking for your forever home, an investment property, or a holiday hideaway, buying off plan has its own challenges. Holly Stevens, Director & Head of Residential Property with Ware & Kay in York explains, ‘As with any property purchase, you should do your homework and consider all the pros and cons. Buying off plan also raises some specific legal issues, so it is important to get advice from the right professionals.’ Here she answers some of your questions. What exactly is buying off plan? Buying off plan involves committing to purchase a property you have not seen…