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Can I be a first-time homebuyer? does it matter? Who qualifies?
Can I be a first-time homebuyer? does it matter? Who qualifies? With house prices rising faster than ever, first-time homebuyers are finding it increasingly difficult to buy their own homes and get on the property ladder. The average house price … Continue reading
Roman Law
DIY squatter could become property owner Keith Best spent 10 years renovating a semi-detached three-bedroom property in 35 Church Road, Newbury Park, Ilford. He found the house in 1997, empty and vandalised, and moved in. Best said that during all … Continue reading
Interest Rate Rise
Homeowners anticipate financial hardship due to interest rate rise According to the 2014 Homeowner Survey by the HomeOwners Alliance and Myhomemove, 34% of UK homeowners fear an increase in interest rates, and the subsequent financial difficulties in the payment of … Continue reading
TSB Stamp Duty
TSB offers to help homebuyers by paying stamp duty TSB has brought back their stamp duty offer to help homebuyers who are in the 1% bracket. The bank has offered to help customers with the cost of the stamp duty. … Continue reading
Post-completion jobs in Leasehold conveyancing transaction
This article discusses about the steps to be taken after completion of leasehold conveyancing transaction. Stamp Duty Land Tax (SDLT) Ideally, SDLT is payable on the premium and the rent. But with respect to an assignment, SDLT is payable on … Continue reading
The parcels clause and description of the premises in leasehold conveyancing
Certainty The lease should contain in precise words as what is transferred and what is not. This is particularly important in the case of lease of offices and flats that are a part of a larger block. It should be … Continue reading
Important easements in lease agreements
Access and services The lease should also discuss the ancillary rights pertinent to the property. When leasing a flat (or similar such unit where only a part of the property is let) the tenant should be allowed the necessary easements … Continue reading
Completion process of leasehold conveyancing transaction
The process of completion of leasehold is the same as completion of freehold transaction. Here are a few things that should be taken care of during completion. Documents to be handed over upon completion The seller will have to hand … Continue reading
Rent and rent review in flat lease agreements
Rents on flat leases are comparatively cheaper, when compared to other premises. This is because the tenant has already paid a huge sum as ‘premium’ in advance and cannot be realistically expected to pay a high rent, as well. Usually, … Continue reading
VAT charges in residential and commercial leases
VAT is not applicable for grant of residential lease. Hence, no such express provision is discussed in the context of residential leases. However, when the tenant is made to pay for the landlord’s legal and other costs, VAT becomes applicable. … Continue reading
Alterations and improvements of leasehold property
Issues such as alterations and improvements on a leasehold property should be expressly provided for in the lease. This is because the tenant’s ability to do so is usually unclear and depends on the centuries old principle of ‘waste’. Needless … Continue reading
Using residential flat for commercial purpose not allowed, why?
Usually when a landlord leases a flat, he includes a provision that prohibits the tenant from using the property for any other purpose other than residential needs. If one or more of the flats are converted for commercial purposes, it … Continue reading
Repairing and maintenance of leasehold property
It is in the best interest of both parties to ensure that the leased property is kept in a good state. The landlord would find it difficult to reassign the property, and the tenant would find it difficult to use … Continue reading
Assignment and sub-letting of leased property
Conventionally, a tenant is allowed to dispose his lease, either by sub-letting or through an outright assignment. But the landlord still has the right to exercise control over who shall be allowed to occupy the property. Flat leases In the … Continue reading
Commercial lease agreements and actual usage of the property
Commercial leases also include a provision that disallows the use of property for any purpose other than intended, but this is very difficult to implement. For instance, when shops are let the landlord may want to prevent the property from … Continue reading
Help to Buy: Buy a Home with just 5% deposit
Help to Buy is a government backed initiative to help people buy their own homes. With this scheme, homebuyers no longer need to make huge deposits as down payments. With just 5% deposit, anyone can now buy a home. David … Continue reading
Key elements of a lease agreement
A lease begins with the words ‘This lease’, followed by the date of grant of lease, and the names and addresses of the parties to the contract. The date of grant of lease is the date when transaction is completed. … Continue reading
Approving the draft lease – the tenant’s solicitor
After receiving the draft lease from the solicitor of the seller, the tenant’s conveyancing lawyer should go through the contents of the entire document and wherever necessary amend it to protect his client’s interests. This includes checking whether the document … Continue reading
Land Registry-prescribed clauses for leases
The Land Registry has prescribed a form of lease that was to be used in all cases where the lease can be registered. This was done to ensure that leases can be easily registered, and also to facilitate electronic conveyancing … Continue reading
Drafting a lease by landlord’s solicitor
The draft lease should be prepared by the landlord’s solicitor. Usually, conveyancing firms shall use their own precedents or rely on other precedents to draft a lease. Both of these are usually available in a word-processable file. Although the precedent … Continue reading
Why are precedent leases so long?
It is common for long-term residential leases and commercial leases to run up to 100 pages or more. This is due to the fact that the lease has to describe in detail the relationship among the parties concerned for the … Continue reading
Transfer deed and deed of assignment
Legal title for a property should always be transferred by a deed, irrespective of the fact that transaction is an assignment of lease, or sale of freehold. The following discusses about the provisions related to the transfer of an assignment. … Continue reading
Leasehold conveyancing: Deducting different types of titles
This article discusses about deducing the title in the case of properties that are registered with absolute title and those that are registered with a good leasehold title. Lease registered with absolute title Both SC and SCPC stipulate that the … Continue reading
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