Questions - Page 3
Why choose co-ownership? | Why Co-housing | How does co-ownership work? | What about Land Tenure? | Personal and Legal Matters | HIPS - Home Information Packs | Further Information
Personal and Legal Matters
Co-owners need to take time to get to know each other. Friendships and relationships take time and effort. Finding a suitable property may also be a lengthy process. Prospective co-owners should seek advice, and they should each have their own solicitor. They should come to an agreement on a get out clause; and discuss the issue of the death of a co-owner. Co-owners should each create a Lasting Power of Attorney, as a way of allowing a designated person to manage their finances in the event of mental incapacity. Co-owners should each make a Will.
HIPS - Home Information Packs
HIPS came into being this year for properties with four bedrooms or more. The HIP pack will need to contain the following information about a property for prospective buyers:
- Terms of Sale
- Evidence of Title
- Standard Searches
- Planning consents and building control certificates
- Property Information Form
- Warranties and Guarantees
- An energy efficiency assessment
- A Home Condition Report
The person marketing the property will be responsible for ensuring that the pack is available - usually the seller’s estate agent. For further information, go to the Royal Institution of Chartered Surveyors at www.RICS.org/HIPS