Property disputes can be both stressful and complex, impacting your finances, lifestyle, and peace of mind. Whether you are a homeowner, landlord, tenant, or involved in a commercial property matter, navigating these disputes requires expertise and a clear understanding of the legal landscape. At Thomas & Thomas Solicitors, we provide tailored legal solutions and support to resolve property disputes efficiently and effectively.

Types of Property Disputes

• Boundary Disputes: Disagreements over the exact boundaries of a property can lead to significant conflicts. These disputes often involve issues related to fences, walls, or land usage, and may require detailed land surveys and legal expertise to resolve.
• Tenancy and Lease Disputes: Issues between landlords and tenants can arise over various matters, including unpaid rent, property maintenance, and lease agreements. Both parties have specific rights and obligations under the lease, and disputes can sometimes escalate to eviction proceedings or claims for damages.
• Property Inheritance Disputes: When a property is inherited, disputes can arise among family members or between beneficiaries. These disputes often involve questions about the validity of wills, the distribution of assets, or the management of the inherited property.
• Commercial Property Disputes: Businesses can encounter disputes related to commercial leases, property management, or contractual obligations. These disputes can impact business operations and require a strategic approach to protect interests and minimise disruption.

Resolving disputes over property can be complicated and daunting however, with assistance from our legal experts, who have years of experience in this matter, you’ll be able to navigate these challenges smoothly and reach a favourable outcome. If you find yourself entangled in a property dispute or require legal advice, reach out to our friendly and knowledgeable staff today for a confidential discussion about how we can assist you in finding a resolution. To arrange a meeting with us or to discuss your property dispute please get in touch here or contact us reception@tandtlaw.co.uk.

Being a landlord in Wales can be challenging from keeping up with changing regulations to ensuring that you stay compliant with the law. On 1st December 2022, the Renting Homes (Wales) Act 2016 came into effect and replaced certain provisions in UK-wide law (like the Housing Act 1985 and the Housing Act 1988). It also amended existing Welsh law, including the Renting Homes (Wales) Act 2019.

There was a six-month grace period for landlords, granted from the date the law came into effect to allow landlords to convert existing tenancies into new occupation contracts, as per the Act’s requirements. This, however, is well and truly over. Understanding and abiding by the new rules is therefore more critical than ever.

In this blog, our trainee solicitor, Jess Key, explains more and how these legislative changes affect both new and established rental agreements.

Q: Are there new penalties for landlords who are not compliant?

A: Yes. When the Act was adopted in December 2022 the penalties for non-compliance were established and they currently exist, which include:

• Rent Stopping Orders: This penalty can prevent a landlord from collecting rent until they rectify the issues that have led to non-compliance. This is a powerful tool to ensure landlords take immediate action to meet their obligations.
• Fixed Penalty Notices: Landlords can be fined for specific breaches of the legislation. These fines serve as a deterrent against breaking regulations and encourage landlords to maintain their properties and obligations.
• Criminal Prosecution and Fines: In severe cases of non-compliance, landlords may face criminal prosecution, which could lead to substantial fines. This penalty underscores the seriousness of adhering to the regulations.
• Invalid Notices: Landlords that circumvent these new rules may find that they are unable to serve certain valid notices to tenants, such as those required to regain possession of the property. This can create significant legal and financial challenges for landlords who fail to comply.

Q: Will this law affect existing tenants and landlords?

A: Yes, this law affects all existing tenants and landlords in Wales as it has been in force now for 20 months. Since the end of the six-month grace period all tenancies, whether entered into before or after the 1st December 2022, are now subject to these regulations. Both landlords and tenants must understand and adhere to the new requirements, as they are fully applicable across all rental agreements in Wales.

To find out more about the Renting Homes (Wales) Act 2016 and how it could affect you whether as a landlord or a tenant, then do contact our team here who will be happy to help.

Equity release is a good way to give over 55s the opportunity to release some of the money held in their property without selling it, offering them the freedom to do things that they may not otherwise have been able to do. That money could be to help family financially, to pay off debt or to fund day-to-day retirement costs. Meanwhile, some homeowners use it to travel or for home or garden improvements. With house prices having risen by 73% in ten years, according to latest Office of National Statistics figures, many people now have a considerable proportion of their wealth invested in their property which they want to benefit from – so how do you go about releasing that equity in your home?

What is Home Equity?

Home equity is the value of your property, minus your mortgage balance. For example, if your home is valued at £500,000 with a remaining mortgage debt of £200,000, you have £300,000 in equity in your property. Equity accumulates in two ways; by paying off the mortgage and through the appreciation of the property’s value over time.

How to release Home Equity?

There are two ways to release equity; lifetime mortgages and home reversion plans. Both choices provide a way to obtain funds for a range of purposes such as home improvements, debt settlement and supplementing retirement income.

What are Lifetime Mortgages?

Lifetime mortgages offer homeowners a way to access funds, either through a lump sum or regular payments based on their home’s value, whilst allowing them to retain ownership of their property. Typically, the amount borrowed along with any accumulated interest is repaid when the homeowner passes away or moves into long term care.

Key considerations

1. Eligibility: Homeowners must be at least 55 years old. The amount that can be borrowed is determined based on the homeowners age and the value of their property.

2. Interest: The interest on the loan can be compounded (added to the loan balance) or paid off periodically. When compounded, it means no repayments are needed during the homeowner’s lifetime unless they choose otherwise.

3. Repayment: The loan is settled when the property is sold – either upon the homeowner’s passing or when they move into long term care. Any remaining equity after repaying the loan and interest goes to the homeowner’s estate or inherited by their beneficiaries.

4. Safeguards: Reputable lenders ensure that homeowners never owe more than their property’s value through a ‘No Equity Guarantee’.

Applying for a Lifetime Mortgage

You can apply for equity release via a solicitors’ Residential Conveyancing team such as ours. Once we complete the legally required ID checks, and receive and review your mortgage offer, we will meet with you in person to run through these documents for signing and sending to the mortgage company solicitors. Completion tends to take place between weeks 6 – 10. Following completion, the mortgage company solicitors will make an application to the land registry to register the new charge.

Sometimes, equity release applications can take many months to complete. Matters that can slow the process down include:

• Unregistered properties
• Deceased owners on title deeds
• Lease extensions
• Undisclosed information at application stages
• Property down valuations
• Separation agreements
• Properties held in trust
• Applying to the courts of protection
• CCJ’s, cautions and restrictions on the title deeds
• Discrepancies in the names of proprietor
• Dicrepencies in property address
• Merger of leasehold and freehold

Alternatives to Lifetime Mortgages

A lifetime mortgage isn’t for everyone, but there are other ways to access cash.

Choosing to downsize your home and buy a smaller property is an alternative that can help you access some cash without needing to take out a Lifetime Mortgage or release equity.

Similarly, Retirement Interest Mortgages (RIOs) function much like lifetime mortgages, with the main difference being that you do have to make interest payments, which can prevent the loan from growing over time.

Another option is a Home Reversion Plan which involves selling a portion or all the property to a provider in exchange for a lump sum or regular payments, while retaining the right to live in the home rent-free.

While lifetime mortgages and other equity release options provide people with ways to access the money that is tied up in their homes, it’s important to consider factors such as interest accumulation and how this might impact any inheritance you plan to leave.

Getting advice from professionals who fully grasp the terms involved and will explore every option available to you is a crucial step in making a well-informed decision about your financial future.

For expert assistance in securing your retirement finances, our dedicated residential conveyancing team at Thomas and Thomas Solicitors offers a range of services. Please read through our next steps guide related to Lifetime Mortgages and Equity Release or contact us for support and information here.

Benefits of Auctioning Your Property

But why consider selling your property through auction at all? The process can be much faster and more secure than a traditional house sale, which may take several months in a property chain and can be subject to change depending on buyers pulling out. The journey itself can also be far easier and less stressful than selling through an estate agent, with less fees to pay, demands to negotiate and marketing to do.

What’s more, auctions often attract ambitious property investors and builders that are more likely to show interest in unusual properties or properties that need a little work done. The competitive spirit of the market encourages multiple bids, which may lead to a higher selling price than you were expecting.

How Solicitors Assist in the Process

Solicitors can help with a range of legal matters, and that includes the process of selling a property at an auction. To prepare, a solicitor will send you a welcome pack to complete and return with evidence of funding to prove you are able to pay the relevant auction fees.

Once initial checks, searches and payments are complete, and you have chosen the auction house you would like to sell through, an auction pack will be sent to your solicitor, which includes property details ahead of the sale itself.

Depending on what type of auction you are pursuing, the next few steps differ.

• Before a traditional auction takes place, the auction pack will be shared with any potential buyers and their legal representatives. Your solicitor can also deal with any pre-auction enquiries on your behalf. The auction itself will then take place and, if there is a buyer, contracts will be exchanged. The buyer will also pay you a deposit, and after it goes through, you will agree on a completion date.
• In a modern auction, we will write a report on the auction pack and share this with you. In the meantime, you can arrange any necessary surveys of the property. You would then reserve your property in the online auction by paying its agent a reservation fee. If a buyer is found, we will send you the contract documents to sign via email and then exchange them with the buyer. Then, a completion date will be agreed.

Selling your property via auction is generally much faster than going through an estate agent and the property ladder. Property auctions are an exciting opportunity for sellers who are comfortable with the possibility that their sale is not guaranteed. Selling your property in an auction should be considered carefully if you have the funds to do so, although it’s best to have other options in mind just in case the auction is not successful.

If you need help and support with selling your property through auction, our team of specialists at Thomas and Thomas Solicitors provide a comprehensive range of conveyancing services. For further support and advice, contact us here.