Page 20 - Survey 2020: The Star Business

a
PROPERTY
a
ADVERTISEMENT FEATURE
New Year to shape up your property assets
I recently read an article on New Year Resolutions and it will come as no surprise to an- yone that being healthier and saving money were in the top three.
It got me thinking that most people make person- al resolutions when actual- ly the same focus could and should be applied to your property assets.
That applies to both res- idential and commercial properties.
Property is generally our most valuable asset, so get- ting them into shape would be a good way to start the new decade.
Here are five things you could look at:
Check your title deeds. If they are unregistered you
should consider registering them at the Land Registry.
Whilst unregistered title deeds are still valid legal doc- uments, registering them re- moves the risk of loss,.
It also ensures that prop- er legal ownership exists and can be evidenced for the full extent of the prop- erty owned.
If your property is not mortgaged, or you live abroad, it could be that your title deeds are more vulner- able to fraudsters.
Placing a restriction on the deeds at the Land Reg- istry - which would prevent any person dealing with the deeds unless certain criteria are met - helps to minimise this risk.
The Land Registry can al-
so send you alerts.
If your property is lease-
hold, I would advise that you keep an eye on the number of years remaining on the lease.
If it less than 100 years you should consider taking action.
It may be that you have the right to extend your lease.
You may also be able to purchase the freehold inter- est in your residential prop- erty if you have owned it for more than two years and the original lease was for over 21 years.
If you are the landlord or tenant of a commercial prop- erty, a regular review of your lease should be undertaken.
You should check if there are any rent reviews - an op-
portunity to increase the rent - or break clauses - an opportunity to terminate the lease early - on the horizon.
If there are, critical notice periods may apply and must be adhered to, to maintain the rights.
Good practice is that all tenancies, residential and commercial, should be writ- ten.
This ensures that all par- ties know their rights and where they stand.
At Banner Jones we can advise and assist you with getting your property and title deeds into shape, how- ever.
With regards to being healthier, I am afraid I can- not help - that one is down to you!
Rachel Flintoft.