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Newheartlands notice spells regeneration area.


WE have received a notification that our house is in a Newheartlands area. What does this mean?

IN April 2003, the government launched an initiative designed to confront housing abandonment and neighbourhood decline. Nine areas throughout the country were identified as being in specific need of investment, including Merseyside.

A 10-15 year programme has been designed to deliver improvements to social housing and environment. Certain areas within the city have been designated as presenting major opportunities for new development.

Within a Newheartlands area, some properties may be compulsorily purchased and, if you receive a notice, you should consult a solicitor.

MY partner is exercising the right to buy his house from the council, but cannot afford the whole price. I am going to provide pounds 5,000 towards it. Will I be entitled to have my name on the deeds?

IN the case of a right to buy, it is only the council's tenant who will be the named owner of the property.

You need to ensure your partner agrees to enter into a trust deed with you, which confirms your contribution, and can be noted against the registered title. The trust should also set out a procedure for selling the property, which will enable you to recoup your investment if your partner cannot afford to buy you out.

MY granddaughter is buying a flat in London, but is not earning a high enough salary for the mortgage she needs. I would like to lend it to her. How should I proceed?

IT IS always best to document a loan, so there is no misunderstanding about what was agreed. You may wish to charge interest or provide for the loan to be repaid in a specified period.

It is also possible for you to put a charge on the house to secure your loan in the same way as any high street lender and one way of doing this is a shared equity mortgage.

Alternatively, you can agree you have an interest in the property, although you do not want to put a charge on it and this can be effected by a deed of trust.

Consult a solicitor and your granddaughter's conveyancer must inform her mortgage company of the arrangement.

Julia Posener specialises in commercial property at Goodmans solicitors and is also head of property. She can be contacted via the Allerton office on 0800 073 0123
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Copyright 2006 Gale, Cengage Learning. All rights reserved.

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Title Annotation:Features
Publication:Liverpool Echo (Liverpool, England)
Date:Jan 11, 2006
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