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Deed of Variation

Expert Deed Of Variation Solicitors

If it is necessary to alter a Will or a lease, it may be possible to do this by executing a deed of variation. We take a look at when a deed of variation can be used and why.

At Solicitors Near Me, we connect people to legal experts to help in a wide range of circumstances. Our service will match you with a solicitor with the right level of expertise to deal with your case.

We select our solicitors for their legal excellence as well as for the high level of service they provide. If you need a deed of variation prepared or advice on whether this is the right option for your circumstances, we can find you a solicitor to give you the guidance you need.

To be connected to a specialist solicitor near to where you live or work, please either call us now on 0845 1391399 or complete a Free Online Enquiry.

What Is A Deed Of Variation?

A deed of variation is a legal document that can formally change the terms of either:

A Will; or
A lease

When Do You Use A Deed Of Variation?

Deed Of Variation Of A Will

A deed of variation of a Will is used by beneficiaries who want to change the terms of a Will. A beneficiary can only make a deed of variation to change a Will in certain circumstances and the change can only relate to the portion of the estate that they are entitled to receive and not to anyone else’s share.

The deed of variation will set out what the beneficiary wants to happen to their inheritance instead.

Why Vary A Will?

There are many reasons why you may want to change the terms of a Will to allow someone else to benefit from your inheritance, including:

To avoid paying Inheritance Tax on the same money twice, firstly when money is passed to you and then in time when it is passed on to your choice of beneficiary. If the money goes straight to the final beneficiary, it will not form part of your estate, so no Inheritance Tax would be payable on it
To reduce a Capital Gains Tax liability
You would like someone else to benefit from the money now and you do not need it yourself
You feel that the money should have been shared differently and you want to put that into effect, for example, someone may have been excluded from the Will or a child has been born since the Will was written
You would like to make a donation to charity and by changing the Will, Inheritance Tax will not have to be paid on the money going to charity

Legal Advice On Varying A Will

It is important to take legal advice before agreeing to a deed of variation. There could be implications for others as well as yourself, for example, the estate could become liable for more Inheritance Tax if the deceased was your spouse and you leave your inheritance to someone else. This is because, as a spouse, you would not pay Inheritance Tax on money from your spouse’s estate.

Tax issues surrounding inheritance are notoriously complex and you are strongly advised to speak to an expert Wills and probate solicitor who will be able to ensure that any changes you make are beneficial and that you fully understand the implications of making them.

Who Can Vary A Will?

To vary a Will, you and all of the beneficiaries named in the Will need to be aged 18 or more.

All of the beneficiaries must agree to the proposed changes. You cannot be compensated in return for agreeing to adjust your share, either by another beneficiary or by anyone else.

In some circumstances, the court may need to give its approval to a deed of variation, including where children or unborn children could be affected by the change.

Deed Of Variation Of A Lease

A deed of variation of a lease can be used to change certain terms contained in a lease. This is the document made between the freeholder of a property and someone who has a leasehold interest. A common example is a flat owner, where the freeholder owns the land and buildings and the flat owner has a lease of their individual flat.

Leases are lengthy documents containing many terms and conditions, including the length of the lease, the rent payable, requirements to give notice in respect of certain issues such as alterations and restrictive covenants preventing the leaseholder from carrying out certain actions, such as keeping pets at the property.

Why Vary A Lease?

You may want to vary your lease for a variety of reasons, including to:

Extend the term of the lease informally by agreement with your landlord
Address a legal issue so that you can sell the property
Amend or remove a restrictive covenant, for example, to allow someone to carry out business at the property or to sublet the flat
Change provisions surrounding ground rent
There is an error in the original lease

Legal Advice On Varying A Lease

If you have been offered a deed of variation to change your lease, you should speak to an expert property solicitor before agreeing to the alterations. Similarly, if you wish to make changes yourself, you are advised to ask a solicitor to draft and register the deed of variation to ensure that it is legally effective and that it has been correctly worded.

A property solicitor will also be able to advise you of the implications of agreeing to a deed of variation and check that the alterations are in your best interests.

If the property is subject to a mortgage, the lender will also need to approve the variation and give their consent. This will need to be dealt with by your solicitor.

The other party will also need to approve the deed and execute it. If you are the leaseholder, the other party is the freeholder. They are likely to refer the matter to their solicitor for advice before signing.

How Much Does A Deed Of Variation Cost?

The cost of a deed of variation will depend on how complex the situation is and how much work is required by your solicitor.

We can match you with a solicitor with the right level of experience so that you will not pay for more expertise than you need. They will be able to provide you with an estimate of the costs at the outset so that you know from the start how much the work is likely to cost.

They will also be able to advise you of any other potential costs such as valuation fees, Land Registry fees and whether you will be required to pay the landlord’s legal costs.

Contact local deed of variation solicitors

To be connected to a specialist discrimination solicitor near to where you live or work, please either call us now on 0845 1391399 or complete a Free Online Enquiry.

What Are Hidden Assets?

What Are Hidden Assets? – Expert hidden assets solicitors

Individuals may decide to hide assets for different reasons, including in divorce, in criminal cases and when facing insolvency. We take a look at why assets are hidden, how they are hidden and how divorce and criminal lawyers can trace them.

At Solicitors Near Me, we specialise in finding local solicitors with the legal experience you need. We know how hard it can be to find lawyers with genuine expertise who provide good value for money and excellent service.

Solicitors recommended by us are selected because they meet these criteria. If you are dealing with a case involving hidden assets, we can connect you with the right legal expert who will be able to provide the level of assistance you need.

To be connected to a specialist solicitor near to where you live or work, please either call us now on 0845 1391399 or complete a Free Online Enquiry.

What Are Hidden Assets?

Hidden assets are items of value that an individual has attempted to put where they cannot be traced. This could be:

Cash
Property, to include overseas property
Pensions
Investments
Insurance policies
Shares
Valuable items such as cars, jewellery or art

When someone is going through a divorce or insolvency and they fail to fully disclose assets, these are referred to as hidden assets. The court will penalise those hiding assets.
Where hidden assets come to light after the court has dealt with an issue such as a financial settlement in divorce, the matter can be reopened and a new order made.

When And How Do People Usually Hide Assets?

People may choose to try and hide assets if they are facing a divorce to prevent the assets from being taken into account when a financial settlement is made.

Criminals and those accused of criminal conduct may also attempt to hide assets to prevent them from being frozen during an investigation or seized under a proceeds of crime order. They may also attempt to hide assets to avoid paying tax.

Individuals facing insolvency may try to hide assets from creditors and administrators.

Property and cash may be put into trusts, including offshore trusts, while tangible assets may be stored where the individual believes they will not be found. Companies may also be used to hide and move assets.

In some cases, those trying to hide assets use a combination of accounts, companies, trusts and property to try to cover their tracks as well as moving money more than once to increase confusion. Third parties can also be used to hold assets for the direction of legal proceedings.

How Do Divorce And Criminal Lawyers Find These Hidden Assets?

Solicitors can take steps to locate assets so that they can be dealt with legally, for example, included in matrimonial finances on a divorce or used by an insolvency practitioner to reimburse creditors.

There are a wide range of tactics and checks that can be used to look for assets, including looking at records in the public domain, such as:

Company accounts
Company directorships
Property transactions
Shareholdings
Credit reports
Vehicle ownership

Solicitors also use asset-tracing services to uncover information such as:

Use of different names
Searches of company records
Searches of property ownership records
Assets owned by businesses

Solicitors are also able to ask the court to make orders requiring an individual to disclose information, to include:

An order for disclosure, requiring details of assets to be provided
An order for non-party disclosure, enabling a solicitor to obtain information from other sources, such as banks, employers, accountants, new partners and HM Revenue & Customs
A search order, sometimes granted if there is believed to be a risk that documents and other evidence will be destroyed
An avoidance of disposition order, allowing the value of assets that have been moved or sold to be included in calculations such calculations in a divorce settlement
An order adding back the value of assets spent by an individual to the value of matrimonial assets, so that this sum can be included when the size of the settlement is considered
A freezing order to prevent assets from being moved

Where necessary, other experts can be engaged, such as investigation agents, asset tracing agencies and forensic accountants.

Locating hidden assets can mean that a divorce settlement is considerably larger than it might otherwise have been or that creditors are able to recover money they are owed, rather than having to write off a debt.

How Do The Courts Deal With Hidden Assets?

The courts can be asked to make orders allowing hidden assets to be discovered, including orders detailing exactly what is to be disclosed. Where individuals fail to comply, they can be held in contempt and penalised.

As well as penalties for being in contempt of court, the individual at fault may be required to pay the other side’s legal costs and receive a reduced award in any final judgment.

Where there is evidence that assets have existed but have not been located, it is also open to the court to draw an adverse inference from the situation. For example, where an individual has been living a lavish lifestyle but claims to have no money, the court can draw the inference that more financial resources exist than have been disclosed. It can then make an order that takes this into account.

Should I Investigate Hidden Assets?

While it may be tempting to try and locate assets yourself if you believe that they have been hidden, it is generally recommended that you ask professionals to deal with this. There is a risk that you could alert the person involved so that assets are moved and hidden more securely and there is also a chance you could inadvertently do something which is not legal. This would mean that as well as breaking the law, the information you obtain would not be included by the court when it considers your case.

By engaging a solicitor to find hidden assets, you can be sure that discovery will be legal and the information that comes to light can be used in court to support your case. The courts take a dim view of hiding assets and will generally take steps to ensure that assets that someone has attempted to secrete are taken into account when judgments are made.

Contact Local Solicitors For Hidden Assets

To be connected to a specialist solicitor near to where you live or work, please either call us now on 0845 1391399 or complete a Free Online Enquiry.

Racial Discrimination Lawyer

Racial discrimination lawyers are adept at helping you if there has been an instance of racial discrimination in your life. Racial Discrimination Lawyer Near You.

That might be at work, in an education setting or in many places – but if you’ve suffered racial discrimination, you should note that you can take action.

Racial discrimination is a serious matter and one that you’re protected against under the Equality Act 2010.

To be connected to a specialist discrimination solicitor near to where you live or work, please either call us now on 0845 1391399 or complete a Free Online Enquiry.

Racial Discrimination Lawyers

Knowing what to do when you experience or witness racial discrimination isn’t easy, whether it’s in the workplace or elsewhere.

Under the Equality Act 2010, you’re protected against any discrimination because of your race, as well as other protected characteristics such as age, marriage and civil partnership, religion or beliefs, amongst others.

It’s down to employers to do everything to protect their staff, workers, and applicants from discrimination, and if discrimination still occurs, it might be that they have not done enough to prevent it.

Another part of discrimination law means that employers have a duty of care to look after the wellbeing of their employees. So, if you feel that they haven’t done so, it could lead to a breach of contract and in some cases, may lead to a constructive dismissal case.

Lawyers For Racial Discrimination

Racial discrimination is just one aspect of discrimination and there are several other protected characteristics. Discrimination can fall under more than one category in certain circumstances, so it’s worth speaking to a legal expert to understand the full details of your case.

If you’ve experienced racial discrimination, the first thing you should do is seek advice.

A racial discrimination lawyer can assist you with the important legal aspects of your case, including if you’re planning to take legal action.

Acas sets out a code of practice for the process that should be followed once a grievance has been raised, although many employers will have their own process in place.

A formal grievance meeting should take place within four weeks, giving time for your employer to collate any evidence.

It’s also worth knowing that there is more than one type of discrimination, which might mean a different process for raising a grievance…

Direct discrimination is when you’re treated unfairly or negatively because of your race, which could mean that you’ve been overlooked for a job or a promotion despite being the best-qualified candidate.

Indirect discrimination is where the criteria of something has a discriminatory effect on you because of your race, so while it’s not specifically directed at you, it has a negative effect on you because of your race.

Racial Discrimination Lawyers Near Me

At Solicitors Near Me, we understand that racial discrimination in the workplace is a difficult and sensitive issue.

Our expert racial discrimination solicitors can help advise you throughout the process to achieve a positive outcome for you.

And we even connect you with expert employment solicitors near you for FREE.

Yep, there’s no obligation to proceed with the solicitor we connect you with and until you choose to go ahead with a solicitor, everything is completely FREE.

To be connected to a specialist discrimination solicitor near to where you live or work, please either call us now on 0845 1391399 or complete a Free Online Enquiry.

Tenants In Common And Care Home Fees – Everything You Need To Know

Care home fees can be much higher than many people expect. Understandably, this means there is often a desire to minimise those costs. The way owning property as tenants in common and care home fees works can be a very beneficial interaction to understand.

Because if you own property as joint tenants, it can create problems when your local authority calculates your care home fees. The most prominent of these is that you may essentially be required to sell your home to cover the fees.

To be connected to a specialist solicitor near to where you live or work, please either call us now on 0845 1391399 or complete a Free Online Enquiry.

This makes it important to explore the best way to own property if you want to ensure the care home fees you have to pay are fair and affordable. Let’s walk through how this could work:

The Two Ways To Own Property – Jointly Or Tenants In Common

There are two ways to own property in the UK – as joint tenants or as tenants in common.

Joint tenants own a property equally. They have a 50% share each and, among other features of this arrangement, have no say in what happens to that share. They cannot leave it to someone else in their will, for example. The surviving tenant will always inherit full ownership.

Tenants in common, by contrast, own specific shares of a property. These can be unequal and they can be changed during the course of ownership. They can also be left to beneficiaries other than the surviving partner in a will.

These and other differences between being tenants in common and joint tenants have a large impact when it comes to how your capital is assessed for care home fees.

What Happens With Jointly Owned Property And Care Home Fees?

Your local authority will carry out means testing (an assessment of your finances, including your assets such as property, savings, and income) to determine how much of your care home costs they will cover. You may receive:

Full funding – if your total capital is valued below £14 250 in England (£18 000 in Scotland and £50 000 in Wales) your care home costs will be fully covered.
No funding – if your total capital is valued above £23 250 in England (£28 750 in Scotland and £50 000 in Wales) you will be required to self-fund your care home costs.
Partial funding – if your total capital is valued between those figures in England and Scotland, you will qualify for partial funding.

Jointly owned property may or may not be assessed as part of your means testing for care home fees depending on the specifics of your living situation.

Means Testing For Care Home Fees – Is Jointly Owned Property Always Included?

Jointly owned property is not always included in a means test for care home fees. The common examples are:

Property still occupied by your partner – if the other joint tenant of the property still lives in your home, it will not be included in the means test.
Property still occupied by separated or divorced partner – the property will be included in the means test. The only exception is if they are caring for your child under 18 or a disabled relative or one over 60 years of age also living in the property.
Partner separated and no longer living in property – the property will be included in the means test. If you’ve paid off your mortgage, your local authority will assess based on half of the property’s value.
It’s a temporary situation or you need home care – if you are entering a care home for a short period or need home care, your property will not be included in the means test. This is covered by something called the “disregard period” that lasts for 12 weeks after you enter a care home.

Can I Gift My Home To My Children To Avoid Care Home Fees?

Many people imagine that gifting their property to their children may be a way to avoid inheritance tax or it being assessed as part of the means testing for care home fees.

Unfortunately, this approach often falls afoul of what is known as “deliberate deprivation of assets”. This is essentially when your local authority recognises you have deliberately tried to reduce your assets to pay lower fees and does something in order to balance it.

Should I Change From Jointly Owned To Tenants In Common To Protect My Share From Care Home Fees?

Owning property as joint tenants is popular with couples as it feels like a natural way to proceed at the start of what will hopefully be a happy life together.

As touched on above though, being joint tenants means the surviving tenant will automatically inherit full ownership of the property if one tenant passes away. If the survivor then needs to go into care, the full value of the property will be assessed as part of the means test.

A better solution can be to change from jointly owned to tenants in common. This allows each tenant to leave their share to someone else (and, often better, to a trust) in their will. This can enable the surviving tenant to continue living in the property for life and only be assessed for half the value if they need to go into care later.

Of course, major decisions like this should never be made without specialist legal advice. Tenants in common can be a smart way to make care home fees much fairer, but it’s always a good idea to talk to an expert first.

Need A Specialist Property Law Solicitor To Talk Through Your Specific Situation With?

Solicitors Near Me can put you in touch with the ideal friendly expert for FREE and with no commitment.

Solicitors Near Me

To be connected to a specialist property solicitor near to where you live or work, please either call us now on 0845 1391399 or complete a Free Online Enquiry.

What Does Tenants In Common Mean In A Will?

There are two ways you can jointly own property in the UK. As joint tenants and as tenants in common. But what does tenants in common mean in a will?

Are there disadvantages or advantages of being tenants in common as opposed to joint tenants? What are the problems for the person inheriting the other person’s share of the will if they want to sell?

To be connected to a specialist solicitor near to where you live or work, please either call us now on 0845 1391399 or complete a Free Online Enquiry.

Let’s take a look:

What Are The Differences Netween Joint Tenants And Tenants In Common?

Joint tenants and tenants in common sound very similar, but they mean very different things for how property is jointly owned and what it means in a will.

The key differences between joint tenants and tenants in common are:

Joint Tenants

Joint tenants own the whole property together equally. It can be thought of as a 50-50 split.

This has some advantages. For one, it’s simple. There’s no need to decide who owns how much of what, as there can be when owning property as tenants in common.

For these reasons, choosing to own property as joint tenants is something that’s often done by couples just starting out on their life together. The thought that something might go wrong in the future seems very far away.

When a joint tenant dies, the situation is simpler too. However, it’s also more limited in terms of choice. The surviving tenant will automatically inherit the entire property that they once shared ownership of.

What’s known as the “Right of Survivorship” means that usually not even a joint tenant’s wishes expressed in their will can overwrite the automatic inheriting of full ownership by the surviving joint tenant.

Tenants In Common

Tenants in common can specify how much of a property they each own. They own only those specific shares. This might also be a 50-50 split. Or it can be different so that it reflects divergent levels of income or deposit contributed by the individual tenants.

There are many advantages to this. Flexibility and the sense of fairness that it can create between tenants are high among them.

That said, it’s also a more complex arrangement to set up than joint tenants. Of course, any property ownership agreement should be drawn up with expert legal advice on hand. Yet becoming tenants in common will require this expertise even more than other arrangements because of the potential complexity.

The other difference between being tenants in common and being joint tenants is what it means in a will. Because the shares of a property owned by a tenant in common can be distributed as part of their will.

In a way, this can be seen as more beneficial flexibility. Yet it also has the potential to create disputes.

The Potential For Will Disputes Created By Tenants In Common

Being tenants in common can cause problems for the person inheriting the other person’s share of the will. Especially when they want to sell.

For example, you can easily picture a scenario where a married couple buy a property as tenants in common. When one sadly passes away, their will stipulates that a child from a previous marriage should inherit their share.

This child has inherited a share of a property, which can be good for them. Yet they are unlikely to want to live in the property with their parent’s former partner. When this happens, there are usually three options. These are:

They buy you out
You buy them out
You both agree to sell the property

These sound like they should be clear and obvious solutions. Yet there is a large potential for disagreement as to the favoured course of action.

You might want to sell the property. They might want to keep it, but not be able to afford to buy you out. In these circumstances, it’s wise to seek professional legal advice from a solicitor as to how to proceed.

What Does Tenants In Common Mean In A Will?

For a will, tenants in common means that the owners of the property in question can choose what happens to their share after they die.

If they choose the other tenant as their beneficiary, there isn’t a problem. However, if someone little known or of differing mind on the favoured solution as to what to do with the property inherits their share, there is potential for disagreement.

This makes it important to be open and honest about the arrangements made in the wills of any tenants in common if at all possible. Because what it means for the surviving tenant and the beneficiaries can be the difference between a happy and an argumentative future.

Need Specialist Advice On What Tenants In Common Means In A Will?

Solicitors Near Me can put you in touch with just the right friendly and approachable will solicitor – for free and with no obligation.

Get in touch today for a chat about your specific situation.

Solicitors Near Me

To be connected to a specialist solicitor near to where you live or work, please either call us now on 0845 1391399 or complete a Free Online Enquiry.

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