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These are items of news both in relation to developments in the law and within our firm that may be of interest. The page has been opened in October 2009 and will be updated regularly. Comments are for general interest and you should take specific advice before taking any action.
Extending your lease (more...)
(December 2011) In Kingston and the surrounding areas, there are large numbers of blocks of flats or maisonettes. When you buy a flat or maisonette the existing Lease is being transferred to you. Leases often start at 99 or 125 years, but as time goes by, the number of years left reduces. Mortgage companies generally insist that a Lease has a minimum of 60 years left.
We have found that an increasing number of people want to address the time left on the Lease when buying a flat.
Subject to certain conditions there is a right to extend your Lease (by way of the Leasehold Reform, Housing and Urban Development Act 1993). One of the main requirements is that the seller has owned the flat for two years.
One very important point to look out for is if the length of the Lease is about to be less than 80 years. If there are less than 80 years left the price will increase considerably. This is because the landlord or freeholder becomes entitled to an increased sum (reflecting “marriage value”) where the lease has less than 80 years left unexpired.
You should therefore exercise your right to extend the Lease well before it has a less than 80 years left to run.
We can assist and advise on the legal aspects of;
• Extending the Lease when buying or selling
• Serving the required Notices
• Applications, where these become necessary to the Leasehold Valuation Tribunal
If you need to obtain advice regarding the above, then please do not hesitate to contact us for initial advice. Call our reception on 020 8939 4000 Monday to Friday 09:00 to 17:30. (close...)
Unmarried Couples – what you should be considering if you are purchasing a property together or setting up home together and if you are not marrying or entering into a registered civil partnership (more...)
(December 2011) A recent decision of the Supreme Court has emphasised the importance for unmarried couples, who are not marrying or entering into a registered civil partnership to seek proper legal advice before they purchase a property together or set up home together. In a recent case where a couple owned a property together in their joint names, the Supreme Court decided that, notwithstanding the joint ownership, the couple did not own the property in equal shares. In such situation it is crucial therefore to seek appropriate legal advice and where necessary, enter into the appropriate documentation to ensure that your respective rights are protected and that you have a clear understanding of the obligations that you are each entering into. For further information please click here. (close...)
Need to “opt in” to receive “cookies” on the internet (more...)
(October 2011) Cookies can be used to track internet users browsing habits. Previously there was no need for web site owners to obtain browser consent to the use of a cookie; the only requirement was that the browser could “opt out”. Recent change in the law means that web site owners must now require the browser to “opt in” to receive cookies. (Only a very limited exclusion will apply). Websites should be changed to include “opt in” facility although the Information Commissioner (who polices these aspects) is to allow until May 2012 for website owners to comply. However any failure to do anything would be taken into account in any decision after that date by his office whether to prosecute. More information can be found on the Information Commissioner website: www.ico.gov.uk (close...)
Bribery – The Fight Against Corruption – Are you ready? (more...)
(June 2011) Many commercial organisations will think that this is something that affects “big business” but as a result of the commencement of the Bribery Act in July 2011 this is now a real issue for all commercial organisations in the UK however large or small.
In brief, from the 1st July 2011 it is an offence to bribe a person to do business - that is to make an offer or promise or to give financial or other advantage which is intended to bring about a reward for the improper performance of an activity or function.
Commercial organisations need to be aware though that they will be responsible for the acts of those “associated” with them. That includes their employees, agents and contractors working on their behalf.
Whilst clearly this legislation is intended to prohibit improper financial inducements, the area that has caused some debate is the line between bribery and reasonable corporate hospitality. The legislation does not say what is reasonable. The governemt through The Ministry of Justice has published Guidance. The government does not intend to outlaw the provision of reasonable hospitality and promotional or other similar business expenditure most notably where the hospitality is conventional within the reasonable and proportionate norms for the particular industry. Commercial organisations need to be very careful only to provide what is reasonable. The Guidance available on line gives some assistance - www.justice.gov.uk.
As the legislation creates a corporate offence of bribery, commercial organisations cannot afford to turn a “blind eye”. No doubt those who may in future be passed over for commercial opportunities where they feel there has been bribery would be likely to complain to the prosecuting authorities.
The legislation provides a defence to any proceedings if the commercial organisation had in place “adequate procedures” designed to mitigate the risk of bribery. Essential to this is putting in place and communicating to those within the organisation an appropriate anti-bribery policy. Commercial organisations should put such in place without delay and make sure those promoting their business are aware of the policy’s aims and requirements. (close...)
How important is a Clean Break (more...)
(January 2011) When couples separate or divorce, they frequently reach agreement between themselves regarding the distribution of the matrimonial assets and believe that is an end to the matter.
A recent case demonstrated just how wrong this is. A couple had been separated for 10 years. Mr Page won £56 million in the Euromillions lottery, as a result of which his ex-wife made a financial claim against him. Mr Page defended that claim but notwithstanding the fact that the couple had been separated for 10 years and the fact that they were divorced, his ex-wife was successful in her claim and secured £2 million.
The reason this was possible is that when the parties divorced they did not obtain a Consent Order, which recites the agreement between them to ensure that there was a clean break insofar as capital was concerned. In the absence of such a document, the financial claims of the parties against each other remained open and Mr Page’s ex-wife was able to bring a claim successfully.
It is therefore vitally important that if you separate or divorce, even if you reach a financial agreement with your estranged partner, that you incorporate such an agreement into a Consent Order, obtain an Order from the Court or in the event of separation enter into a Separation Agreement securing a clean break on divorce to avoid claims occurring in the future, particularly if there is a change of circumstances as in Mr Page’s case. If there had been such an agreement or Order Mr Page’s ex-wife would not have been able to bring a claim successfully.
If you are separating or divorcing therefore it is imperative that you obtain advice regarding the financial matters because of the potential for financial implications in the future. Please contact our Family department for advice and assistance. (close...)
Make a Will – You Know It Makes Sense (more...)
(January 2011) In a hard hitting 6 part series for BBC2 called ‘Can’t take it with you’ business guru Sir Gerry Robinson is emphasising the importance of putting in place a Will.
The series, which is broadcast on Friday evenings at 9.30 pm and can also be found on the BBC’s iPlayer, looks at the dilemmas many families face when considering their Wills. It also highlights the importance of taking proper legal advice from a qualified solicitor in order to resolve those dilemmas and put in place a properly drafted Will.
70% of people in the UK do not have a Will. Not having any Will in place means the Intestacy Rules govern who receives your assets on your death. These are very often unlikely to reflect your wishes, may give rise to a tax bill and can restrict the access a surviving spouse may have to assets.
With many more complex family relationships, for example, an increase in the number of co habiting couples and second marriages, the Intestacy Rules do not reflect these complex relationships. For example, there is no such status as a common law husband/wife – in the case of a co habiting couple when one partner dies the other is not entitled to any part of the estate under the Intestacy Rules.
To avoid distress, unhappiness and conflict, we recommend that you discuss your Will with your solicitor. To speak to a member of our experienced team, call us now on 020 8939 4000 and ask for the Private Client Team. (close...)