Selling a rental property

One in five landlords plan to sell, citing increased regulation and less favourable tax treatment as reasons, according to a recent survey by a leading building society. ‘If you have a tenant, a key decision will be whether to sell with them in place or with vacant possession,’ says Tracie Middleton, Solicitor in the Residential Property Team with Pearsons & Ward in Malton (part of Ware & Kay Solicitors). ‘Talking to your professional advisors can help you weigh up all the pros and cons, and plan for the additional things to consider if you want your transaction to go smoothly.’ You can sell your property subject to the existing tenancy, which means your buyer will effectively step into your shoes as landlord. In contrast, if you sell with vacant possession, you must ensure your tenants leave…

Wood burners and open fires, what to consider when buying a new home

A wood burner or open fire is an attractive feature in a property, especially as the nights draw in and temperatures drop. If are buying a property with one, or you plan to install a log burner in your new home, there are important things to consider. Most people know gas boilers and electrical wiring need to meet certain standards but are less aware about the rules for solid fuel.  This can cause problems further down the line, especially as the regulations in this area are becoming more stringent. Here we explain the issues to look for and how your solicitor can help. Smoke control areas When you buy a property, your solicitor will make pre-contract searches which will show whether it is in a smoke control area. These tend to be in urban conurbations. Tell…

The hidden costs of leasehold property

You may have seen recent media reports on the so-called leasehold scandal. First, escalating ground rents, which increase exponentially after periodic reviews. Then, the cladding crisis, which has spotlighted the costs landlords can pass on through service charges. So, if you are buying a new home, should you avoid leasehold properties? ‘There are definitely more issues with a leasehold home than a freehold one,’ agrees Holly Stevens, Head of Residential Property with Ware & Kay at York.  ‘However, this does not mean you should discount a leasehold property. While there may be extra things to consider, we will help you to mitigate risks and there are also government reforms in the pipeline, which will increase protection.’ Here we look at some of the issues and the additional costs which arise with a leasehold property. Ground rents…

Don’t fall out over the fixtures and fittings

A home buyer on an internet forum asked, ‘What is the pettiest thing your seller has removed?’ Most replies are light-hearted: a loo roll holder, the curtain rails, a basketball hoop from above the garage door. Some tell a different story of buyers moving in and discovering missing kitchen units or damage from ripped out features. Others tell of an attic stuffed full of junk. Fixtures and fittings can quickly become a source of irritation for buyers and sellers alike. In some cases, their removal may even result in a costly dispute. I Here we examine the thorny topic of fixtures and fittings and how your conveyancer will stop them spoiling your next home move. What are fixtures and fittings? Generally, fixtures are physically attached to the property and form part of it. In contrast, fittings…

Options for structuring the ownership of a residential property

Low interest rates combined with high demand for rental properties and a boom in self-catering holidays have fueled growth in property investment. Flexible finance options also make it easier to pool resources to invest in property or to buy a second home with friends or relatives. ‘When buying a residential property with others, there are a number of options for how you structure the ownership,’ Holly Stevens, Head of Residential Property with Ware & Kay in York explains. ‘To decide on the best route, you will need to consider the particular circumstances of each person involved, the property itself and the proposed use. Speak to your solicitor first to discuss the best way to structure your ownership as this can have important ramifications later.’ Consider the risks Buying a property is a major financial commitment and…

Home improvements, plan for your next move

The pandemic has seen record numbers of us undertaking DIY projects or getting tradesmen in to improve our homes. Our enthusiasm shows no sign of abating either, with the waiting list for builders stretching into next year. Ware & Kay agrees this trend is likely to continue. Here we look at some of the issues, and how to ensure your home improvements do not cause problems when you later put your home on the market. Planning permission, do you need it?  Not all alterations require planning permission. Generally, you will only need it if your proposed works constitute development. This has a special meaning under planning rules. It includes structural alterations and the sort of work a builder would ordinarily do. Non-structural work to the interior, like repainting the walls or replacing window frames, does not…

Combining digital and personal services will help your next home move complete smoothly

From estate agents offering virtual viewings to the Land Registry working remotely, the accelerated use of technology has helped us move home safely despite the pandemic, but there is no substitute for the personal touch. ‘While many things have moved online, and the Government is planning to digitise more services, having personal contact with your conveyancing solicitor ensures that you have the best of both worlds,’ says Holly Stevens, Head of Residential Property with Ware & Kay who highlights some of the recent developments in the residential property sector and how we can help you with your next home move. Choice of communications Once you have chosen your next home, you will want to get things moving quickly. So, it is important we can discuss your needs and send out the initial documents promptly. The best…

Is now the right time to extend the lease on your home?

If your home is leasehold, you could soon find it cheaper and easier to extend the term of your lease. This will usually make your property more valuable and, depending on how many years your lease has left, it can also make it easier to remortgage and more marketable when you come to sell. As part of its reform of the leasehold property regime, the Government plans to improve the statutory mechanism for lease extensions. Here Ware & Kay looks at the latest proposals and considers your options if you are a leaseholder. If you purchased a house or an apartment on a leasehold basis then, unlike with a freehold property, you do not own it outright. Instead, you have the right to occupy for a specific number of years (the term) and over time the…

Parking and access issues when buying a new home

Searching for your next home, car parking may not be top of your list of priorities. A recent survey by Uswitch reveals nearly one in ten of us has knocked on a neighbour’s door to complain about parking. It is not just neighbours who can cause problems. Commuters, school parents, and other visitors, can easily turn a quiet road into a traffic nightmare. Here Holly Stevens, Head of Residential Property with Ware & Kay offers some advice on how to avoid buying a home with a parking problem. Decide how important parking is to you Buying a house, inevitably, involves compromise. However, if parking is important you will need to factor this into your search and decision-making process. For example, do you need parking close by because of a disability, or do you run a business…

How to keep out of the mire when buying a home with a septic tank

Sewers and human waste may not be the first things you think about when looking for a new home, but many rural and semi-rural properties do not have mains drainage and so rely on a septic tank. This can have important legal, practical, and costly implications, particularly since environmental regulations could mean that an old system is now unlawful. Here Holly Stevens, Head of Residential Property with Ware & Kay in York considers the rules relating to septic tanks and why they could be important when buying a home or a holiday property in the countryside. Septic tanks and water quality If you are buying a property without mains drainage, you will want to make sure it has an adequate way of disposing of waste. Nobody wants raw sewage backing up into their new home! However…