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Chung and Another v Towey Tenants Liability to Pay the Landlords Valuations Costs on Enfranchisement

Posted by on May 12th 2017 in Blog Posts, Litigation

Chung and Another v Towey Tenants Liability to Pay the Landlords Valuations Costs on Enfranchisement

On a Tenant’s decision to buy the freehold of their property, the Tenant is responsible for paying for a number of things; the purchase price as well as their own valuation, conveyancing and legal fees. The Tenant is also responsible for the reasonable costs of the Landlord for investigating the Tenant's right to acquire the freehold and the Landlord’s valuation costs incurred. The Landlord’s valuer has the role of the negotiator for the Landlord. These ‘negotiation’ costs are not recoverable from the Tenant and should be clearly separated from the Valuation costs which are recoverable.

Additionally any costs incurred in connection...

The New Residential Nil-Rate Band

Posted by on May 11th 2017 in Blog Posts, Conveyancing

The New Residential Nil-Rate Band

What is it?

Together with the current transferable nil rate band of £325,000, the new Residential Nil Rate Band (“RNRB”) may add an additional tax-free allowance of £175,000 to your estate by 2021. This allowance will also permit married and civil partnership couples to potentially leave assets with a value of up to £1 million free of inheritance tax (subject to certain provisions as detailed below). 

The “RNRB” started at £100,000 on 6th April 2017 and will be increase by £25,000 each year up until 2020 where the maximum allowance of £175,000 will be available. See the table below for a...

The Bank of Mum & Dad Now in the Top 10 of Lenders

Posted by on May 10th 2017 in Blog Posts, Property

The Bank of Mum & Dad Now in the Top 10 of Lenders

With the average first-time buyer requiring a deposit of £26,000 and the average annual salary being £27,600, it is no surprise that first-time buyers are getting older (the average age has increased from 30 to 33) and the number of people buying a property on their own is decreasing (from 29% in 1994/95 to 14% in 2014/15). More people are also now buying in couples – this has increased from 63% to 80% in the same time period. Parents are predicted to lend £6.5bn to their children this year, making them one of the top ten biggest mortgage lenders in...

'Stepping into the Unknown'

Posted by on May 5th 2017 in Blog Posts

'Stepping into the Unknown'

The first day of your Training Contract can be one of the most frightening days of your life. Questions and worries whizz around your head; what will I do on my first day? How should I introduce myself? Will I be expected to know everything after a week?

The simple response to all of these questions is – don’t worry!

We all possess that eagerness to impress and illustrate what we can achieve and succeed in, yet don’t allow your nerves to get the better of you. It may well be your first ever ‘legal’ job and thus a big leap into...

KNOW YOUR POLICY!

Posted by on May 2nd 2017 in Blog Posts

KNOW YOUR POLICY!

In Leeds Beckett University  v Travelers Insurance Company Ltd  [2017] EWHC 558 (TCC) Coulson J found that Travelers  were not liable to the claimant University under its insurance policy (“the policy”) because the damage caused was not considered to be accidental damage for the purpose of the policy. The judge determined that ‘accidental’ means an event that occurs by chance and is non-deliberate therefore the Insurance Company, in this case, cannot be liable for damage that was inevitable.

In this case the University built an accommodation block on the site of a former brewery – as well as redevelopment...

General Election - What is Purdah? Will it Affect You?

Posted by on April 28th 2017 in Blog Posts

General Election - What is Purdah? Will it Affect You?

Theresa May’s announcement last week to call a general election was of significant surprise to many given the previous assurances and declarations made by the Prime Minister. Whilst a significant back-peddle from her previously entrenched position where she has maintained that an election would not occur before 2020, the question now arises as to what effect such an announcement will have.

During any election, the pre-election period known as ‘purdah’ comes into force. This is a period in which specific restrictions are placed on the decision making powers of public bodies and government departments in order to prevent these bodies and...

The Pitfalls of Property Guardians

Posted by on April 26th 2017 in Blog Posts, Conveyancing

Due to the rise of so called “professional squatters”, property guardians are often enlisted to live in property, which would otherwise be left empty. Guardians are offered low rent accommodation, their presence deterring squatters, arson and vandalism. To reflect a temporary living arrangement, licences rather than a lease is given. Licences are granted as licences are believed to not offer the tenant the same protections of a lease. Recently, however the decision by the Bristol County Court in Camelot Property Management v Roynon (unreported) has shown that property guardianship schemes may not be a risk free temporary arrangement for landowners!

Bristol...

E-Conveyancing - a Move with Times?

Posted by on April 26th 2017 in Blog Posts, Conveyancing

E-Conveyancing - a Move with Times?

A Digital signature has made its first appearance in a residential property transaction.

An electronic signature was used for the first time to exchange contracts in a residential property transaction on the 6th April 2017 at exactly 15:39. This marked the beginning of E-conveyancing and potentially laid down the first brick for the path of the future. 

Solicitors acting on both sides uploaded the agreed contract onto one of the registered secure systems, which was then sent to the respective seller and purchaser to electronically sign. The system was then able to confirm that the document was read and signed,...

The End of Tenants Abuse?

Posted by on April 24th 2017 in Blog Posts

The End of Tenants Abuse?

The Government announced in the 2016 Autumn Statement that it intended to hold a consultation on introducing a ban on letting agents charging residential tenants a fee for finding accommodation. This consultation is due to end on 2nd June 2017. The consultation relates to England. Scotland, with its usual more enlightened approach to such matters, has already banned such fees. The position is under review in Northern Ireland and Wales. It is anticipated that the ban will lead to a “better and more transparent service” and increase competition between agents. It is also intended that it will prevent a tenant...

Seven Bedford Row to go Paper-Less: Is this the End of Paper-Cuts and Filing Cabinets?

Posted by on April 19th 2017 in Blog Posts

‘We’re Going Paperless’ is a phrase that can be heard reverberating around the conference rooms and corridors of businesses up and down the country, and none more so than in the legal industry. With the introduction of a new online court system on the horizon, and the opportunity to provide a quicker, more cost effective service for clients, more and more firms are making the effort to go “paper-less”.

To remain competitive, Barrister Chambers are now feeling the pressure to adapt their own practices to embrace the changes seen in the way others are operating around them. It is therefore not...

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