Can a fraudster really steal a house?

A solid building, made of bricks and mortar, seems an unlikely target for thieves. For most of us our homes evoke a powerful sense of security; ‘safe as houses’ as the old saying goes. But the facts tell a different story, as there has been an exponential growth in property fraud which now accounts for 70 per cent of all frauds. Media reports of a Luton vicar discovering his locks changed and a stranger in his home, is an extreme example.  However, there is no room for complacency and there is a lot that you and your solicitor can do to prevent you becoming a victim of property fraud. What happened in Luton Reverend Mike Hall made the headlines when a fraudster targeted his modest terraced house in Luton. Working away from home, he was surprised…

Local land charges, your questions answered

It takes between eight and twelve weeks on average to complete the purchase of a new home. Many factors determine how long the conveyancing process will take. However, solicitors frequently cite the local land charges search as a cause of delay. But what are local land charges, and why do they matter? ‘The local land charges search is an important part of the checks we carry out for home buyers,’ explains Holly Stevens, Director & Head of Residential Property with Ware & Kay, York. ‘It reveals whether your new home is affected by certain restrictions or charges, which could impact on its value or future use.’ Here she takes a closer look and answers some of your questions, including how to speed things up. What are local land charges? Legislation sets out the various categories of…

Selling a property to downsize

Downsizing is, at its most simple, moving to a smaller property. People often associate downsizing with retirement, although it can appeal equally to active empty-nesters attracted looking to release some of their equity. Whatever your age, there are advantages and disadvantages to downsizing. It is a big decision, with lots to consider. So, it is important to plan well ahead and get the right professional advice from the start. The pros and cons of downsizing If you are uncertain whether downsizing is for you, it can help to make a list of advantages and disadvantages, which you could then discuss with friends and family. For example: Downsizing could help you stay independent longer, and many older people choose to buy a bungalow or an apartment with this in mind. It could provide surplus sale proceeds…

Buying a property with cash

If you are searching for a new home, you may have come across the term ‘cash buyers only.’ Rather than expecting you to turn up with a trunkful of money, the agent is looking for a speedy sale to someone who does not need to borrow money via a mortgage and is in a position to proceed. Likewise, if you are selling a property, your estate agent may describe someone as a ‘cash buyer’ indicating that they are mortgage free. Most people see being a cash buyer as a positive, but what does this term really mean, and how could a cash-only transaction benefit you? ‘There can be distinct advantages to being a cash buyer, or selling to one,’ agrees Holly Stevens, Director and Head of Residential Property with Ware & Kay in York ‘Unfortunately, there…

Selling a home to appeal to eco-conscious buyers

Eco features matter more to some home buyers than the size of the garden, according to a recent survey by Money.com. Solar panels now rank ahead of ensuite bathrooms on our property wish-list and, as energy prices rise, this trend looks set to continue. So, if you are selling your home, how do you appeal to today’s eco-conscious buyers? ‘Buyers are certainly more concerned about energy efficiency,’ agrees Catherine Edge, a Solicitor in the Residential Property team with Ware & Kay.  ‘Fortunately, you can improve your home’s performance and make it easier to sell without spending thousands of pounds on innovative technology.’ Your EPC can help you You will need a valid Energy Performance Certificate (EPC) before marketing your home, and it will then be available to any potential buyer. The EPC is a short report…

Building your own dream home

Shows like Channel 4’s Grand Designs reflect the growing popularity of self-build, which accounts for 13,000 new homes every year in the UK. So, if your dream is to build your own home, should you take the next step towards making it a reality? There are certainly a lot of advantages. Self-build lets you create a home which fits around your lifestyle and individual aesthetic requirements. However, there are many more issues to consider than with a conventional purchase. So, it is especially important to get the right professional advice. What type of self-builder are you? There is no standard definition of self-build, and it can be better to think of it as a spectrum. At one end, those with relevant skills and experience may undertake all the work themselves. At the other, an individual may…

Legal considerations if you are tempted to buy a holiday home

Summer is around the corner, and it is not uncommon to want to prolong that holiday feeling and dream of investing in a holiday home which allows you to return to your favourite spot more frequently. Holiday home ownership has boomed recently and in 2021 second homes accounted for more than 24,000 purchases. Many of these were on the coast or other areas of natural beauty, where house prices have also seen rapid growth. ‘If you are planning to buy a holiday home, it is important to consider the issues carefully and not get swept away by enthusiasm or high-pressure sales tactics,’ says Holly Stevens, Director & Head of Residential Property with Ware & Kay in York. ‘Buying any property is a major investment, and holiday home ownership can involve additional considerations with long-term consequences, so…

Transferring property between partners

Your home is often your most important asset, and you may be lucky enough to own other property such as a holiday home or a buy-to-let investment.  Over time, if your personal circumstances change; you may want or need to transfer a share in a property.  This could be the transfer of a share in the value of your home to your former spouse if you are getting divorced, or to a new partner if you have moved in together. ‘Transferring property between family members is not always straightforward,’ warns Holly Stevens, Director and Head of Residential Property in York. ‘Your plans will need to take account of ownership structure and should be consistent with your longer-term goals.’ Holly looks at the issues to consider when transferring property between partners. Establishing the legal and beneficial interests…

Key considerations when helping your children onto the property ladder

First-time buyers today must find, on average, a deposit equal to a year’s salary. With almost half relying on parental assistance, the ‘Bank of Mum and Dad’ has never been so popular. House price affordability and the phasing out of the Help to Buy scheme make this trend set to continue. It is natural to want to help your children onto the property ladder if finances permit. However, if you are considering making a financial contribution, get the right professional advice first and ensure the agreement is documented to reduce the risk of problems arising later. Plan for the long term If you have built up savings, you may prefer to help your child now rather than pass on those assets through inheritance, but it is important to make sure you will still have enough left…

Bridging to buy a new home

Recent reports in the financial press suggest more homebuyers are taking out bridging loans so that a purchase can proceed before they have sold their existing property.  A shortage of supply in sought-after locations has made some buyers reluctant to lose a property that they really want. If you are selling your home and buying another, you will usually aim to complete the two transactions back-to-back. You can then use the income from your sale to fund your purchase, and there is generally a chain of interdependent transactions where each buyer, except the one at the bottom of the chain, relies upon selling their own property before they can proceed. ‘Taking a loan, which helps you bridge the gap between acquiring your new home and later completing the sale of your old one, can let you…