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Wednesday, 19 July 2017

Planning your wedding? Don’t forget the pre-nup!

prenuptial agreement wedding rings AdobeStock_127773221Wedding season is in full swing and many couples are busy organising their wedding venue, decorations, videographer and photographer and much more. The only financial security usually obtained is wedding insurance but there is a much bigger picture to consider.

No-one likes to think about the worst case scenario especially whilst planning what should be the happiest day of their lives. However, consideration should be given to a pre-nuptial agreement which if completed correctly can be your insurance for your future and can protect your assets.

The law relating to marital finances on divorce in England and Wales is complex. Judges have a very wide discretion and can make a range of orders that it deems fair and appropriate after considering all the circumstances of the case.

In the recent case of Sharp v Sharp [2017] EWCA Civ 408, the Court of Appeal held that it was not fair to apply the equal sharing principle providing for a 50/50 split of the matrimonial assets due to various reasons one of which being the short length of the marriage. Mrs Sharp’s appeal was successful and Mr Sharp’s original award was reduced by £725,000.

A pre-nuptial agreement is not legally binding, however, they started to carry more weight since the case of Radmacher v Granatino [2010] UKSC 42, when it was confirmed that

“The court should give effect to a nuptial agreement that is freely entered into by each party with a full appreciation of its implications unless in the circumstances prevailing it would be fair not to hold the parties to their agreement”. This means that the pre-nuptial agreement should be upheld provided certain formalities have been complied with and the agreement is fair.

Include a pre-nuptial agreement in your wedding planning so that you and your partner can decide what happens to your finances in the unfortunate event that the marriage breaks down otherwise you may be left with a large legal costs bill and an unfavourable decision.

If you would like to know more about the benefits of a pre-nuptial agreement and the legal formalities and procedure involved, please do not hesitate to contact Sarah Wasaya for an initial consultation.

Sarah Wasaya

Associate Solicitor

Resolution Accredited Specialist in Family Law

Email: swasaya@rollingsons.co.uk

Direct Dial: 0207 611 4812

Monday, 6 June 2016

How to buy the freehold to your lease

Once you have lived in your leasehold property, you may decide that you like the area and property enough and have the finances in place to purchase the freehold to the property. The difference between leasehold and freehold is that as a leaseholder you only own the right to occupy the building during the length of the lease but as the freeholder you own the property outright. This article will explain the process of buying the freehold to your leasehold property.

New legislation has made the process of buying the freehold to your leasehold property easier and it’s also possible to do it as a group of leaseholders who lease individual flats within one building. To have the legal right to buy the freehold you must meet certain requirements; if you do you can force the freeholder to sell the freehold to you. Alternatively, you can negotiate with the freeholder and purchase the freehold by mutual agreement.

Wednesday, 11 May 2016

13 leaseholder rights

If you own or plan on owning a leasehold property it is important that you understand the legal nature of this type of property ownership.

The ownership of a leasehold property is very different to owning the freehold, as our article ‘The difference between leasehold & freehold’ explains in detail. This article will focus on your rights as a leaseholder, which should be outlined in your leasehold contract with the landlord. 

One of your simplest rights is that you will have the right to peaceful occupation of the property for the duration of the lease, called ‘quiet enjoyment’. Contractually, you also have the right to expect the freeholder to maintain, repair and manage any shared parts of the building. Shared areas are parts of the property that you do not own as part of your lease but have the right to access. Shared parts of the building are likely to include the exterior of the property, the entrance hall and staircases. There are many other rights that the leaseholder has and should be aware of.

Monday, 2 May 2016

Top tips for new business investors

Investing in a business is a great way to increase the return on your savings but it is also risky and without the correct preparation you could lose all of the investment. You should also pay particular attention to how you can invest in businesses as there are many options and variables that could affect your decisions. If you are interested in business investing, the following tips should hopefully help you make decisive decisions.

Don’t gamble
It is vital that you research the business you are interested in to evaluate how successful the business is likely to be and whatever you do, do not make snap decisions. There are several aspects of a business that you should look into. The first should be the size of the market for the product or service the company is offering. You need to ensure that the market is big enough for the company to grow sufficiently to see a return on your investment. Your next challenge is to appraise the managers of the business to ensure the company has the right people to drive the business forward.

Tuesday, 12 April 2016

Investing through crowdfunding

When exploring how to invest in businesses you will discover that there are many methods available and you should not overlook the option of investing through a crowdfunding website. There are two types of crowdfunding. The most common campaign is where a business offers people a product (often at a discount) or gift in return for their money. The second form of crowdfunding is where businesses offer equity shares in return for their money.

Thursday, 7 April 2016

How to extend your leasehold’s length

In a previous article we explained the difference between owning a leasehold and owning a freehold. This article looks specifically at how to extend the length of a leasehold if you own one.

If you have bought a leasehold to a property, you own the right to live in that property for a specific number of years. Eventually however, your lease will run out and the ownership will return the freeholder. Additionally, if you have less than 60 years left on your lease it will be almost impossible to remortgage which will drastically reduce your ability to move home. Therefore you should avoid allowing your lease to drop below this threshold.

Friday, 18 March 2016

2 major benefits of buying a leasehold

It can be very difficult getting on the property ladder and because of the expense involved many people choose to rent instead.

Becoming a leaseholder could be a better solution. In a previous article we explained the difference between buying a freehold and a leasehold; freehold is where you own the property and the land outright and leasehold is where you lease the property from the freeholder for a particular period of time.

However, if you are considering buying a leasehold property you should make sure that you choose a property with a long lease otherwise you can expect the value of your lease to quickly decline.