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The market for the rental of property shows no sign of diminishing as national statistics continue to show a shortfall in the numbers of new houses being built.
Property Scene spoke to Richard Ainsworth, Head of Residential Conveyancing at Marsden Rawsthorn Solicitors to get an expert view on some of the aspects to be aware of if you are thinking of becoming a landlord for the first time.
Property Scene spoke to Richard Ainsworth Head of Conveyancing at Marsden Rawsthorn Solicitors to get an expert view of the potential impact of the recently implemented tax changes which adds a 3% surcharge on stamp duty payable on the purchase of additional residential properties
Homeowners potentially liable to inheritance tax (IHT) need to plan whether and how to take full advantage of upcoming changes to the IHT rules due in April 2017, which could significantly reduce the IHT payable on death.
Individuals buying second or buy-to-let homes from 1 April 2016 should prepare to pay an additional 3% stamp duty.
Many people may wish they could put themselves in their boss's shoes and run the company themselves, but for Caroline Foster that dream became a reality when she traded in her job as a barmaid at The Walmer Bridge near Preston to become the pub's landlady.
Caroline explains: "I had run my own business before and when the pub went on the market lots of customers and colleagues suggested I should buy it. I looked into it and decided to go for it, without really understanding the full legal complexities of buying such a business."
Jo Wilcox (pictured left), solicitor from Marsden Rawthorn's commercial property team, exlaborates on the process: "The transfer of a pub into new ownership is a particularly complex transaction because it involves the sale of the business 'goodwill', along with the transfer of the property lease, which requires gaining the brewery's permission and agreeing terms on the new operator's tenancy obligations along with purchase of the fixtures, fittings and equipment. Because Caroline was taking on the pub with its existing employees she also needed to complete a TUPE (Transfer of Undertakings Protection of Employment) transfer of staff.
Marsden Rawsthorn residential property expert Barbara Haddleton is urging parents to protect mortgage deposits as more and more first-time buyers rely on financial assistance from the 'bank of mum and dad'.
In the last year, Preston and Chorley-based law firm Marsden Rawsthorn Solicitors has seen an increase in Declaration of Trust registrations.
A Declaration of Trust is a legally binding written agreement to record the financial arrangement between property owners. The document provides security for individuals who are contributing financially to a purchase of a property or in an event where the property needs to be sold and the equity needs to be divided according to the original contributions, such as after a break up or falling out.
Jade Brooksbank, residential property disputes practitioner is warning landlords to be wary of complex tenancy deposit laws as a result of a landmark national case.
In the recent case of Superstrike vs Marino Rodrigues, the tenant's fixed assured shorthold tenancy rolled into a statutory periodic tenancy. As the original tenancy was created before the introduction of mandatory tenancy deposit protection laws in April 2007, the landlords did not protect the deposit as they were under no obligation to do so.
The launch of a new online portal by Land Registry will reduce the time it takes to register land or property for application relating to the whole of a title from as long as four months to just one week, accelerating property transactions.
The development has been welcomed by the industry and praised for dramatically improving the previously lengthy process. The Land Registry are also developing the application process so that their system can also process application relating to a part of a title, which we are advised should be usable later this year.
Marsden Rawsthorn's In-Property team is new, but the experience of the firm and its lawyers is far from it. Marsden Rawsthorn has always had a strong Property focus, however, increasingly, the need for specialist advice regarding disputes in property is growing. To meet this demand we have formed a team to focus on this core area and who are passionate about property and getting the best result for you. If you are a landlord, tenant, property owner, occupier, investor or developer we can help you.
Despite a weak economy there seems to be a number of optimists riding out the economic storm by simply cutting overheads. In an attempt to reduce costs, many businesses are choosing to underlet their leased properties, however what seems to be a straightforward cost effective decision can lead to extreme consequences. In a simple underletting, you in effect give occupation of a property to a third party who pays you a rent, whilst you also continue to pay rent to your Landlord.
Solicitor, Laura Hallett at Marsden Rawsthorn Solicitors explains that there is strict compliance with terms of leases when underletting, therefore good preparation is essential. Tenants should ensure that they consider their leases (and any supplementary documentation) carefully and liaise with their solicitors accordingly.
Stephen Hodgson, CEO and Commercial Property Specialist at Law Firm Marsden Rawsthorn LLP, looks ahead to 2010.
At the end of 2009 the Marsden Rawsthorn Commercial Property Team negotiated the lease on one of Preston City Centre's largest single letting units and the site of the former Woolworths store. The new tenant, Next, signed a 15 year lease, demonstrating real long term commitment to the High Street.
15 years is a long time in Retail. So was Next's decision unfounded optimism or sensible business practice?
We were delighted to be associated with this event. Frank McKenna, Downtown Preston, hosted this debate with newly appointed CEO of Preston Vision, Eliot Ward and NWDA CEO Steven Broomhead. It was a lively debate and Eliot provided a good insight into his vision of the regeneration of Preston covering topics including Tithebarn project, National Football Museum and Preston Bus Station, More information here http://www.downtownpreston.com/events/2009/14/.
A Chorley bakery business has unveiled a series of new expansion plans designed to meet existing demand and attract new customers.
Halls Bakery Ltd, a client of Marsden Rawsthorns, already bakes and sells thousands of pies and savoury products every week through its three sites in Chorley, as well as sandwiches, cakes and salads.
The firm also provides a popular catering facility to local businesses which has grown significantly over the last 12 months.
A leading Preston Property Solicitor is warning of the dangers of tenants subletting properties in an attempt to reduce rental costs, as an increasing number of businesses look to scale back their operations. As more properties become empty on the high street, so some are changing hands as tenants move out and transfer their lease to another trader.
Lancashire law firm highlight the importance of using solicitors to compile HIPs.
Leading Lancashire law firm Marsden Rawsthorn is warning home sellers and buyers to be vigilant with Home Information Packs (HIPs), after the government raised the alarm that some rogue HIP providers are putting the wrong documents in the packs. Communities and Local Government (CLG), the body responsible for setting UK policy on housing issues...
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