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Category: OWNERSHIP
OWNERSHIP
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
Understanding legal titles in UK land ownership
In the UK, land ownership is categorized into various types of legal titles, each conferring different rights and levels of security to the holder. Understanding these titles is crucial for anyone involved in buying, selling, or managing property. The main types of legal titles in UK land ownership include Absolute Title, Possessory Title, Qualified Title,… Read more
Right to manage – all you need to know
The Right to Manage (RTM) in the UK leasehold system grants leaseholders of residential properties the legal right to take over the management responsibilities of their building from the landlord or managing agent. This process empowers leaseholders to collectively manage the property’s common areas, such as staircases, communal gardens, and shared facilities, without having to… Read more