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Parents should be careful when helping their children buy a house
Parents are being urged to consider all the legal implications before handing over large sums of money to help their children buy a house.
The Law Society says families could be torn apart if things go wrong.
The current economic climate means 100% mortgages are no longer readily available. Most banks and building societies won't lend unless the buyer can provide a large deposit – sometimes as high as 40%.
Such figures are beyond the reach of most first time buyers.
The Law Society says the strict mortgage regime means that an increasing number of young people are calling on the 'bank of mum and dad' to help them get on to the property ladder.
However, problems can quickly emerge if there is no clear understanding of how and when a loan should be paid back.
The President of the Law Society, Robert Heslett, said: "If parents are helping their children, they should see a solicitor beforehand in order to draw up a loan agreement."
"It is very important that all parties involved are comfortable with the arrangement and that everyone knows where they stand with regards to paying back the money. While it's unlikely your children will run off with your savings, handing over a large amount with no legal structure in place is a minefield. It could tear families apart if things went wrong."
The Society stresses that parents should seek legal advice to protect their interests before handing over their life savings.
"A solicitor will also talk through all the options available, and provide alternatives, such as parents acting as loan guarantors or entering into a joint ownership agreement."
"Solicitors are trained experts and are highly experienced in navigating the maze of paper work and dealing with house purchases. Not only will a solicitor offer the best advice and service, they will help to avoid some unforeseen hazards that may occur down the line."
Please contact James Marris if you would like more information about helping your children on to the property ladder, or any aspect of buying and selling a home.
Or visit our Conveyancing section for instant information.
Visit thebestof Wakefield website
Thank you to Mr. and Mrs. Shaw for taking the time to review our services. They left the following testemonial on thebestof Wakefield website:
"All people we spoke to were friendly.
Many thanks to Sandra Drake and her secretary Claire for very fast and efficient service. Took just 1 week from instructing to exchange of contracts.
Have used them in past and will definetly use again in future."
If you would like to let everyone know what a great job we do, please visit thebestof Wakefield website to leave your own testemonial.
Why you should make a will
It is important for you to make a will whether or not you consider you have many possessions or much money. It is important to make a will because:-
If you die Intestate- without a will, there are certain rules which dictate how your money, property or possessions should be allocated. This may not be the way that you would have wished for them to be distributed and can cause endless arguments between your family after you die. If you don't have a will, you cannot leave specific gifts to friends, charities or children which may lead to personal possessions being sold off or given to people you wouldn't have wanted to have them.
Unmarried couples and partners who have not registered a civil partnership cannot inherit from each other unless there is a will, so the death of one partner may create serious financial problems for the survivor. This could involve losing a substantial slice of the assets and income built up by your joint efforts and often lead to the survivor having to move house.
If you have children, you will need to make a will so that arrangements for the children can be made if either one or both parents die. If either of you have children from a previous relationship then it is essential that you make a will to ensure your children aren’t left out if you both die at the same time.
It may be possible to reduce the amount of Inheritance Tax payable on your estate if advice is taken in advance and a will is made.
If your circumstances have changed, it is important that you make a will to ensure that your money and possessions are distributed according to your wishes. For example, if you have separated and your ex-partner now lives with someone else, you may want to change your will to ensure they don’t receive your assets when you die. If you are married or enter into a registered civil partnership, this will make any previous will you have made invalid.
Making a will gives you the opportunity to express funeral wishes. If you do not leave a will, then there may be family arguments over how your funeral should be conducted or whether you should be cremated or buried. For more information on planning a funeral, please visit the Howarth Funeral Service website.
To arrange an appointment to discuss making a will, please contact Philippa Hulse , David Brooke or Andrew Gallon.
House prices rise in November.
House prices have risen for a fifth month, jumping 1.4 percent in November from October, a key survey from home-loans provider Halifax showed on Tuesday.
However the lender -- part of state-rescued Lloyds Banking Group -- predicted that prices would be flat in 2010 as Britain looks to recover from a deep recession.
"House prices increased by 1.4 percent in November. This was the fifth successive monthly rise with prices more than four percent higher over the first eleven months of the year," Halifax housing economist Martin Ellis said in a statement.
"The recovery in house prices since the spring (April) has been driven by increased demand for property, largely due to the improvement in affordability for existing home-owners and first-time buyers who can raise the necessary deposit.
"Somewhat higher demand has combined with a low level of properties available for sale to push up prices.
"Further ahead, the prospects for the market will depend on how the UK economy evolves and whether there is a significant increase in the supply of properties for sale. Overall, our view is that house prices will be flat during 2010," Ellis added.
Amid Britain's longest recession on record, the Bank of England is on Thursday expected to maintain its key interest rate at a record-low 0.50 percent -- helping to keep down interest repayments on mortgages.
Halifax added Tuesday that house prices in November were 1.6-percent lower compared with the same month in 2008.
According to the home-loans provider, the average cost of a British home stood at 167,664 pounds in November 2009.
Last week, the Nationwide building society said house prices increased by 0.5 percent in November from October, leaving the average cost of a residential property at nearly £163,000.
Please click, for more information on how we can help you sell or buy a house.
Or to see a list of properties for sale in your area please visit the Rightmove website.
What our clients say about us
Over the last few months we have compiled a collection of some of the things our clients have said to us in appreciation of the good service we have provided for them. After reading them you will see why the vast majority come back to us with future legal matters.
“Dear Philippa, May I take this opportunity to say thank you very much for the efficient prompt and professional way in which you dealt with all of my questions and the actual production of my will. It has been a pleasure dealing with your firm of solicitors.”
“A short email to thank GM Wilson and Emma Denton in particular for all your help in managing our house sale, in Holmfirth. Although the transaction was ultimately successful, for all sorts of reasons the sale became protracted and frustrating.
Throughout this process Emma was accessible, responsive, and resourceful. She is a fantastic representative of your practice.”
“To Sarah, Many thanks for your help in the sale and purchase of my properties. I am all moved in now and feel at home and comfy.”
“Hi James. Many thanks for the tenancy agreement and especially for getting things moving so quickly for me.”
“Maria. You have been brilliant to work with. James is lucky to have you looking after him, I wish I had known you both years ago.”
“Sandra, Thank you for acting on our behalf. We have never had such a friendly, helpful solicitor.”
“To Sandra, Thanks a million for all your help in our complicated house move!”
If you would like to comment on the excellent service you have received then please contact one of our solicitors.
A guide to buying property at auction.
Auctions... the new way to buy or sell your house?
The housing market has taken a huge battering and yet there are still many people desperate to move. Every month more and more auctions are popping up throughout the region and although traditionally the preserve of the investor and more recently the buy-to-let professionals and semi professionals buyers they may be the answer to the sometimes nightmare scenario of long complicated house chains.
When you buy a house at an auction, you are entering a legally binding contract to buy the property. So you must have your finance in place, have had your survey or inspections done BEFORE the auction, and be ready to complete the purchase usually 28 days from the auction date. This restricts some buyers who cannot be sure that they have all funding in place within the very strict timescale required. Remember you are committed to the deal when the hammer falls! You cannot find problems after and then look to get out of the deal. So be sure you are happy with the condition of the property before bidding. Also it can be very easy to get carried away with the excitement of an auction and bid more than you planned to, so set a budget and stick to it!
Selling at an auction, the main advantage is certainty of sale. You know on the fall of the hammer the buyer has to pay a non returnable 10% deposit and sign a binding legal contract that they will complete the purchase in the 28 day period set out in the contract. The downside is you may not achieve the figure you were looking for.
Auctions ARE exciting. The adrenalin rush when your lot is called up is a great experience whether buying or selling. Have you as a buyer got a ‘real bargain’? Has it been ‘knocked’ down for less than you were prepared to bid up to? As a seller have you got more than your predetermined “minimum price”?
They can be disappointing too. As a buyer you did all your homework, arranged your finance, had your inspections/ surveys done only to be out bided on the day. Or as a seller you have spent a couple of months marketing your house prior to the auction only to see it not reach your reserve price.
There are pros and cons to auctioning your property just as there are in life. Auctions are a compromise, but they are an option! They do have their place in this difficult recessionary time and for the right client with the right property are an ever increasingly used tool for selling property.
Whether you are buying or selling we at G M Wilson Solicitors can give you all the advice and assistance you need. Please call one of our solicitors on 01924 291111 (Wakefield) or 01226 794140 (Barnsley) or visit the Conveyancing Services or Contacts section of our site.
Confidence boost for property solicitors.
Once you come to G. M. Wilson, we hope you're here to stay.
Here at G. M. Wilson the majority of our work comes from clients giving us repeat business. Therefore it came as no surprise that a survey completed by independent polling company ComRes showed that over half of people who instruct a conveyancing solicitor are very likely to go back to them in the future:
Conveyancing solicitors were given a resounding vote of confidence by the public this week as unpublished research seen by the Gazette revealed ‘stratospheric’ levels of satisfaction among consumers.
Some 93% of clients said they were happy with their solicitor’s performance. This comprised 65% who were ‘very satisfied’, and 28% who were ‘satisfied’. Only 5% said they were ‘dissatisfied’.
ComRes described satisfaction levels with solicitors as ‘stratospheric’, noting that the findings ‘indicated that those with experience of using a solicitor for conveyancing work recently are not just happy, but very happy’.
The complaints of the ‘incredibly low’ number of people who said they were dissatisfied related to the length of time taken to complete work without explanation for the delay, failure to be kept informed, poor communication and failure to tell them about the other side’s progress.
The report found that just over a fifth of the public had used a solicitor for conveyancing work in the past five years. The most popular factor for consumers in choosing a solicitor was whether they had used them before (27%), followed by a recommendation from someone they knew (24%).
The research showed that people were unlikely to use a solicitor recommended by an estate agent, with 40% saying they would not. That figure rose to 50% where the recommending agent would receive a commission as a result.
Of those who had instructed a conveyancing solicitor in the past five years, 80% said they were fairly (23%) or very (57%) likely to go back to them in the future.
Richard Barnett, chairman of the Law Society’s conveyancing and land law committee, said solicitors generally give very good service and standards improved year on year.
Please click to read more about our Conveyancing Services.
Supporting the local community in Barnsley
Getting to know the people of Dodworth.
On Saturday 27th June members of G M Wilson Solicitors Barnsley attended Dodworth Miners’ Welfare Juniors FC Summer Football Festival. As sponsors of one of the leagues, we were invited to visit the festival which was enjoyed by many members of the local community on a warm sunny summer’s afternoon in Dodworth.
“Many people in Dodworth aren’t aware that they have a solicitors practice right on their doorstep” explained senior partner David Brooke. “This was an excellent opportunity to meet to the people we hope will become clients of ours.”
After successfully supporting local clubs in the Denby Dale area, the firm are looking forward to supporting the local teams in the Barnsley area and in particular Dodworth.
Please click, if you are from the Dodworth or surrounding area, and would like to know more about our legal services.
Football Trials at St James' Park
Representatives from G. M. Wilson Solicitors attended Footballcv.com trials day at St. James’ Park.
A sunny day in Newcastle allowed staff from our Sports Law Department to observe both young, and up and coming football players participate in a well run day of trial matches arranged by Footballcv.com. Players from across the UK, Europe and beyond performed on the largest stage in the hope of impressing the many Premier League, Football League, Non-League and Semi-Professional scouts who were also in attendance.
Our Sports Law department contains 2 Authorised F.A Football Agents who act in player representation. We provide either a platform for young football players who are looking to break into the professional game, or a service for those who are already playing at professional level.
We represent professional players in contract negotiations and transfer deals as well as dealing with all other off-field matters such as sponsorship, accommodation, investment and transport. We also provide a service to young players by arranging trials at professional clubs as well as being a point of call for advice and assistance when they need it.
For more information please visit our specialised Sports Law website , or Footballcv.com.
APPRECIATED
Pictured with just some of the many Thank You cards she regularly receives is Sandra Drake who works as part of the conveyancing team here at G M Wilson Solicitors.
“Clients in this region tend to be very kind and appreciative” says Sandra. “They are certainly very generous in offering their thanks for all the conveyancing we undertake on their behalf. I have been with the firm for over five years now involved with residential property work and a very high proportion of clients send in a card thanking us for all our efforts and it’s always a delight to receive them".
Contact Sandra
COMMERCIAL ENERGY PERFORMANCE CERTIFICATES - an update
This note is an update commenting on the Regulations (as amended) in relation to commercial buildings only and is a reminder of the commercial impact of the requirement to obtain an EPC for those buildings.
An EPC must now be made available for most commercial property (regardless of size) that is put on the market or continues to be on the market.
WHAT IS AN EPC
An EPC is a certificate that contains information about the energy efficiency of a building, rating the building on a scale from A to G (similar to the rating system for white goods). The EPC must also be accompanied by a recommendation report for the possible improvement of the energy performance of the building. The EPC and recommendation report are to be issued by a qualified assessor. There is currently no requirement to implement the recommendations in the report.
WHICH COMMERCIAL BUILDINGS REQUIRE AN EPC?
Any commercial building for which energy is used to condition the indoor climate (including fixed heating, mechanical ventilation or air conditioning) requires an EPC. Buildings that only have hot water or electric lighting do not require an EPC.
Certain types of buildings are exempt from the requirement to obtain an EPC, including temporary buildings with a planned use time of two years or less, industrial sites and workshops with low energy demand and buildings that are to be demolished (provided such building is being sold or rented with vacant possession, the building is suitable for demolition, the site is suitable for redevelopment and there are reasonable grounds to believe the prospective buyer or tenant intends to demolish the building).
WHEN MUST AN EPC BE MADE AVALIABLE FOR A COMMERCIAL BUILDING?
Subject to the above exceptions, when a commercial building is sold or leased an EPC must be made available to prospective buyers/lessees if the property is put on the market or still on the market after 4 January 2009. Government guidance (The Guidance) indicates that the assignment of a lease and the grant of a sub-lease respectively are considered to be sales or letting. However, lease renewals, extensions, compulsory purchase orders, lease surrenders and the sale of shares in a company where the buildings remain owned by that company, will not amount to a sale or letting.
The EPC should be made at the earliest opportunity when the building is to be sold or leased, and in any event before the earlier of:
• Written information about the building being first provided as a result of a request by a prospective purchaser;
• The building viewed; and
• A contract for sale or let being entered into.
A seller or landlord will be liable to a penalty if any of the above actions occur without an EPC being made available. However, if the seller or landlord has ordered an EPC from an appropriately qualified assessor at least 14 days before the seller/landlord undertakes any of the
above actions, and the EPC has not been provided, then the seller/landlord will not be liable for the penalty charge and may proceed to allow viewings, provide written information or enter into a contract. The seller/landlord must make (and continue to make) all reasonable efforts and enquiries to obtain the EPC in time and the EPC must be given to the relevant buyer or tenant when it is obtained. It would appear that this exception was incorporated into the Regulations to avoid problems with a bottleneck for obtaining EPCs when they are first required due to a limited number of accredited energy assessors being able to provide them. The Guidance does not indicate whether this exception will be removed from the Regulations at a later date.
Although the Guidance is still fairly unclear on the exact deadlines as to when an EPC is ‘required’ (before there will be a penalty imposed), it would appear that in practice to avoid a penalty an EPC should be ordered as soon as possible and in any event at least 14 days before the earlier of any intended viewings, provision of information and exchange of contracts.
An EPC is also required in respect of a newly developed or redeveloped commercial building. Where a building is constructed or converted (into more or fewer units where the services are modified), the building control inspector cannot issue a completion certificate for the works unless an EPC and recommendation report have been given to the owner by the developer.
EPC's FOR MULTI-LET BUILDINGS OR PROPERTY PORTFOLIOS
If a part of a commercial building is being offered for sale or rent, whether an EPC is required for the whole building or that part is dependent on whether there is a common heating system. If the separate commercial units share a common heating system then an EPC can be prepared for either the whole building (and used when any part of the building is let or sold) or just for the part of the building that is being sold or let. If there is no common heating system, an EPC is required for each part of the commercial building that is offered for sale or rent.
HOW AND AT WHAT COST IS AN EPC OBTAINED?
The EPC and recommendation report must be produced by an accredited energy assessor. The Government keeps a register of accredited energy assessors which can be searched to commission an accredited energy assessor to provide an EPC (www.ndepcregister.com).
There is no set cost for an EPC and energy assessors are not required to scale or limit costs in any way. In practice, energy assessors’ costs appear to vary depending on the size, location and age of the building. By way of example, one energy assessor has advised that current costs for a level 3 or 4 building (buildings are rated levels 3,4 or 5 depending on their output and complexity of the heating/ventilation systems) can vary from £450 for the smallest and simplest building to £6,000 for a complex building.
HOW LONG IS AN EPC VALID?
An EPC is valid for 10 years from the date it was issued. An EPC for a building will be revoked if a new EPC is issued. If an EPC is prepared for part of a building, this will not revoke an EPC previously produced for the whole of the building and vice versa.
REGISTER OF EPCs
Landmark information Group Limited operates the register of EPCs on behalf of the Government. It is the energy assessor’s responsibility to register the EPC when issued. Once the EPC is registered it cannot be altered and must remain on the register for at least 20 years.
Enquiries may be made at the register as to whether an EPC exists for a property and the date of the EPC. However, a copy will only be provided if the EPC reference number is provided therefore limiting public access to the document.
ENFORCEMENT AND PENALTIES FOR FAILURE TO OBTAIN AN EPC
The Guidance states that it is the duty of the relevant local Weights and Measures Authority to enforce the EPC regulations in its area. There appears to be little information available about the enforcement of the EPC requirements to date and whether any penalties have in fact been imposed.
The Regulations provide that enforcement officers can request a copy of an EPC from the person required to have obtained it up to 6 months after the EPC was obtained. It is therefore important to keep a record of the EPC and reference number in case such an enquiry is made.
The penalty for failure to provide an EPC when selling or renting a commercial premises is, in most cases, 12.5% of the rateable value of the building. However, the penalty is subject to a minimum of £500 and maximum of £5000 limit. Where no formula can be applied, the default penalty is £750.
Simply paying the penalty will not act as an alternative to obtaining an EPC, as once the penalty has been imposed, if an EPC is not produced further penalties may be imposed until one is produced.
THE FUTURE OF EPCs
There remains a degree of uncertainty as to whether the EPC requirements will continue to develop beyond the current need to simply obtain the EPC on sale, lease or construction of a building. It is possible that, in the future, the rating given to a building in an EPC may be linked to a levy on Business Rates and that a requirement (or incentive) may be imposed to undertake the recommendations in the report to improve the energy efficiency of the buildings. For now though, it would seem the focus will be on the implementation of the Regulations, the accreditation of assessors to increase the speed within which EPCs are able to be obtained and the enforcement of the Regulations.