Category Archive Commercial Conveyancing

UK Property Purchases For Foreign Buyers

London and more generally the United Kingdom has always offered superb investment opportunities for foreign property buyers. It is therefore important to appreciate the various taxes that could be levied against you:-

1) Inheritance Tax 2) Capital Gains Tax 3) Annual Tax for Enveloped Dwellings – a tax on companies that own properties used by their owners 4) Income Tax 5) Stamp Duty Land Tax

A competent property solicitor would be able to advise you on how to minimise these potential liabilities.

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Office Lease Deals Signed Off

The office property market is going strong with new developments underway. Hedge fund involvement has been observed in the City with joint ventures between British property developers with those in the Far East such as Singapore. The total amount of offices being built is at a record high.

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The Office Now a Hotel

Older offices are being purchased for conversion into hotels due to hybrid working from home and net zero carbon neutral requirements. Solicitors in London have been dealing with change of use planning applications accompanying the regular freehold and leasehold transfer negotiations.

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Construction Contracts Drop

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.

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Commercial Leases

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.

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Property Boost in London – Residential & Commercial

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.

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West End Commercial Rents are Up

Professional and financial services have led the way causing an increase in rents over the past five years to £125 per sq ft from £100. The opening of Bond Street Station on the Elizabeth Line can only serve as a catalyst.

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Property Prices Are Soaring

The residential property market is achieving price levels seen only once before since 2007. In London this was a 0.3% increase above the national average.

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Commercial Property

Student housing has become an attractive investment proposition particularly in the north of England as it offers fast returns, high yields and is low risk. Student accommodation is now relatively luxurious and reflects the monetisation of higher education in recent years.

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Properties with the Freshest Air in Central London

If you’re buying a property in central London the air quality may be important to you. The postal areas from the highest to the lowest are:- W1K,SW1X,SW1W,SW1Y,SW1A,SW7,SW3,W1J,SW10,W8 and W1S.

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