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Category: OWNERSHIP
OWNERSHIP
The most popular countries where Britons buy a holiday home
Many Britons purchase holiday homes abroad to enjoy better weather, different cultures, and potential investment opportunities. The most popular countries where Britons tend to buy holiday homes include: 1. Spain 2. France 3. Portugal 4. Italy 5. Greece 6. Cyprus 7. Turkey 8. USA 9. Bulgaria 10. Thailand Conclusion: These countries are popular among Britons… Read more
Should I be worried that my house has heave?
Heave in a house refers to the upward movement of the ground supporting the foundation, often caused by soil expansion due to moisture changes. This can lead to structural issues in a house. Whether you should be worried depends on the severity of the heave and its impact on your property. Here are some factors… Read more
Chancel repair liabilities – what you need to know
Chancel repair liability is an ancient and somewhat obscure legal obligation in England and Wales. It requires some property owners to contribute to the cost of repairing the chancel (the part of a church near the altar) of a medieval parish church. This liability can apply to both residential and commercial properties, and it stems… Read more
The process of enfranchisement explained
Enfranchisement in the UK refers to the process by which leaseholders of residential properties, particularly flats, can acquire the freehold of their building from the landlord (freeholder). This process is governed by specific legislation, primarily the Leasehold Reform, Housing and Urban Development Act 1993 (for flats) and the Leasehold Reform Act 1967 (for houses). Enfranchisement… Read more
What happens when a lease expires on a leasehold property in the UK?
When a lease expires on a leasehold property in the UK, several key implications and potential outcomes depend on the terms of the lease and the actions taken by both the leaseholder (tenant) and the freeholder (landlord). Here’s what typically happens: 1. End of Lease Term: 2. Reversion to the Freeholder: 3. Compensation for Improvements:… Read more
Using a trustee in a mortgage application
A trustee in the context of arranging a UK mortgage is an individual or a legal entity that holds property or assets on behalf of another person or entity, known as the beneficiary. Trustees are appointed to manage the property according to the terms of a trust agreement, and their role can vary depending on… Read more
Will I be liable for the mortgage after separation?
Whether you will be liable for the mortgage after separation depends on several factors, including the nature of the mortgage agreement, the ownership of the property, and any legal agreements made during the separation process. Here’s a detailed breakdown of what you need to consider: Key Factors Determining Liability: Options for Handling the Mortgage After… Read more
Restrictive covenants explained
A restrictive covenant is a type of legal obligation imposed in a property deed or title, which restricts the use or development of the land in some way. In the UK, restrictive covenants are used to control the use of property and maintain certain standards within a development or neighborhood. Key Points About Restrictive Covenants:… Read more
Can I withdraw from my house purchase after exchanging contracts?
In the UK, exchanging contracts in a house purchase is a critical point in the property transaction process. It signifies a legally binding agreement between the buyer and the seller. Once contracts are exchanged, both parties are committed to completing the sale on the agreed completion date. Withdrawing from the purchase after this stage can… Read more
Living on a houseboat – what you need to know
Living on a houseboat in the UK offers a unique lifestyle, combining the tranquility of waterborne living with the adventure of a mobile home. Whether you’re drawn to the picturesque canals, the sense of community, or the idea of downsizing, it’s essential to understand the practicalities and considerations before making the leap. Here’s a comprehensive… Read more