Archive for June, 2011
Finding the Best Information on Freehold Purchases
Posted on June 30, 2011 | Real Estate Law.
Most people would seek proper legal advice before embarking on any kind of legal process. Buying the freehold to your flat should be no exception in this way. In fact this is a particularly involved process to go through, so it makes sense that you would want to ensure you get proper advice from the right people before you decide what to do.
The basic idea with freehold purchase is that you give up the leasehold you currently hold in exchange for the freehold. However you cannot do this alone; no fewer than 50% of the people who own the flats in your block must be agreeable to taking on the process as well.
This is one of the reasons why it is a good idea to seek out the advice of a solicitor who has a significant amount of experience in this field. Many solicitors specialise in one area of law, and it is no exception when it comes to freehold purchase. If you go to a solicitor who advises on a number of areas of law, they may not be able to give you the level of specialist information and advice you need at this point. An experienced solicitor in this area should be able to tell you all about buying the freehold of your flat and what you must do to fulfill all the requirements as such.
Very often it won’t cost you anything to have an initial discussion about your situation with a qualified solicitor. Take the time to find someone who is devoted to this area of interest and make a list of the questions you would like to ask before you get in touch. If they have a website you may well find that some of the most basic questions about freehold purchase are answered on there, so check it out first.
In theory you could ensure that you have a basic working idea about the process before you even go to a solicitor. But it is certainly not advisable to try and go about buying the freehold to your flat without having specialist legal advice on your side. The chances of making a mistake would increase dramatically in this way.
So you can see that getting proper advice prior to doing anything is definitely the best way to proceed. It will also pave the way to a successful conclusion and the ability to finally have the freehold you really want.
Residential Landlords’ Rights in Bankruptcy
Posted on June 28, 2011 | Real Estate Law.
There were more than 1.5 million personal bankruptcies filed in 2010, with the majority of them being Chapter 7 bankruptcies. Chapter 7 and Chapter 13 filings most certainly encompass mortgage companies and residential landlords as well as credit card companies along with other financial institutions.
For Chapter 7 and Chapter 13 debtors, one of the greatest advantages of bankruptcy is relief from the “automatic stay” on debt collection efforts. Once a bankruptcy petition is filed by the debtor and their attorney, all debt collection activity must cease per law. Debt collection efforts for past-due rent and eviction proceedings would be included in the automatic stay as well. The automatic stay legally protects debtors, yet it presents a significant problem for landlords. If you try to collect your rent or evict someone after the automatic stay has been put into effect, you can be subject to legal penalties.
All chapters of the U.S bankruptcy code impose the “automatic stay” of all collection activity and enforcement proceedings. Furthermore, the automatic stay protects the debtor by preventing the enforcement of eviction proceedings or other action – without at first, receiving permission from the bankruptcy court. Early on, in bankruptcy proceedings the debtor is given the option to either terminate or keep their unexpired leases.
Under Section 362 (b) (22), the automatic stay will cease automatically 30 days following the bankruptcy filing date to allow landlords to continue any eviction or unlawful detainer action against a tenant where the landlord has already obtained a judgment for possession against the tenant prior to the bankruptcy filing.
If the tenant wants to stay in your property, they can request that the stay on the eviction be continued. They will have to provide information to the court explaining what led to their default, and they will have to show the court that they can deposit the money for the rent. Once the tenant comes up with the money, the court can choose to continue the stay against the conviction.
Under Section 362 (b) (23), of the Code, the automatic stay does not apply to eviction actions which are based on the endangerment of the property or the illegal use of drugs on the property. If this is the case, then the landlord will have to file a certification with the Court explaining that the eviction has been filed or, within 30 days prior to the petition date; the debtor either used illegal drugs on the property or somehow endangered the property. If the court sides with the landlord, relief from the stay can be granted 15 days of the filing of the certification.
The only way around the automatic stay is to actually go to court and file a motion for a relief from automatic stay. An experienced Phoenix real estate attorney will be able to help represent you in court and file a motion for relief from automatic stay. If your motion is granted, you can move forward with the eviction process and reclaim your rights to your property.