Five FAQs about property law
What is the most important aspect of commercial leases of which to be aware?
Commercial leases can be some of the most complex legal documents your business will ever encounter. One of the most important clauses your property solicitor should consider for you is the break clause. The break clause defines how you can get out of your lease early if you should want to and what penalties you may have to pay.
Do I need to keep anyone informed about my status as a property owner?
Yes, as all property in the UK must be registered with the Land Registry. Your personal details (if you got married for instance) and the details about the property (such as any mortgage taken out on the property) must be sent to the Land Registry to keep your file up-to-date. If you’re unsure whether you need to inform the Land Registry of anything, consult with a property lawyer.
What property law should I be aware of if I rent a room in my home?
The Rent a Room scheme defines the law that relates to your property. Under the scheme you are allowed an income of £4,250 a year before you would have to pay tax. You must ensure your landlord or mortgage lender allows the scheme in their property. If you have any questions about your legal status, a property solicitor can help.
Do I have to pay any taxes on property I rent abroad?
Your solicitor would look at your personal circumstances first, as only those people that live in the UK and pay tax here would have to declare their income from any property they rent overseas. Your solicitor will explain that if you live in the UK for more than 183 days a year, UK property law would apply to you as you would be considered a resident.
How can a solicitor help with property law?
As property law can be highly complex in some areas – commercial property and leases are a good example – having the help and guidance of a property solicitor is sensible. Your property solicitor will be able to ensure that you comply with all property regulations.
If you would like to obtain legal advice on property law, Caven can put you in touch with a local property solicitor free of charge. So, if you have any questions or would like our help in finding local property solicitors please call us on 08001 221 2299 or complete the web-form above.
- Last Updated on 28/03/2012