Title Deeds, Shares & Deeds of Grant.
Title Deeds.
Title deeds for properties on the Estate are not all the same. They may include restrictions on what you can do on your land, boundary issues and access rights. Many were drafted in the early 1900s and have not changed since. Some have covenants and many are ambiguous. Because of this, and being a private estate, solicitors historically, and rightly so, have been cautious with searches when acting for a potential purchaser. Some have advised insurance to safeguard against access and other potential problems. We have heard of several hundred pounds being quoted for this cover. Solicitors usually contact us prior to a sale and often ask questions in relation to the Estate.
Shares
When we formed the Company, it was decided shares would be offered to residents for the following reasons:
- To safeguard the Estate from a predatory takeover.
- Allow voting rights on certain Company issues.
- Give access rights when needed, for reasons previously mentioned.
- Have a feel of community ownership
- Recoup the initial investment for the Granville Estate purchase.
This share we felt would help resolve some of the “grey areas” Solicitors were concerned about, and was well received by residents. Today, the vast majority of households are shareholders.
When people move house, the share is re-issued in the new “owners” name, usually during the exchange period. Owners that sell up and move cannot retain a share and it will become obsolete in their name. As a shareholder, having become part of the Company, we expect them to support the estate maintenance fee and the vast majority does.
