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Sat 17th May, 2008
News
| 29th February 2008 |
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Should you require a HIP we can ensure that these are ordered and compiled at extremely cost effective fee.
Our dedicated team have combined their extensive knowledge, research, training and preparation into HIP development. We can prepare the pack and ensure the necessary legal content is present, in addition we can act for the vendor throughout the transaction ensuring a higher level of service through familiarisation with the property. Our use of cutting edge technology enables us to provide the most efficient and effective service imaginable.
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| 7th January 2008 |
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During the course of buying your home you should think about making a will.
If you die without a will your property may be sold according to rules laid down by the government and the common law, called the “Intestacy” rules. In the worst case scenario, as a result of not having a valid will your loved ones could be left homeless.
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| 21st December 2006 |
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Monday, 6th November 2006 made the start of the £4 Million Home Information Pack (HIP) Dry Run.
In September 2006, the Department for Communities and Local Government pledged £4 million of funding to support six area trials for the Packs in Bath, Newcastle, Southampton, Northampton, Huddersfield and Cambridge. |
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| 21st December 2006 |
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A Transfer of Equity is where an owner of a property agrees to transfer all or part of their interest to one or more parties.
Prior to instructing a Solicitor / Conveyancer the first objective for the parties is obtaining the mortgage lender’s consent to the transfer and the person buying the shares must satisfy the mortgage lender’s conditions and comply with the usual formalities when applying for a mortgage.
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| 11th October 2006 |
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With the current high cost of living many people are refrained from purchasing their first homes, however the Government has introduced the shared ownership homebuy scheme as a revolutionary step for first time buyers to enable them to take the “first step” on the property ladder. |
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| 11th October 2006 |
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Lawcomm Solicitors celebrated its 7th birthday on the 1 October 2006. |
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| 11th October 2006 |
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Statistics out today from Hometrack show that the housing market has not been adversely affected by the latest rise in interest rates with year on year growth running at its highest level for two years. |
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| 31st August 2006 |
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This depends upon the terms of the agreement with the property portal and the estate agents.
The Office of Fair Trading (OFT) has issued guidance on the issue in favour of estate agents. In a warning to web site property companies it has stated that if the website allows homeowners to sell their properties online and offers supporting services, such as a for sale board, such companies may be classified as estate agents.
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| 31st August 2006 |
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Lawcomm Solicitors have launched a dedicated team to deal with shared ownership, shared equity, right to buy and key worker schemes.
The team will work on behalf of applicants purchasing from social housing bodies such as housing associations and have already been involved in acting on numerous new developments across the country. |
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| 31st August 2006 |
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Two of the leading commentators on house prices gave mixed messages on the state of the housing market last week.
According to Rightmove, the recent mini-boom in house prices could be over. It reports that average asking prices fell by 1.6 per cent from £217,580 in July to £214,040 in August. The drop was the largest since November 2004 and the first since December 2004.
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| 31st May 2006 |
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Lawcomm Solicitors continue to offer a tailored service for buy to let mortgage introducers, property investment clubs and specialist lenders. These services are growing in demand as investors continue to shun stock market volatility for the safety of bricks and mortar. |
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| 31st May 2006 |
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House prices appear to have stabilised, primarily due to affordability constraints, but mortgage approval volumes are markedly lower.
According to the British Bankers Association (BBA), April saw the first year on year drop in the volume of mortgage approvals for nine months. The BBA explained due to the timing of Easter there were fewer working days last month. |
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| 31st May 2006 |
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Continuing our series of articles on new regulations affecting buy to let mortgage introducers and lenders, the Government will shortly implement The Regulatory Reform (Fire Safety) Order (RRO) 2005, which is due to come into force on 1 October 2006.
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| 31st May 2006 |
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When arranging buy-to-let mortgages, mortgage introducers need to be aware of the obligations now placed on landlords who may require a property licence.
From 06 April 2006, the key question all landlords must ask themselves, and all prospective landlords must consider, is whether the property they own, or will own, requires a property licence. In its simplest form, no licence means no rent. |
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| 31st May 2006 |
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Of interest to mortgage introducers involved in the residential buy-to-let sector will be new rules designed to protect the deposits of tenants in assured shorthold tenancies.
Government figures claim 11% of properties in England and Wales are rental properties and the average rental deposit is £477.00. It claims millions of pounds each year are being withheld by a minority of unscrupulous landlords. |
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| 13th April 2006 |
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Lawcomm Solicitors are leading the Home Information Pack (HIP) revolution as one of the first solicitors to provide all of the necessary elements of the HIP.
In association with Richards Grey Searches and Habitus Surveyors, Lawcomm have announced a number of potential funding options for Home Information Packs. |
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| 13th April 2006 |
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The housing market is in full swing.
Interest rates were held at 4.5% at the April meeting of the Bank of England’s Monetary Policy Committee (MPC). The decision was made by a seven-to-one split vote. Many members of the MPC remained wary of encouraging further price inflation in the housing market and an increasing volume of equity withdrawal.
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| 14th March 2006 |
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Endowment claims continue to remain at high volumes. A number of claims management companies have aggressively created a market in making claims against providers and advisers. It has been forecast that 26,000 new endowment claims will be received during 2006/07. In June 2005, the Financial Ombudsman Service (FOS) revealed it was receiving 1,300 endowment mis-selling claims a week. Of the cases examined by the FOS, approximately 40% ruled in the Claimant's favour and compensation was awarded. |
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| 7th March 2006 |
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The prospect of mortgage brokers and estate agents delivering legal services in competition with the traditional High Street solicitor could soon become reality. The government are keen to permit one-stop shops for selling related services (such as bundling financial products like mortgages together with legal services like conveyancing) and want non-legal firms to form organisations with solicitors to offer integrated legal and associated services. |
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| 30th January 2006 |
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The Office of the Deputy Prime Minister (ODPM) has decided to delay the introduction of Home Information Packs (HIPs) until June 2007. As a result, many within our industry have once again put HIPs on the back burner. In my opinion, this is definitely the wrong approach! |
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| 1st December 2005 |
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There are statutory rules for the execution of deeds by companies incorporated under the Companies Act. The principles of due execution of deed or document are the same as those for the execution of a document by an individual. Execution of a deed on behalf of a company rather than by the company itself requires authority from the company either by deed or by statute. |
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| 30th November 2005 |
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The Civil Partnership Act 2004 will come into force on 5th December 2005 introducing, in England and Wales, a radical form of legally binding civil partnership registration for same-sex couples aged 16 or over. Essentially, this will enable same-sex couples to register the fact of their relationship or ‘civil partnership’ as a concept tantamount to civil marriage as between opposite-sex couples. |
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| 28th June 2005 |
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Over the past few years hedge funds have gained acceptance to the point where not only are they included in growing numbers of portfolios, they are almost considered an asset class in their own right! Historically, allocating investments produced a conventional choice between bonds, equities and cash. |
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| 9th June 2005 |
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It is currently estimated that approximately 2.4 million homeowners in Britain face a potential liability to Inheritance Tax upon their deaths. Although the recent Budget increased the Nil-Band Rate to 275,000 for those who die after the 6th April 2005, criticism has been raised that this has not kept in line with the rise in house prices in recent years. |
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| 26th May 2005 |
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The key debate is not about the exact value of the dollar against other currencies but rather of the sustainability of the US economy’s position in the global economy. The main question is whether or not the American economy can maintain its position of global pre-eminence when it is so deeply in hock to the rest of the world? If the world loses confidence in America’s ability to play its leadership role, the dollar is likely to take a beating. |
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| 17th May 2005 |
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The cost of moving home has always been a stumbling block for first time buyers and home movers. The government has now realised and has done its bit by increasing the stamp duty threshold to £120,000. In conjunction with personal search providers such as Capital Searches, conveyancing solicitors can now reduce the cost of buying a new home as well as reducing the time from the sale being agreed to legal completion and moving home. |
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| 10th May 2005 |
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Since February, and through until November this year, the Licensing Act 2003 (Transitional Provisions) Order 2005 entitles holders of Justices’ Licences, as governed by the Licensing Act 1964, to apply for the conversion of those licences so that they are fully compliant with the Licensing Act 2003. |
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| 5th May 2005 |
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In its latest 6-monthly report the IMF is suggesting that low short-term interest rates and low volatility are encouraging investors to move out along the risk spectrum in search of relative value whilst the incentives to use leverage in order to boost overall returns remain strong. The premium for credit risk and higher interest rates appears highly compressed giving little room for bad news in respect of asset valuations if fundamentals were to take a turn for the worse. |
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| 14th April 2005 |
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The recent change to the Stamp Duty threshold announced by the Chancellor in his pre-election budget has generated significant publicity. However the actual impact this measure will have for house purchasers in the South of England is minimal. Unsurprisingly the move will benefit house purchasers most in the North and West of England. |
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| 15th March 2005 |
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BACKGROUND:
The Right to Buy Scheme came into existence in the 1980’s during the Thatcher government. The aim of the scheme was not only to offer everyone the opportunity of owning a decent home but also to promote social cohesion and well-being.
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| 17th February 2005 |
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In this article we will be highlighting the areas which need to be considered by organisations in order to comply with legislative change and will be discussing the implications of The Disability Discrimination Act 1995 (DDA) (more particularly Part III which was operative from 1 October 2004). Subsequent statutory instruments have further enhanced the ambit of the legislation (by adding interpretations and codes with further definitions). Organisations and professional advisers alike can misinterpret the implications of this legislation. |
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| 10th February 2005 |
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In March last year the Law Society urged solicitors not to shy away from the deeper issues surrounding arranged marriages. At that time it was believed that there were up to 500 marriages in Britain every year which were in fact forced and not arranged. |
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| 2nd February 2005 |
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During a recent industry conference one of the speakers suggested that in 5 years' time no leading investment bank in London will be conducting basic equity research and that the number of analysts working in the City will be halved. |
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| 26th January 2005 |
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This is the second of a series of articles exploring popular misconceptions on legal issues affecting the property market in England and Wales.
The story so far…..why is English property law so different from most other countries’ that either party is free to walk away from a transaction right up until the last minute, encouraging “gazumping” and “under-zumping”? It is not. No change in the law is needed. Certainty from the outset can be created. Money is the problem.
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| 24th January 2005 |
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Property dealings affect most people on a regular basis – even when not involved personally, we have friends or family struggling with the processes of moving, remortgaging or renting. It is paradoxical, therefore, that, whilst property law and procedure is the legal sphere to which folks in all walks of life are most routinely exposed and which receives most media focus, so many misconceptions exist (and, amazingly, are preserved by some in the conveyancing profession – not so much out of ignorance as on the basis of “can’t be bothered to explain”). |
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| 14th January 2005 |
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The Commonhold and Leasehold Reform Act 2002 came into force on 27 September 2004, and introduces a new form of land ownership – Commonhold.
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| 22nd November 2004 |
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Following the recent trend in legal services being carried out by non-solicitors, plans are underway to enable Probate Services (previously the domain of lawyers and trust corporations) to be carried out by high street banks and building societies, insurance companies and possibly other service providers. |
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| 18th November 2004 |
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On the spot fines, penalty points, endorsements, strict liability, discretionary or mandatory disqualification. Just some of the terms which solicitors are asked to advise about on a daily basis. More often than not the advice is clear cut and the instructions, if any, are simply to steer clients through the paperwork before arriving at the Magistrates’ Court to mitigate the offence or dispute it in its entirety. |
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| 1st November 2004 |
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Halfway through the month, the Governor of the Bank of England warned financial markets that interest rates are unlikely to have peaked on the basis that the combination of low and stable inflation and continuously falling unemployment must come to an end at some point, and may already have done so. Such outlook however contrasted with expectations in the short-sterling market, which suggested that investors believe that base rates have already peaked at 4.75 per cent and will remain at current levels until the end of 2006. Only in June, the markets were looking for base rates to increase to 5.5 per cent next year. |
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| 29th October 2004 |
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As Equity release schemes become more and more popular it appears that this will be a growth market for those concerned. A recent survey of mortgage advisors suggests that over 90% believe that this will be a major source of income in the next five years whilst solicitors are beginning to specialise in this particular area of law. However as with any financial venture the risks are high for all concerned. |
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| 29th October 2004 |
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The current laws of England and Wales provide for uniform closing times for public houses. Unless special hours extension permission has been granted by the Magistrates, landlords are accustomed to their infamous bells and calls of “last orders please” at 11 o’clock. However, a very different picture shall be painted once the Licensing Act 2003 comes into force next year. Liquor licence applicants will be free to propose unrestricted drinking. |
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| 15th October 2004 |
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The Licensing Act 2003 represents a significant change to the licensing laws in England and Wales. In respect of alcohol licensing under the 2003 Act, local licensing authorities shall begin processing applications for the conversion of current Justices' Licences to 'Premises Licences' with all applicants required to obtain a further 'Personal Licence' thereafter. All new premises requiring a licence will also have to make their applications in accordance with the new system. The changes commence on 7 February 2005. Approximately 9 months later in and around November 2005 the current licensing regime shall end by which time all licences must be brought into line with the new Act. |
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| 10th September 2004 |
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What employers should be wary of:
CONTRACTS
Businesses must not assume that just because there is a contractor’s agreement in place that the contractor is self-employed. Of course, if it is being alleged that a contractor is indeed self-employed, the existence of such a contract can only help. However, there are other considerations such as how the work is performed and the nature of the work being undertaken.
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| 10th September 2004 |
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Gone are the days when a worker could simply declare himself as self-employed and get away with it. Indeed, a business is no longer able to employ a supposed contractor with a view to avoiding liability for employer’s National Insurance and tax contributions. The law was tightened up considerably in April 2000 when new legislation called IR35 was introduced.
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| 6th September 2004 |
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In life, few things are certain except that their will eventually come a time when we are no longer here. Due to behavioural changes in modern society, it is increasingly the case that many couples live together without getting married as they perhaps once would have done, or live with members of the same sex. |
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| 23rd August 2004 |
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For the past ten years the number of people in England and Wales who opt to refinance by way of home equity release has increased year on year. As this phenomenon increases, as does the risk to those concerned in arranging the technicalities of the transaction. Conveyancers, financial advisors and the individuals who actually take out these arrangements need to face the fact that a relatively simple process could be become a major problem or negligence claim. |
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| 16th August 2004 |
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Conveyancing is an important part of the mortgage process. The client often sees the conveyancing process as an extension of the Mortgage Introducer's services.
A new type of solicitors practice model has evolved over the past 10 years in order to offer the Mortgage Introducer greater choice when recommending a conveyancing service for his clients. |
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| 28th July 2004 |
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Up until the late 80's law firms were restricted from marketing themselves in the same way as other businesses, but 20 years ago this all changed when the Law Society relaxed their rules on law firm publicity. |
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| 23rd July 2004 |
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I am sure this is a question most conveyancing solicitors ask themselves on an almost daily basis. In order to try and understand this better, the following article will explore the issues surrounding this question further. |
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| 2nd July 2004 |
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The Past:
Stamp duty is a government land tax payable on the documents, which transfer ownership of an asset (e.g. on the sale of a house or disposal of shares). It is also payable on a grant of a lease.
It was first invented in 1624 by the Dutch and levied in United Kingdom in 1694. It was found to be a very successful tool in raising income for the government, but at the same time most unpopular when collected, even when its imposition caused riots in the American colonies during 1765. It has now become the oldest tax that the Inland Revenue administer.
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| 22nd June 2004 |
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The prenuptial agreement is no longer exclusive to the celebrity arena of front-page marriages. And although they are still not legally recognised or enforceable in England and Wales, the approach in the divorce courts to prenuptials is rapidly changing. Coincidentally, a hunger for the preservation and securing of assets is becoming increasingly attractive to couples wishing to marry. |
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| 2nd June 2004 |
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Our experience in conveyancing has shown that a major worry for clients when buying or selling property is the feeling of not knowing what is happening at any given time. This can also create extra work for the introducer in explaining the legal process. The below steps apply to a straightforward transaction and can be used as a short guide to the legal process for your clients. |
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| 2nd June 2004 |
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SELLING PROPERTY - THE LEGAL PROCESS
·We obtain the deeds from the clients mortgage lender or from the client direct if they do not have a mortgage secured upon the property.
·We obtain current Land Registry copies of the legal title to the property.
·We ask the client to complete Property Information Form and Fixtures Fittings and Contents Form. They will also have to complete a Leasehold Information form if they live in a Leasehold Property
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| 13th April 2004 |
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Bankruptcy - “Utter Failure” - Oxford Dictionary unlike the definition in the dictionary the defining rules on personal bankruptcy have been given a more positive meaning and are now placed under the new Enterprise Act 2002, which received Royal Assent on the 7 November 2003 and has come into effect on 1 April 2004. |
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| 13th April 2004 |
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The debate builds momentum in the recent publication of David Miles report to the Chancellor for the March 2004 budget.
The Chancellor believes that homeowners fluctuating between one-mortgage lender to another heavily influence the unsteady market in the UK. However, with the recommendation of fixing customers to longer term mortgages as seen in the USA, it has been suggested this could have stabilising effects in the economy and avoid the repetition of the property recession of the early 1990s.
What’s your view?
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| 17th March 2004 |
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On the 4th of March, The Bank of England's Monetary Policy Committee maintained the interest base rate at 4.0%, having reviewed previous increases of 0.25% twice in the last 4 months (February 2004, and November 2003). After a prolonged period of low interest rates the housing market is now bracing itself for further increases in interest rates, maybe to 5% by the end of the year. This article details the probable changes in the housing market as a result of interest rate increases. |
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| 27th February 2004 |
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With the vast wealth of employment legislation that is being publicized, is it any wonder that many employers find it difficult to stay ahead of the game? |
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| 28th January 2004 |
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A joint venture with seven other south coast law firms has been formed to launch the region's first ever personal injury compensation network. Available from Thursday 29th January 2004, the new and unique network is called Wessex Accident Link. |
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| 16th January 2004 |
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The opening of Parliament last year contained one of the Labour Government’s most controversial set of plans since they came to power in 1996. Amid the furore caused by the plans for children of Asylum seekers to be taken into care whilst their parents are deported, the Government introduced its plans for the implementation of Home Information Packs. |
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| 14th January 2004 |
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Lawcomm Solicitors are delighted to have been accepted as an Associate of CML (The Council of Mortgage Lenders). |
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| 5th January 2004 |
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Soon solicitors will be able to directly pay mortgage brokers, estate agents, surveyors and lenders for new business on condition that clients are informed of any referral fees and solicitors are not constrained from providing independent advice to clients. |
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| 28th November 2003 |
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The Christmas season is here, which signifies a time of meriment and relaxed behaviour for employees and a headache for the employers (and that isn't because of the obligatory post Christmas hangover!). |
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| 27th October 2003 |
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The Vast array of legislation that now exists to protect the rights of employees has resulted in a rather interesting situation when it comes to the company's dress code. Employment Law Specialist, Caroline Shimmin looks at the difficulties surrounding dress codes. |
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| 23rd September 2003 |
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Due to the significant number of changes in employment legislation during the past year, it is important for employers to keep one step ahead. Caroline Shimmin, Employment Law Specialist at Lawcomm Solicitors, advises on how this is possible.
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| 12th September 2003 |
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The last time conveyancing was wholly reformed was in 1925. Not much has changed since then until now. Mr Sandhu, a Partner in Mortgage Lender and Introducer Services at Lawcomm Solicitors, explains the likely impact of recent changes from the conveyancer's, mortgage introducer's and the client's standpoint. |
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| 12th September 2003 |
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Employer's are being bombarded with even more red tape. Caroline Shimmin, Employment Law Specialist at Lawcomm Solicitors, advises on how to deal with the ever increasing burden of keeping up and dealing with new legislation. |
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