Miles Herman is a clever, understated lawyer who is at the top of his game.
Ownership of property is traditionally thought of as being a very simple area of the law.
However, it can, at times, be quite complicated, depending on the number of people that are interested in owning a property and the way in which they decide to structure their ownership.
Shared Ownership tends to involve no more than two people, who both want to own a property equally. In these circumstances the legal avenue they will most likely be interested in is called ‘Joint Tenancy’. The title can be a little misleading, but has some very important consequences in law:
Joint Tenants own a property equally between them. The property cannot be split into two equal ‘shares’ as it is owned in its entirety by both individuals;
Anything that concerns the property must be agreed by both Tenants, including any decisions to sell the property in the future. It is very important to be aware that property owned in Joint Tenancy cannot be given away in a Will.
Multi Ownership is sometimes better known by its legal name, ‘Tenancy in Common’. It tends to involve a number of people, i.e. more than two, who want to own a property. This arrangement is quite different to that of ‘Shared Ownership’:
Property that is owned under a ‘Tenancy in Common’ can be divided up however the tenants wish, e.g. the share of ownership is determined on the sum contributed to purchase the property;
Unlike ‘Shared Ownership’, the share of a property owned under a ‘Tenancy in Common’ can be used however the tenant wishes e.g. you could sell your share, or even set out that it is to be given to someone in your Will when you are no longer alive.
It is very important to be aware that there are different rules that apply, depending on the type of ownership of property that you are interested in. These rules are not widely known, and can be quite complicated if you have not had experience in dealing with them in the past. It is very important that you consider which option reflects your needs, and take specialist legal advice on what this would mean for you.
At Lewis Nedas, we have a great deal of experience in advising on the law regarding property ownership. We have a dedicated team of specialist Property lawyers who will be able to advise you on the different options available, and set out in detail how each option would impact on you as an owner.
We understand that you may have questions regarding how the law of property ownership may impact you in the long term, and whether or not you may be disadvantaged by option for one ownership structure over another. We are here to help. If you have any questions, please contact us now.
Book a
confidential
consultation
Miles Herman is a clever, understated lawyer who is at the top of his game.
Richard McConnell carried out conveyance for my family on 4 London flats, 1 sale and 3 purchases. In each instance he was excellent. The attention to detail and communication throughout the process was perfect. I have recommended Richard to several family members and friends who have been extremely pleased. I would have no hesitation in using Richard McConnell and Lewis Nedas in the future should the need arise.
I wanted to take the opportunity as well to thank you for everything that you have done on this case. The result that we got on Monday will have a massive positive impact not only on my life but the lives of all my family including that of my own son. I personally was struggling to hold back the tears when the sentence was being delivered by the judge and I know my father and sister felt the same too. It must be fantastic to work in a way that can have such a positive impact on people’s lives and I want you to know how much it all means to us all. Thanks a million and good luck with all that you do going forward.
Lewis Nedas advised me in a serious case of insider dealing. The lead solicitor dealing with my case was Jeffrey Lewis, who impressed me with his quick grasp of the very complex circumstances. His in-depth knowledge of how the City really works and his long experience of serious financial crime gave me great confidence. But it was also his friendly and supportive attitude, and readiness to take calls (or return them promptly if he was in court) which was very reassuring. I was delighted with the positive result of the case, and the speed and efficiency with which it was handled.
Hands on partner involvement leading a dynamic team who like to think out of the box. Results driven. Clear strategies. They can go toe to toe with the big “City” firms.
Lewis Nedas are an efficient litigation machine. If something needs to be done, they will do it. Have a real “the client comes first” attitude.
