by Saqib Khan | Apr 1, 2023 | Conveyancing
When it comes to purchasing property with someone else, there are two main ways to own that property: as joint tenants or as tenants in common. Both types of ownership have their pros and cons, and it’s important to understand the differences so you can make an informed decision about which is right for you.
Joint tenancy is a type of co-ownership where all owners have equal rights to the property. When one owner dies, their share automatically passes to the remaining owners. This is known as the right of survivorship, and it means that the last surviving owner will inherit the entire property. Joint tenancy is often used by married couples or family members who want to ensure that their property passes directly to their partner or children without the need for probate.
Tenancy in common, on the other hand, is a type of co-ownership where each owner has a specific share of the property. These shares can be equal or unequal, and they can be bought or sold independently of the other owners. When one owner dies, their share passes to their heirs according to their will or state law. This means that the property can be inherited by multiple people, and it may need to be sold or divided among them.
So which is better: joint tenancy or tenancy in common? The answer depends on your individual circumstances and goals. Here are some factors to consider:
- Estate planning: If you want to ensure that your property passes directly to your partner or family members without the need for probate, joint tenancy may be the best option. However, if you have specific wishes about how your share of the property should be distributed after your death, or if you want to leave your share to someone who is not a joint tenant, tenancy in common may be a better choice.
- Ownership structure: Joint tenancy is often used by married couples or family members who want to own property together. However, if you are buying property with a business partner or friend, tenancy in common may be a better option because it allows you to have separate ownership interests and responsibilities.
- Financial considerations: If you are buying property with someone who has significantly more or less money than you do, tenancy in common may be a better choice because it allows you to divide ownership shares based on how much each person contributed. With joint tenancy, all owners have equal rights and responsibilities, regardless of how much they contributed.
- Management and control: Joint tenancy requires all owners to make decisions together, which can be a disadvantage if you have different ideas about how to manage the property. With tenancy in common, each owner has the right to manage and control their own share of the property, which can be beneficial if you want more control over your investment.
Ultimately, the decision to buy property as joint tenants or tenants in common depends on your individual circumstances and goals. It’s important to speak with one of our conveyancing solicitors, or financial advisor before making a decision to ensure that you fully understand the implications of each type of ownership.
Please call us to discuss this or any other property issues. Our conveyancing department would be happy to speak to you during working hours on 0161 850 9911 or at propertyteam@khanmather.co.uk
by Saqib Khan | Feb 24, 2023 | Conveyancing
Mortgage firms often have panel solicitors to ensure that the legal process of completing a mortgage transaction is smooth and efficient. Panel solicitors are lawyers who have been selected and approved by the mortgage firm to handle the legal aspects of the mortgage transaction on behalf of the lender.
There are several reasons why mortgage firms have panel solicitors. Firstly, having a panel of solicitors helps to ensure that the lender can maintain quality control over the legal services provided to their clients. By having a pre-approved panel of solicitors, the mortgage firm can be confident that their clients are receiving a high standard of legal service.
Secondly, having a panel of solicitors allows mortgage firms to manage their legal costs more effectively. By selecting a group of solicitors to work with, mortgage firms can negotiate more favourable pricing arrangements with the solicitors on their panel. This helps to keep costs down for the lender, which can be passed on to the borrower in the form of lower fees.
Finally, having a panel of solicitors allows mortgage firms to maintain consistency and efficiency in their legal processes. By working with a group of pre-approved solicitors who are familiar with the lender’s requirements and procedures, mortgage firms can streamline the legal aspects of the mortgage transaction and ensure that the process is completed quickly and efficiently.
Overall, mortgage firms have panel solicitors to help ensure that their clients receive high-quality legal services, to manage legal costs, and to maintain consistency and efficiency in their legal processes.
Please call us to discuss this or any other property issues. Our conveyancing department would be happy to speak to you during working hours on 0161 850 9911 or at propertyteam@khanmather.co.uk
by Saqib Khan | Feb 2, 2023 | Conveyancing, Powers of Attorney, Wills
If you own a house with your partner but are unmarried in the UK, it’s important to protect your interests and ensure that you have legal rights to the property. Here are some steps you can take:
- Get a cohabitation agreement: A cohabitation agreement is a legal document that sets out how you and your partner will manage your joint assets, including the house. It can outline who owns what percentage of the property, how bills and expenses will be divided, and what will happen if you separate. Having this agreement in place can help to prevent disputes and ensure that you are both protected.
- Register your ownership: If the property is registered with the Land Registry, make sure that both you and your partner are listed as owners. You can choose to hold the property as either joint tenants or tenants in common. As joint tenants, you both own the property equally and if one of you dies, the other automatically inherits their share. As tenants in common, you each own a specific share of the property and can pass it on to whoever you choose in your will.
- Consider taking out a mortgage jointly: If you are both contributing to the mortgage, it’s a good idea to have both of your names on the mortgage agreement. This will ensure that you both have a legal right to the property and will be responsible for the mortgage payments.
- Keep records of your financial contributions: If one of you is contributing more to the mortgage or other household expenses, keep detailed records of this. This can help to prove your financial stake in the property if there is a dispute later on.
- Seek legal advice: If you are unsure about your legal rights and how to protect them, it’s a good idea to seek legal advice from a solicitor who specializes in property law. They can help you to understand your options and draft a cohabitation agreement that meets your needs.i
If you would like to discuss any of the above, please telephone Georgina Hardman in our wills department on 0161 850 9911 to discuss further.
by Saqib Khan | Jan 22, 2023 | Conveyancing
Buying or selling a property can be a complicated and stressful process. One aspect of this process that many people are unfamiliar with is conveyancing.
Conveyancing is the legal process of transferring the ownership of a property from one person to another. In this blog post, we will discuss what conveyancing entails, the parties involved in the process, and how it works.
What is Conveyancing?
Conveyancing is a legal process that involves the transfer of ownership of a property from one person to another. It is a complex process that involves many legal and financial considerations. The conveyancing process can be broken down into several steps, including:
- Pre-contract Stage: This is the stage where the buyer and seller negotiate the terms of the sale, and the buyer arranges financing.
- Exchange of Contracts: Once the terms of the sale have been agreed upon, the buyer and seller exchange contracts. At this stage, the buyer typically pays a deposit, and the sale becomes legally binding.
- Completion: This is the final stage of the conveyancing process. At this stage, the balance of the purchase price is paid, and the keys are exchanged.
Who is Involved in the Conveyancing Process?
There are several parties involved in the conveyancing process. These include:
- The Buyer: The buyer is the person who is purchasing the property.
- The Seller: The seller is the person who is selling the property.
- Conveyancers: Conveyancers are legal professionals who specialise in property law. They are responsible for ensuring that the legal requirements of the conveyancing process are met.
- Mortgage Lenders: If the buyer is obtaining financing to purchase the property, the mortgage lender will be involved in the conveyancing process.
- Land Registry: The Land Registry is the government organisation responsible for keeping records of all property transactions in the UK.
How Does the Conveyancing Process Work?
The conveyancing process can be complex, and it is important to have a qualified conveyancer to guide you through the process. Below is a brief overview of the steps involved in the conveyancing process:
- Instruction: Once a buyer has found a property they wish to purchase, they will instruct a conveyancer to handle the conveyancing process on their behalf.
- Searches: The conveyancer will conduct various searches to ensure that there are no issues with the property, such as outstanding debts or legal disputes.
- Enquiries: The conveyancer will ask the seller’s conveyancer a series of questions about the property to ensure that the buyer has all the information they need to make an informed decision.
- Mortgage: If the buyer is obtaining financing to purchase the property, their mortgage lender will conduct a valuation and provide a mortgage offer.
- Exchange of Contracts: Once the buyer and seller have agreed on the terms of the sale, contracts are exchanged, and the sale becomes legally binding.
- Completion: On the day of completion, the balance of the purchase price is paid, and the keys are exchanged.
Conclusion
Conveyancing is a complex legal process that involves the transfer of ownership of a property from one person to another. It is important to have a qualified conveyancer to guide you through the process and ensure that all legal requirements are met. Understanding the conveyancing process can help make buying or selling a property a smoother and less stressful experience.
Call one of our Conveyancing Specialists on 0161 850 9911 now.
by Saqib Khan | Jan 9, 2023 | Conveyancing, Landlord and Tenant Law
The pandemic has had a significant impact on the global economy, leading to job losses, reduced income, and financial hardship for many people. As a result, repossession rates have increased in some areas, particularly for homeowners and renters who have struggled to keep up with their mortgage or rent payments.
Looking to the future, the repossession rates may continue to be influenced by a range of factors, including the ongoing economic recovery, government policies and interventions, and the evolution of the pandemic itself.
If the economy recovers strongly and employment levels return to pre-pandemic levels, then it is possible that repossession rates may begin to decline. However, if the economic recovery is slow or uneven, or if there are ongoing waves of the pandemic or other unforeseen events, then it is possible that repossession rates may remain high or even increase further.
Governments and policymakers may also play a role in shaping the future of repossession rates, through measures such as targeted financial support, debt relief programs, and regulations on lenders and landlords.
Overall, while it is difficult to predict with certainty what the future holds for repossession rates, it is clear that ongoing economic and social challenges will continue to impact the housing market for some time to come.
If you have any concerns about your house being repossessed, please call us on 0161 850 9911 during working hours.
