A listing does not stop a property being extended or altered, but consent may
be needed beforehand. Going ahead without consent is technically a criminal
offence.

Your conveyancer will ask the seller’s solicitor for a copy of the listing
from the local authority. They will also inquire whether the sellers or
previous owners have undertaken any works which would require listed
building consent. If they have, a copy of the consent should be obtained.

They will also check that there has been no breach of the conditions in the
listed building consent. This is important, as there is no time limit for
enforcing a breach of listed building consent. Regardless of when the works
were carried out or by whom, the current property owner remains responsible.

I am considering taking out equity release. What is the difference between
a reversion and a lifetime mortgage?

Richard, Wakefield

Equity release is a way of releasing cash from your home once you reach
retirement age, with most plans requiring the owner to be aged 55 or over.

There are plenty of products on the market to choose from, but before you
decide it is extremely important that you seek independent financial advice
from an expert.

The most popular plan is a “lifetime mortgage”, which enables you to borrow
money which is then secured against your home. This allows you to retain
full ownership.

Such products are different from a normal mortgage in that monthly repayments
are not required, and interest rolls up during the term. The amount borrowed
and the interest are then paid off when the property is sold upon your
death, or when you move into alternative accommodation or care. The
remaining equity would then be passed to you or your estate.

An alternative option is an “equity reversion plan”, which involves selling
your home to a reversion company but continuing to live in the property,
either free of charge or for a nominal monthly rent. When you die or move
into alternative accommodation or care, the reversion company sells the
property and takes the proceeds.

You can also transfer a part-share of the ownership of your home to a
reversion company to raise the sum you require, which enables you to retain
a share in the property. In such a scenario, when the property is
subsequently sold you or your estate would be entitled to the remainder.

Under all of these plans, you remain responsible for the maintenance and
upkeep of the property. This can be costly. If the home needs a new roof for
example, you should consider this when taking financial advice to ensure you
have sufficient funds in place to maintain your home for the rest of your
life.

Once you have decided on the best equity release plan, you will need to
appoint an independent solicitor to advise you on the legal implications.

When I moved into my last home 15 years ago I received a Land Certificate
from my solicitor that proved ownership. I have just bought another property
and my solicitor said the only document issued by the Land Registry is a
document called the “Official Copy of the Register”. Is this right?

Kevin, Plymouth

The Land Registry has not issued Land or Charge Certificates since October
2003, as part of a strategy to move to a paperless system of “electronic
conveyancing”. All existing certificates held by property owners have ceased
to have any legal significance.

Being listed as Registered Proprietor confirms your title to the property and
the Land Registry now only issues an Official Copy of the Register on
completion of your purchase, rather than a full Certificate.

Got a problem?

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