CREDIT WOES & THE HOUSING MARKET
Due to a lack of confidence in the market, Buyers and Sellers have experienced widespread problems. Banks and Building Societies have become increasingly reluctant to lend a high percentage of the value of a property and buyers lack the cash deposit they need to secure one.
With our experience of the property market spanning over 30 years we have the right contacts for you to secure the right mortgage and we can steer Sellers to the right Estate Agents to handle their sale.
Through our specialist Professional Service Network we also have the right people to deal with your Survey, Damp and Timber problem, Independent Financial Advice, Tax Problems (e.t.c).
Buyers need to arrange their Mortgage/Finance in Principal before they start looking. There are plenty of bargains out there. Sellers need to market at a realistic price and ensure their property is in tip top condition. Through our Professional Service Network we have consultancy advisors or house doctors who may be able to help with a quick makeover or give general advice. Our experience is extensive in this area and our reputation for personal service by our experienced staff is renound.
Elderly Client & Wills
Our Elderly Client department is able to give general advice to Elderly Clients on a range of subjects tailored to their needs. Through our Professional Service Network we can also put you in touch with the right professional advisor if necessary. We can advise you on:
* Residential Conveyancing
* Lasting Powers of Attorney
* Welfare Benefits
*Court of Protection and receivership
* Financial Planning for the Future
* Dealing with Home Equity Release (see later)
You may also want to think about making a Will. It is important that you review your Will every few years. The law may have changed; your circumstances may be different from when you made your will or people mentioned in your will may have died.
Beightons are offering a FREE consultation to review your Will, or if you have not made a Will yet come and see us – it costs nothing for an initial interview and if you do decide to make a Will we are doing a special offer: 2 for the price of 1 at £99 +VAT.
Immigration
On
27th November 2008 the work permit scheme was replaced by tier two of the points based system.
This was part of the Governments overhaul of its immigration system. The United Kingdom Border Agency are also planning further changes to be implemented in the early part of 2009.
The most recent changes, the aforementioned tier 2, demonstrates a massive overhaul on business immigration, bringing complete reporting and document retention duties incumbent on employers, along with the threat of criminal and civil liabilities under tier 2, the liability for sponsorship compliance shifts from the UK Border Agency to the employer.
Migrants sponsored under tier 2 shall require a certificate of sponsorship; this document is now a “virtual document,” which replaces the old “paperwork permit.” Once issued, the certificate of sponsorship enables the migrant employee to make he required application for entry clearance into the U.K and shall act as the sponsor employers insurance that the migrant meets the tier 2 requirements, as well as being able to undertake the job in question once in the U.K.
In View of the new reforms, and the potential complexities, not to mention liability implications upon employers, it is imperative that specialist legal advice is sought in order to avoid the potential pit falls.
Professional Service
Beightons have developed a new concept in offering services to clients. If you are looking for a fellow professional to help you we can put you in touch with a professional who we know through our extensive experience has a proven track record and are the best in their field.
Beightons can put you in touch with any number of professionals in many associated fields. Our dedicated experienced Specialist Professional Network includes:
* Accountants
* Architects
* Surveyors
* Financial Advisors
* Estate Agents
Through our Specialist Professional Network we can also put you in touch with experts in fields of law in other specialist areas. These include:
* Patent Agents
* Road Traffic Lawyers
* Football Agents
* Media Advisors
* Advertising and a whole lot more
Sharia Law
Justice Secretary Jack Straw has made it clear that Sharia Principles will always be subject to English Law...
While Sharia Law can be used to resolve family and other personal disputes no English Court can endorse an agreement which conflicts with the national Legal System.
Laws to prevent forced marriages have also recently been introduced into the UK. Any one convicted of trying to force someone into marriage can now be jailed for up to two years.
Debt Recovery
The Credit Crunch is Real. It’s Here and it’s Now.
It is crucial you receive all the professional help you can from Beightons in recovering your monies from those who owe it to you.
It is important to act quickly and not leave the debt outstanding for too long or the debtors may go bankrupt or into liquidation. We can help you with your terms of business or terms of service with your clients, as it is important to get them right from the outset to prevent invoking penalties for late payment etc.
Inheritance Tax
Wills have always been a way of assisting in the mitigation of Inheritance Tax to clients. The incorporation of the Nil Rate Band within a Will can offer the Estate of the deceased flexibility in Estate Planning. Contact us for further advice… If you already have a Will or are thinking of making one we can give you the advice you need so that you can make the right choices for your family when considering your Will.
“Probate: Dealing with someone's affairs when they die”:
Few people are prepared for the death of a loved one and added to the difficulties and pain of bereavement is the need to deal with their estate. If the deceased left a valid Will the Executor dealing with their affairs can obtain a Grant of Probate to administer the estate, however if the deceased died without a valid Will, intestate, the process is more complicated and the Law determines how your estate is to be distributed under the ‘Rules of Intestacy’.
The most significant recent change is to the statutory legacy payable on intestacy to surviving spouses and civil partners. This rose as of 1 Feb 2009 to £250K where there are children and £450K where there are no children but parents or siblings.
Spouses and civil partners have a right to capitalise the life interest under sections 46 and 47 of the Administration of Estates Act 1925. The capital value of the life interest is calculated according to tables in the Intestate Succession (Interest & Capitalisation) Order 1977/1491. With effect from 1 Feb the Intestate Succession (Interest & Capitalisation) (Amendment) Order 2008 replaced the tables in the 1977 order with new tables that take into account increases in life expectancy and decreases in the yields on government stocks.
Employment Law and Accidents
There are a number of important changes coming into force in Employment Law over the next few months. Firstly we will have the implementation of the flexible working regulations. This means that all workers with a dependant under the age of 16 who have 6 months service can ask to work flexible hours. This is not a right but is merely a right to request. The employer can refuse but must consider the request seriously, fairly and be prepared to justify any refusal. In addition there are several important changes being made to the statutory grievance procedure through the new Employment Bill. A failure to comply with the statutory grievance procedure will no longer render a dismissal automatically unfair. It will now only entitle the dismissed employee a 25% increase in any damages they may be awarded. Overall the statutory procedure has been made much simpler to follow, however many of the provisions taken out of the process to simplify it have merely been enshrined in ACAS codes which a reasonable employer will also be expected to comply with. Therefore many academics view this as not having changed the procedure at all and only case law will tell if there has in principle been any change. In addition in the present economic climate many people are faced with the prospect of redundancy. If you have been employed by your employer for twelve months or more and are facing redundancy, you may be entitled to financial recompense in excess of the normal notice period under your contact of employment. This is known as the statutory redundancy scheme. If the above applies to you, and you are, or may be facing redundancy, we are happy to provide you with a free initial consultation.
If you have had an accident at work or elsewhere please contact us for an initial interview. We are experienced and competent to act on your behalf to recover the maximum amount of damages that you may be entitled to. We act on a ‘No Win No Fee basis’ so you don’t lose out.
Charities
All charities now have to account to the charities commission to justify their public benefit to avoid removal of their charitable status. Is your charity at RISK? Do you know the areas of charitable status that are changing? We can advise you on your needs in this area.
The latest news for the charitable sector has been the enactment of the Charities Act 2002. What trustees need to know – some of the main provisions of the Act came into force that year. Trustees need to update themselves on the charity rules governing charities such as mortgaging charitable property, changing your purpose, altering your governing document and new funding.
The Charity Commission – it’s functions and what it can do for you: The Commission has more power to ensure better administration of charities. The Commission also has wide regulatory powers to intervene if things go wrong.
The Charity Commission register went live last year. For the first time you will be able to see a Financial Summary in diagrammatic form for all charities with income of half a million or more.
The rules for audit and independent examination of Charities accounts have recently changed. If your charity income is between £10K and £500K.
then an independent scrutiny of your accounts is needed. For larger charities an Audit is required. The New Charitable Incorporated Organisation Structure will soon be proposed. Watch here for developments.
It is important that charities govern themselves properly, ESPECIALLY TODAY. Uncertainty about economic future is concerning all charities. For the charitable sector, the impact of an economic downturn means charities need to think about how to maintain sustainability and public support at a difficult time. Can charities claim compensation if their savings are lost by their banks failing – speak to us, we can help.
Mortgage Repossessions
If your mortgage is in arrears and you are facing mortgage possession proceedings then you need to be aware of the new Protocol introduced on 17th Nov 2000. It aims to make proceedings for residential possession claims a last resort.
Lenders should allow 3 to 6 months of arrears before beginning possession proceedings to give time for other avenues to be explored to deal with the situation, such as changing the terms of the loan, allowing the borrower to get proper debt advice or even allowing the borrower to sell the property. A lender does have other means that he can use to enforce his security to sell the property without the need for a court order for possession and can appoint a receiver for that purpose. Contact us for more advice on this issue and an examination of your personal circumstances.
You should also be aware of equity release schemes. The value (equity) of your property is its market value minus any mortgage or other debt held against it. The two main types of equity release are the lifetime mortgage and the home reversion. A lifetime mortgage lets you take out a loan that is secured on your property. With a home reversion you sell all or part of your home to a reversion company or an individual. Equity release schemes are not suitable for everyone. Please come and see us for more advice and an examination of your personal circumstances.
