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.
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.
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.
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.
The cost of living crisis sweeping in increasing interest rates and the prospect of recession is contributing to an unprecedented rise in redundancies compared to this time last year. Solicitors are therefore reporting a demand in their services for the scrutiny of settlement agreements. It should be remembered that settlement agreements can only relate to the specific issue being settled. A settlement agreement cannot be used to settle all or any matters in a generic sense.