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MenuWhen a person chooses to sell a property, they will go through three main stages of residential conveyancing – different tasks need to be completed at each stage to ensure that the property legally transfers ownership from the seller to the buyer.
Ben Parr-Ferris, Senior Litigator, Contentious Probate team of Healys, continues his series of articles explaining the different ways in which Wills and Probates are contested. Continue reading →
Foreigners who are purchasing high value properties in the UK, particularly in London, are exposed in greater measure to inheritance tax, particularly if the properties have future growth potential. On a property valued at £2 million, the exposure to inheritance tax at 40% (even after taking account of the additional nil rate band, currently £325,000, of a pre-deceased spouse added to that of a surviving spouse), is currently £540,000. Continue reading →
Stamp Duty Land Tax (‘SDLT’) on residential properties has historically operated on a ‘slab’ system, meaning that a single rate of tax was charged on the whole amount of the transfer price, depending upon the rate applicable within the relevant charging band. Continue reading →
You’ve got a mortgage and bought a property. You probably think that rent will be a thing of the past and that you will be free to allocate your money to repairs and maintenance as and when you are able. However if you’ve bought leasehold property you will not be the owner of the building in which the property is located. The freeholder will own the building. The leaseholders are usually required to pay all costs of insuring, repairing, maintaining, cleaning and managing the building through payment of a regular service charge. The service charge is a variable sum as costs will alter from year to year. Most leases also require payment of ground rent which is usually a fixed nominal amount specified in the lease. Continue reading →
Bear Scotland Ltd & Others v Fulton & Others
Hertel (UK) Ltd v Woods
Amec Group Ltd v Law & Others
All employees have a right to paid holiday. The question is how much pay should they get e.g. basic salary only, salary plus commission, plus overtime? Continue reading →
With house prices on the increase selling your home might look like a great idea. Most people are unaware that when selling a home you may have to pay tax on the profit made from the sale, particularly when you together with your spouse or partner have more than one, or are fortunate enough to split your time between a town and country residence. The rate depends on the amount of profit you make on the sale and whether you pay tax at the basic rate or are a higher rate taxpayer. If you pay tax at the lower rate the capital gain will be taxed at 18%, and if at the higher rate, the gain will suffer tax at the rate of 28%. Continue reading →
Squatting of residential property became a criminal offence in September 2012 and can result in a fine of up to £5000 and / or imprisonment for up to 6 months. The police will attend a squatted residential property and forcibly evict the squatters. Continue reading →
There are rare opportunities in life to effectively turn back the clock and recreate history. One of these rarities exists in the ability of the beneficiaries of a deceased to effectively rewrite the will of the testator, or if he or she died intestate to write what was previously unwritten. Continue reading →
Michael Ellis, of Healys’ insolvency law team in London, looks at a High Court judgement regarding Company Voluntary Agreements and the successful challenge of a CVA put forward by directors of an East Sussex-based airline. Continue reading →
