Solicitors in London are reporting many new significant instructions received from Middle Eastern clients who are taking advantage of a slack market. Investment funds and families are among those contributing to more than half a billion pound of freehold purchases.
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Residential freeholders of leasehold properties are to escape certain criminal prosecutions if the Leasehold and Freehold Reform Bill that was introduced yesterday comes into force. All criminal sanctions will be removed in respect of service charge accounts format and supporting document inspection rights.
Share This:- The triple increase in property prices, number of transactions and the amount of properties on the market has been welcomed by residential conveyancing solicitors in London.
Share This:- The fall in the number of construction contracts has been evidenced by a 25% insolvency increase in building firms since the pandemic.
Escalating inflation, delays in significant infrastructure projects, a drop in the construction of new homes and the cost increments of materials are the chief culprits here.
Share This:- Creditors’ voluntary liquidations are up on pre-pandemic levels as are compulsory liquidations as customer numbers drop off and costs increase.
Share This:- A large commercial property company in the West End of London has reported its tenants are generating sales in all sectors at a pace far in excess of pre-pandemic conditions. It has noticed a significant increase in lettings.
Share This:- Recent family court cases have confirmed that it pays to make a claim for at least a 50% share of the breadwinner’s pension in divorce proceedings. This is irrespective of whether it is the husband or the wife who is making the claim. Up to half of the pension could be awarded where there are circumstances effecting the future earning potential of the spouse e.g. illness.
Share This:- Flat sales in London are up nearly a quarter compared to pre-pandemic conditions and house sales are showing a smaller yet still significant increase. In prime central London renters are being forced to pay more as there are fewer deals on offer, with particular demand in up to two bed properties. Suburban rents have increased even more so.
New leases and renewals are being reported by some of the commercial property mega corporations with rents holding firm even though foot fall remains slightly subdued due to hybrid working. Recent builds especially are of interest.
Share This:- Unfair dismissal and redundancy pay will increase from the 6 April 2023:-
The maximum amount of “a week’s pay” for the purpose of calculating a redundancy payment or for various awards including the basic or additional award of compensation for unfair dismissal will increase from £571 to £643.
The limit on the amount of the compensatory award for unfair dismissal will increase from £93,878 to £105,707.
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