How to avoid being a victim of property fraud

Property fraud is where fraudsters try to ‘steal’ your property, most commonly by pretending to be you and selling or mortgaging your property without your knowledge. Since 2009, the Land Registry has stopped fraud on properties worth more than £80 million. Holly Stevens, Head of Residential Property at Ware & Kay in York advises how you can protect yourself from becoming a victim of property fraud. Who is at risk? You are more at risk of property fraud if: your identity has been stolen; you rent out your property; you live overseas; the property is empty; the property is not mortgaged; or the property is not registered with the Land Registry. Ways to protect yourself There are several steps you can take to protect your property from being fraudulently sold or mortgaged: Ensure…

Registered and unregistered land, what is the difference?

There are two systems of recording ownership of land in England and Wales; registered and unregistered.  Whether your land is registered or unregistered can have a major impact, and not only when you come to sell. Holly Stevens, Head of Residential Property with 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 and individual register.  Each individual register includes three sections: the ‘proprietor register’, which contains ownership information; the ‘property register’, which contains a description of the property, linked to a map; and the ‘charges register’, which contains details of any mortgages or charges…

Equity release, your questions answered

Record numbers of homeowners are choosing to unlock the money tied up in their homes through equity release schemes.  The promise of access to cash without having to move is an attractive proposition but taking out money from your home to enjoy your retirement or provide financial help to family members comes at a cost. Holly Stevens, Head of Residential Property with Ware & Kay in York outlines the risks and answers some frequently asked questions. What is equity release? To understand what equity release is, you first need to understand what ‘equity’ in the context of homeownership means.  Put simply, equity represents the difference between what your property is valued at and any money you owe on it. For example: Property valuation £300,000 minus mortgage £100,000 = equity £200,000 Equity release provides a way for…

Buying a home with friends or family

In most places, the property market appears buoyant with prices continuing to rise. Although good news for many, this could make it more difficult if you are looking to get onto the property ladder. If affordability is an issue, one possible solution is to pool resources and to buy with friends or a partner and research suggests this is a growing trend, especially with younger buyers. If you are thinking about buying a home with others, there are things you should consider first. Here Holly Stevens, the Head of Residential Property at Ware & Kay in York looks at the issues involved and offers some advice. Joint ownership, the legal basis Joint ownership is a little more complicated than owning a property outright, as the legal structure must take account of the relationship between you and…

Coronavirus and mortgages, your questions answered

As lockdown restrictions ease and people want to take advantage of the stamp duty holiday, we are seeing more activity in the housing market. However, there is still a lot of uncertainty, particularly over mortgage availability. On the one hand, interest rates are at an all-time low. On the other, lenders have reduced the number and range of mortgages they offer. If you are thinking about moving home or remortgaging, you may be wondering how this could affect you. Here Holly Stevens, Head of Residential Property with Ware & Kay in York, cuts through the confusion and answers some of your questions. As a first-time buyer, will I still be able to get a mortgage? Since the pandemic, lenders have generally become more cautious and risk-averse. Most have now withdrawn their low deposit mortgage deals from…

The end of Assured Shorthold Tenancies and the Rented Homes Bill

The Rented Homes Bill had its first reading on 22 January 2020. The first thing the Bill does is to abolish assured shorthold tenancies (ASTs) in England. ASTs were created by the Housing Act 1988 to strengthen the rights of landlords and increase the supply of private rented accommodation. An AST is a type of assured tenancy; its advantage from the point of view of a landlord is that, in addition to the grounds for seeking possession that are available to all assured tenancies, possession may also be obtained using the procedure set out in Section 21. The advantage of an AST for a tenant is the possibility of referring excessive rents to a rent assessment committee. The demise of the AST is intended to ‘reset the balance of rights and responsibilities between landlords and…

Building in your back garden

If you have a garden big enough for another property, you may be thinking about how a new building could allow you to downsize or to sell on and bank the profit. There are several things you need to consider first, outlined below. Physical constraints of your garden plot   Your garden must be able to accommodate a new home comfortably and have good physical access. There should also be no legal obstacles to access, so involve your solicitor early on. For example, if you do not own your current driveway but only have rights over it, do not assume your new build will automatically have the same rights. Access to services, such as electricity and water, is also important. Ideally, you should be able to connect into the existing mains supply. Although there is…

How to make a tenancy fit for purpose

A Farm Business Tenancy is a contractual relationship which allows a tenant to rent land or buildings from a Landlord to run an agricultural business. But what provisions should a Farm Business Tenancy include to ensure it is legal and fit for purpose for both parties?   Under the Agricultural Tenancies Act 1995, a Farm Business Tenancy arises if it was granted on or after 1st September 1995 and land is used predominantly for agricultural purposes throughout the term of the tenancy. Whilst some terms are statutory and must apply, many terms of a Farm Business Tenancy can be negotiated between the Landlord and Tenant. The Act defines agriculture as including ‘horticulture, fruit growing, seed growing, dairy farming and livestock breeding and keeping, the use of land as grazing land, meadow land, osier land, market gardens and…

Considerations when buying a heritage property

When many of us think about heritage properties, we think of buildings associated with our architectural past: a castle, stately home or elegant Georgian townhouse perhaps. But new developments, such as barn and warehouse conversions, may also be heritage properties if they are listed or in a conservation area. In this article we look at the different categories of heritage property and the implications for buyers who face the prospect of having to deal with the obligations that go hand in hand with owning a property of historical interest.  If you are considering buying a listed building, a property in a conservation area or a property that appears in a local heritage asset list, then it is important that you speak to your solicitor at an early stage to discuss the implications. The fact that a property…

Occupier’s liability: what are your duties?

If you occupy land or buildings, then you will usually be under a duty to take reasonable steps to prevent anyone visiting you being killed or injured or suffering damage to their property.  You will also be under a duty not to do anything which may cause harm to your neighbours. The extent of the duties imposed on you will vary depending on the circumstances but where a breach of duty occurs the consequences could be serious, as Johanne Spittle, Head of Litigation with Ware & Kay in York & Wetherby explains.   ‘We live in a world where anyone who suffers damage or personal injury expects to be compensated’ says Johanne.  ‘This includes people who are lawfully on your property like employees and invited visitors, but also those who are there unlawfully like squatters…