A typical sale and purchase transaction is a two-stage process involving an exchange of contracts between the buyer and the seller followed by completion of the legal transfer.
2. England and Wales have historically had a
dynamic, flexible and transparent property
market, offering a broad variety of
investment options. Overseas purchasers in
particular are increasingly assessing
opportunities in England and Wales as
potentially attractively priced assets,
particularly in light of the lack of
restrictions on foreign nationals or
overseas companies buying or renting
property.
4. Where the property (both land and structures)
is effectively owned by the buyer. A buyer may
choose to own the freehold as this gives the
most control, has a capital value and will enable
the grant of leases to secure an income stream.
However, it should be noted that freehold
ownership may still be subject to certain
covenants, for example, restricting the use of
the property and/or rights of others, such as
rights of way for third parties across the
property.
6. Land can be held by more than one person
in one of two ways; either as a joint
tenancy or a tenancy-in-common. The legal
ownership can be held by a maximum of
four owners. In the case of individuals, a
joint tenancy is a form of ownership where
normally, should one owner die the
property will automatically vest in the
surviving owner(s), regardless of the terms
of the deceased’s will.