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Property Newsletter - of the Prettys' property team

Issue 01 - 78KB .pdf format

The new Deposit regime for Assured Shorthold Tenancies

Anyone who has acted as a Landlord or been a Tenant will have come across a tenancy deposit. A typical deposit is usually a month’s rent, and is held by the Landlord against the Tenant failing to pay rent or comply with any of their other tenancy obligations.

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The Heat is On

Looking at the impact of the recent Fire Safety legislation

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Maintenance of your local church

You may not be a regular church attender. Indeed the percentage of the adult population on Church Of England rolls is a mere 3.1%. How would you feel to receive a demand for a contribution towards the repair of your local parish church?

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Qualified Restrictions on Dealing in Commercial/Business Leases: What is reasonable?

A landlord will require control over the identity of the tenant and any undertenant so as to be sure that the tenant or undertenant is of good standing and able to pay the rent and perform the other tenant obligations in the lease.

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Stamp Duty and Care Homes

Stamp Duty Land Tax (“SDLT”) came into force from 1st December 2003 and the workings of the new tax have caused some considerable disquiet in many circles ever since.

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Stamp Duty Land Tax – More Money for the Revenue but more Pain and Expense for Everyone Else!!

Stamp Duty Land Tax came into force on 1st December 2003. Eighteen months on, the Government is heralding it as a great success – not surprisingly as revenues have increased markedly and even more so after the 2005 Budget which abolished the relief enjoyed by disadvantaged areas which is likely to yield yet another £340 million.

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The Veltema Case– When is a Time Limit not a Time Limit?

Self assessment tax returns (and penalties for late filing) receive much publicity in January each year. When can a taxpayer consider that he or she is safe from a further assessment from the Revenue?

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Money Laundering

The last eighteen months have been a bruising time for property lawyers. Going back to 13th October 2003 the Land Registration Act 2002 came into force.  This was closely followed with the arrival of Stamp Duty Land Tax on the 1st December.  2004 saw substantial changes to the Landlord and Tenant Act 1954 and from 27th September a new type of ownership with the introduction of Commonhold Land as an option for developers alongside the existing estates of freehold and leasehold.  Throughout this period, the obligations imposed on individual conveyancers as a result of the Money Laundering Regulations has been causing grave concern.   Following the recent conviction and jailing of a conveyancing solicitor in Northern Ireland it is hardly surprising that this is a topic which is exercising property lawyers up and down the country.

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Adverse Possession

One of the major changes introduced by the Land Registration Act 2002 relates to acquiring land by adverse possession. However, the new rules only apply when the land in question is registered land.

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Stamp Duty on Leases - Has the Revenue Listened to the Consultation Process?

Stamp duty Land Tax ("SDLT") will take effect from 1st December . Introduced by the Finance Act 2003, it involves the most far-reaching reforms of Stamp Duty since its introduction in 1694.

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Stamp Duty Changes

Although Stamp Duty has been a tax which has been with us for more than 100 years, it has in many ways remained largely unchanged save for the regular tinkering of rates to alternatively encourage or discourage activity in the property market. Fortunately for property practitioners, the Government has acknowledged the importance of conveyancing transactions to a healthy economy.

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Property Developers and the Construction Industry

When completing a building, developers may well not be actively considering the CIS. In 1972, a special tax deduction scheme for the construction industry was introduced in order to deal with problems of engaging workers on a "cash in hand" basis.

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The Regulation of Care Homes

One of the major tests facing both this Government in the remainder of its term and future Governments over the next twenty years is the growing demographic problem within the country.

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Undue Influence - Solicitors' Duties

In certain transactions, the risk to solicitors’ professional indemnity cover is acute. The Law Society’s conveyancing and land law committee sets out ways to avoid problems.

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Buy To Let Properties - A Wise Investment?

How many of us have been attracted to the idea of investing in a second property with the specific purpose of creating an alternative source of pension funds?

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Stamp Duty Reform

There is increasing criticism of the Government over the imposition of "stealth taxes".

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“Official” House Price Index To Be Launched

In summer 2003, the Government plans.

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Are tenants really having it all their own way?

In an article produced earlier this year we highlighted the introduction by the Government of a new Commercial Leases Code of Practice which was intended to be a statement of best practice for both landlords and tenants in negotiating new commercial leases.

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How can you get a bit on the side?

Trying to deal with surplus properties has always been a challenge for tenants. What happens when you have an unexpected downturn in your business and the extra factory and shop unit which you took on a few years ago suddenly becomes more of a burden than an asset?

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The Steps in Purchasing English Commercial Property

This is intended as a brief guide as to the process of taking commercial property in England and Wales, and to outline some of the involvement of the Solicitor.

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Defective Premises Act

The recent case of Sykes -v- Harry (2001) concerned a gas fire in residential premises which leaked gas and fumes, causing the tenant to suffer brain damage from carbon monoxide poisoning. The fire had never been serviced by the landlord and the tenant, under an assured shorthold tenancy agreement, brought proceedings against the landlord under the Defective Premises Act 1972 for damages.

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General Damages for Disappointment in Surveyors Negligence

Farley -v- Skinner [2001] 42EG139 (CS) - House of Lords House of Lords’ decision on how damages should be assessed as a result of a Surveyor’s negligent failure to properly carry out agreed "extra" investigations.

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Stamp Duty Relief

As announced in the Pre-Budget Report of 27th November the Chancellor has announced the Government's intention to implement the first phase of stamp duty exemption in certain "disadvantaged " areas of the UK. In this first phase, which applies from 30 November 2001, relief from stamp duty will apply where the purchase price (or premium payment in the case of a lease) does not exceed £150,000. The relief applies to both residential and commercial properties.

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