When it comes to owning a property, there are several things to keep in mind, including the different types of agreements required to maintain the property. One such agreement you may come across is a party wall agreement. If you are a successor in title or planning on buying a property that requires a party wall agreement, here’s what you need to know.
Firstly, what is a party wall agreement?
A party wall agreement is a legal agreement between property owners that share a wall or structure. The agreement outlines each party`s responsibilities regarding the wall, including repairs, alterations, and maintenance. It is essential to have this agreement in place to prevent any potential disputes that may arise in the future.
As a successor in title, do I need a party wall agreement?
If you are buying a property that shares a wall or structure with a neighboring property, it is likely that a party wall agreement is already in place. However, it is essential to check the property`s legal documents to confirm the agreement exists and is up to date.
If the property does not have a pre-existing agreement, it will be your responsibility to negotiate one with your neighbor. This is where things can get tricky, as your neighbor is not obligated to agree to the terms you propose. It is essential to work with a lawyer or mediator to ensure you reach an agreement that is satisfactory for both parties.
What should a party wall agreement include?
A party wall agreement should outline the extent to which the wall or structure is shared and each party`s responsibilities. The agreement should include details about:
– The exact location of the party wall
– The type and nature of the wall
– Who is responsible for repairs and maintenance
– How disputes will be resolved
– The conditions under which a party can alter the wall
It is important to remember that a party wall agreement is a legal document, and any changes require the agreement of both parties.
In conclusion, party wall agreements are crucial to maintain a peaceful relationship with your neighbors and ensure the proper maintenance of your property. If you are a successor in title, make sure to check the legal documents relating to the property and have a party wall agreement in place to avoid any potential disputes. Remember to consult with a lawyer or mediator to ensure the agreement is fair and satisfactory for both parties.