New Year, new ….?
Although the Christmas and New Year excesses are now a distant blur, most of us are still doing well with those New Year Resolutions of eating and drinking less.
But how many of us resolved to put their personal legal affairs in order? It sounds an odd thing to do, but tidying up and reviewing is satisfying and can have serious benefits.
Many corporate lawyers create a “bible” that collates key papers relating to a company - the certificate of incorporation, registered office details and management papers.
Your home legal “bible” could include copies of your official HM Land Registry documents, including a plan of your home and its land. Solicitors can access this information directly from HM Land Registry, and can download the results in minutes.
Also in your “bible” why not keep a copy of any planning permissions, building regulations, completion certificates and guarantees? Having this information to hand is very useful if you decide to sell your home as your solicitor needs to provide it to your buyer.
If you do not have copies of your planning permissions, do not worry, since the latest internet developments now mean that the public can download the data from the Planning Inspectorate.
Frequently, buyers want to see FENSA (window) certificates, CORGI papers or electrical certificates so keep these with your other property documents.
Taken to its logical conclusion, a single reference source for all your home legal papers will save you time when you come to sell, and it will also trigger any possible queries.
Turning then to your private tax affairs. If two of you purchased your home you are either joint tenants or tenants in common. Your solicitor will probably have explained the difference at the time of your purchase.
In simple terms, when a joint tenant dies their interest in the property will pass automatically to the survivor. Conversely, a deceased tenant in common’s share would pass according to his or her will (or if there is no will a set of rules laid down by statute is applied).
Those of us who own a property as tenants in common must make quite sure they have a will. If there is no will there are serious and complex consequences for families and solicitors to unravel.
Most solicitors recommend a will review at least every three years, after all, if your car gets an annual MOT, aren’t your own private client and tax affairs equally important?
Finally, Powers of Attorney have changed significantly in late 2007. Whilst Enduring Powers of Attorney created before 1st October 2007 are still valid, attorneyships after that date are subject to a brand new regime. It’s a good idea to check with your legal advisers if you have any doubts.
Glossy magazines might suggest less smoking, less drinking and less chocolate for your New Year Resolutions but why not have a legal spring clean to put you in a great position for a successful 2008.
Monday, 07 January 2008
