Due to the current weather conditions the staff at the Newnham & Jordan office is limited as the rest of our team members are working from home and will be providing their services remotely via home working.
If you wish to contact us please email the person/team dealing with your matter, or the office for initial enquiries, and we can communicate via email and/or provide mobile numbers where appropriate.
A restrictive covenant is an agreement made by Deed between land owners which restricts the way land may be used and developed. It is usually imposed by the seller of the land who wishes to retain some control over what happens after the land is sold.
Before you purchase a property with Restrictive Covenants you should make sure you are aware which ones have an expiry date (if any) and which run into infinity and whether there have been any breaches of the restrictions.
The landowner can put any restrictions they want, as long as they are reasonable (for example it might restrict the future use of the land, or restrict the ability to build on the land or add to existing buildings).
If there is a breach of restrictive covenant, the landowner who benefits from the covenant can apply to the court for damages against the current owner of the (servient) land and, if successful the owner of the (servient) land could end up having to pay compensation. If land that you own is subject to restrictive covenants and you considering carrying out work that would potentially breach the covenants, then it is advisable to get the dominant land owner to sign a deed of release which would release the land from the burden of the restrictive covenant. It is likely that the dominant landowner would require some form of monetary compensation in order to provide the release.
If the property deeds are old or the land has been transferred and split multiple times it is sometimes hard to determine the beneficiary of the restrictive covenant. In circumstances like these the servient land owner would be advised to take out an indemnity policy.
An indemnity policy can protect you in case you breach a restrictive covenant. The price of the indemnity insurance would depend on the value of the property and the time in which you take out the policy. It’s important that you read it carefully and understand what it covers. However, it should be noted that a standard indemnity policy will only cover prior breaches and not future breaches and is only a “litigation” tool.
For any property-related questions or queries do not hesitate to contact our Conveyancing team on 01202 877400.
A repossessed property is a home that’s been seized by the lender because the owner failed to pay the mortgage. The property is then sold to recoup the lender’s money. The lender usually wants to sell quickly which means you could get a bargain.
Due to the current weather conditions we have closed the office. Our main phone lines are therefore currently unmanned. Staff will be working remotely so please use email to communicate with the person/team dealing with your matter or use the office email for initial enquiries. We will then be able to continue to deal with your matter and provide appropriate mobile numbers where applicable.
A Lasting Power of Attorney (LPA) is a legal document that allows you to appoint individuals you trust (Attorneys’) to make decisions for you if you no longer wish to do so for yourself or if you reach a point where you are no longer able to make decisions. There are two types of LPA, one is in relation to your property and finances and the other one is in relation to your health and welfare. You don’t have to have both types of LPA although it is wise to consider having both in place.
Despite popular belief, LPAs are not just for the elderly. Planning ahead can ease the potential burden on your loved ones in case of a sudden injury or illness. It is always a good idea to have an LPA in place at an early stage when you have the choice of appointing someone you love and trust to this position, otherwise the Court of Protection may intervene and manage your financial affairs for you or the Deputy appointed by the Court of Protection may not have been your choice for dealing with your affairs.
The benefits of having an LPA in place are:
Saving Money – Without an LPA your family members may have no say in how your money is to be spent as the Court of Protection may step in to manage your finances and the legal fees in obtaining a Deputyship Order are generally considerably more than the cost of putting an LPA in place. It will also be necessary for the Deputy to make annual reports and obtain valuations of your assets, all of which add considerably to the cost of handling your affairs on your behalf.
Peace of mind – It’s always better to have someone that you trust and have chosen yourself to manage your affairs rather than someone appointed by the Court of Protection or the local authority who you’ve never met before.
Save distress to your family – Your loved ones will find it very difficult to manage your financial affairs for you if you don’t have a Property & Financial Affairs LPA as they will have no legal authority to do so. This will only add to the stress if they are unable to access finances to manage your personal needs due to an incapacity. Many health professionals will only deal with family members in respect of your Health & Welfare when you lack capacity if you have a Health & Welfare LPA in place. Without one your loved ones may have no say in your health care. A Health & Welfare LPA also provides you with the ability to allow your Attorneys to give or withold consent to life sustaining treatment when you lack capacity to make the decision for yourself.
Prevent financial hardship to your family – If one of the joint account holders looses mental capacity, the other account holder doesn’t automatically have a right of access unless an LPA was made prior to the incapacity or there’s a Court of Protection Order. If the joint account is frozen this could result in a significant financial hardship for a spouse or a partner who will have no access to the monies in the account which they may require for their daily living expenses.
If you have any questions about LPAs contact Angie Newnham today on 01202 877 400!
Many aren’t aware of the obligations that come with being an Executor of someone’s Will. Executors have a number of duties, depending on the complexity of the deceased person’s financial and family circumstances.
An Executor’s first task would be to find the deceased person’s property and manage it until it’s shared amongst the beneficiaries. This may involve deciding whether to sell land or securities owned by the deceased person. Making enquiries with both asset and liability holders and obtaining valuations for property, land, and personal chattels is the Executor’s requirement. After the enquiries have been made it will be clear to the Executor whether or not a Grant of Probate would be needed for dealing with the administration of the estate
A Grant of Probate is a document which authorises the executor to deal with the estate of the deceased. It enables them to deal with certain aspects of administering the estate like closing bank accounts and selling or transferring property. A Grant of Probate is not required to deal with the handling of all estates, however it is often the case that one would be required.
Once the assets and liabilities of the estate have been determined, the Executors will be required to submit an Inheritance Tax return which will confirm whether there is any Inheritance Tax due from the estate. The Executors will need to make sure that any reliefs have been applied and that the right sum of Inheritance Tax is paid. The Executors will also need to consider any lifetime gifts which the deceased made in the 7 years prior to their death as well as any trusts which they may have benefited from.
After completing the Inheritance Tax return the Executor will need to sign and swear an Oath. The Oath sets out information of the deceased and how the Executor has the right to deal with the administration of the estate. The Oath is submitted to the Probate Registry once it has been both signed and sworn. The Grant of Probate is normally issued in two weeks.
After receiving the Grant of Probate you would be able to progress with collecting in the assets of the estate. You will be able to arrange the closure of bank accounts and the sale and transfer of the property.
After all of the assets have been collected in and all of the liabilities have been paid, the Executors will then be able to distribute the estate according to the Will, or if there was no Will and the deceased died “intestate” then the estate will need to be distributed in accordance with the Rules of Intestacy. A set of Estate Accounts should be produced and – if requested – should be made available to beneficiaries and creditors of the estate.
The distribution of the estate to the beneficiaries is the Executor’s final task regarding its administration. An Executor is not required to administer an estate before the expiration of one year from the date of death (the “Executor’s Year”). However, if all of the assets have been collected in and all liabilities settled then there is no reason to delay paying the beneficiaries.
If you have been appointed as an Executor and you require any assistance in dealing with the administration of an estate please contact Angie Newnham on 1301202 877 400!