Conversations with a solicitor in Chester

solicitors chester

I heard a story on the radio the other day and it made me think. I’ve decided to write about it and to also talk about a bit of stuff that has been on my mind of late given what’s going on with the economy. There is a solicitors in Chester called Aarons who helped me out a few years ago with some conveyancing and during that time I got to know my solicitors Phil quite well. I remember having a chat about the effect of the economy during the recession.

Law firms can not afford to pay Conveyancing Solicitors or any other member of staff to be sat around twiddling their thumbs. That is the sad fact of the matter. Since the beginning of the credit crunch prior to the recession in September 2007, nowadays there are not even half the amount of conveyancing transactions and for that reason not even half the quantity of work with Conveyancers.

Every conveyancing firm continues to be impacted by this. Some firms have already been in a position to transfer staff into other departments however many have experienced to create redundancies. Recently legal requirements Society Gazette reported that recruitment agencies were becoming inundated with Conveyancing and Conveyancers Solicitors who had previously been made redundant.

Up to August 2007 Conveyancers were in great demand that was reflected within their remuneration packages. Many are now being made redundant, suffering pay cuts or faced with extremely poor job security. It is not easy to recall recently every other trade or profession to become devalued by a great deal in this short time. It is not only the employees used in the profession that are suffering but individuals who have spent years training to be Conveyancing Solicitors or Licensed Conveyancers, many now discover the skills they may have obtaining are practically worthless.

Many Conveyancing Solicitors Firms will be in a fortunate position of having the ability to downsize. Many smaller solicitors offices and sole practitioners who are entirely dependent on conveyancing work are unable to take such action, however. They now face a challenging decision whether or otherwise it really is worth continuing or closing down. Not many Solicitors have shut down up to now. They have insurance until 30th September 2008. That is the reason for this. The cost of insurance for conveyancing firms is set to increase considerably as it is predicted that the drop in house prices will cause more negligence claims against Conveyancing Solicitors, however.

The issue is compounded by the development of Home Information Packs (HIPs) [http: //online-conveyancing-solicitors.co.uk/home-information-packs/] in August 2007. Their purpose ended up being to accelerate the Conveyancing process, however effect continues to be to place the commission from the HIP in to the hands from the selling agent. They are in a position to direct the customer regarding who ought to be preparing the rest and for that reason influence which Solicitor performs the Conveyancing. Many Conveyancing Solicitors now find it hard to determine as to what extent they may have lost the work they do due to the loan crunch or because of the Introduction of HIPs.

Conveyancing Firms also face another obstacle from what is known ‘run off’ insurance. If they close down without a successor practice, this is an additional insurance premium that a Solicitors Office must pay. Nobody would like to buy or dominate a conveyancing firm right now! The elope premium is generally between 200 – 225% from the initial premium. By means of a good example: –

A Conveyancing Solicitors firm paid their indemnity insurance premium of £20,000 for October 2007 to September 2008. 000 if they wish to close down before 30th September 2008 they will have to pay an additional ‘run off’ premium of £45. This could be quite a motivation to not close down but to carry on trading. Reports suggest that their insurance premium will increase by at least 25% which would mean that they would have to pay £25,000 to insure between October 2008 and September 2009. To compound matters virtually all predictions are for your real estate market to carry on to slow therefore and down increase the likelihood of them closing down the coming year. They might then need to pay a ‘run off’ premium of 225% from the higher premium. Within this example the solicitors firm would need to pay an extra £56,250 ‘run off’ insurance premium on the top of their £25,000 premium if they close down the coming year. A relatively worrying £81,250 altogether.

Some common legal myths dispelled

laughing policemen

What people believe: If you are living with somebody as husband/wife then you are seen as the same legally.

The truth is: Legal requirements will not identify typical-legislation spouse. You’re either legally married or you are not. There exists absolutely nothing between. The lawful expression for those who stay with each other is “Co-habitees”.

What people believe: If I’m a married person and I unfortunately die then my spouse can get every thing regardless of whether I’ve composed a will or otherwise.

The truth is: This is simply not the situation. In the event you pass away without having a will means your spouse might get a really small percentage of the property and your kids a big slice of it instantly. You need to compose a will.

What people believe: You can’t wed your own mother according to legislation.

The truth is: the mind boggles as to why you would want to do this!

What people believe: If you wish to copyright laws some thing you just place it within an post and envelope it to your self.

The truth is: This really is no evidence of copyright laws whatsoever. The items may be easily altered. A much better way is to obtain the fabric day stamped with a company of lawyers or place an initial course shipping stamp around the materials and get the local article workplace to terminate the stamp using their day stamp.

What people believe: Should i be ceased for speeding by a single policeman on their own I could not prosecuted.

The truth is: Oh yeah indeed you are able to. The courts are more inclined to think a policeman stating you had been speeding apart from you stating you weren’t.

What people believe: Should I include the amount dish of my vehicle in stick movie velocity digital cameras can’t get my amount dish.

The truth is: If you are not speeding, this may or may not be true but in any event it is illegal and you can be prosecuted for obscuring the number plate even! We recommend which you don’t try out.

What people believe: Trespasses is going to be prosecuted.

The truth is: Trespass will not be a criminal offense it’s a civil issue. You are able to not prosecuted for trespass. You are able to sue somebody for trespass but unless of course they may have completed some harm you might be unlikely to obtain any cash. When they constantly trespass the very best you will probably get is really a courtroom purchase letting them know to avoid it any longer.

What people believe: If the buyer doesn’t pay for them, if you put “goods belong to the seller until paid for in full” on your invoices it means that you can get and go them back.

The truth is: This might or might not become the situation this will depend about how lengthy you might have been working with the client for and what they have completed with them. Generally this clause is totally unenforceable even though it may be imposed by wording it correctly.

What people believe: I can not bring a claim if I partake in an activity and I sign a form that says I agree that I will not hold the organisers responsible for any death or injury.

The truth is: It really is extremely hard to leave out loss of life or injuries just like any results of any irresponsible motion. This clause is just unenforceable underneath the Unjust Agreement Conditions Take action 1977.

What people believe: In case a trespasser is painful themselves by, for instance, stumbling on the risk on my own property, (maybe a thief even throughout a criminal offense) then that’s challenging on him.

The truth is: Underneath the Occupiers Accountability Take action 1984 We have a responsibility to help keep a thief protected from damage when on my own property!

What people believe: The police should patrol on foot with a single foot in the gutter.

The truth is: Nope!

What people believe: If he arrests you without a hat on then the arrest is unlawful, a policeman must wear his hat.

The truth is: When you get charged with some thing as well as the policeman doesn’t have his cap on don’t believe you’re likely to leave from this.

What people believe: It’s lawful to apprehend or kill a Welshman if he is within the walls of Chester at night.

The truth is: It might have been real 2000 years back but today it might be a certain flame method to lifestyle imprisonment. We put this to a Chester solicitor who just laughed!

What people believe: Housebreaking is illegal

The truth is: There is absolutely no offence of housebreaking in the united kingdom, the offence of robbery is in being a trespasser using the intention to commit a robbery, GBH or sexual assault.

What people believe: In case a business owes me some money but goes bust there’s absolutely nothing I could do to have it back again.

The truth is: Even though you can expect to be an “un-guaranteed borrower” and for that reason, its easy to sue the person “behind the company veil”.

… plus some fascinating details…

You can not be charged with theft if you take something from someone without their knowledge and leave a note saying “I will bring your xxx back next week” AND you take it back next week having treated it as your own and returning it in exactly the same condition. During these conditions we find it difficult to determine what you may be responsible for. True, although bizarre!

If there are no speed limit signs and the street lights are less than 200 meters apart then it is a 30 mph speed limit, on the road.

If a person owes you some cash and will pay you (say) 50 % of it around the schedule that “its fifty percent or absolutely nothing” and you also take it below duress it’s nevertheless generally easy to sue the debtor for your equilibrium (it goes returning to the 17th ct).

Slavery wasn’t abolished lawfully till 1998 from the Human being Legal rights Take action since the 1833 Abolition of Slavery Take action failed to determine what slavery was.

Buying a property can be stressful. However, it does not have to be difficult.

How-Does-A-Mortgage-Work

Buying a property or a home is a long and complex process. Typically, it will involve the following steps:

 

  1. Borrowing

 

You should get in touch with a mortgage broker and see how much you can actually borrow. They will help you scour the market for the best deals available and show you how to maximise your borrowing power.

 

  1. Define Your Criteria

 

The next step involves deciding the exact kind of property you are looking for. Think about how many bedrooms are required and whether you need a garden and parking. If you are buying a flat, decide whether you want a leasehold or a freehold. You should also pick areas you want to live in. Also consider the property tax banding.

 

  1. Start Searching

 

Scan local newspapers and the internet. You can also register with professional estate agents. In case you spot a property you are interested in, arrange a viewing through your agent.

 

  1. Visit Properties

 

Go out of your way to check out some properties. It is unlikely that you will find the best home straight away. However, keep going and wait until you find something that is worth your investment.

 

  1. Make an Offer

 

Once you come across something you love, make an offer. However, first ask your estate agent to find out as much as they can about the property. Most buyers make offers that are below the initial asking price. Therefore, start low and use your agent to negotiate until you reach a satisfactory price. If the property is worth the price the seller is asking, you can offer the full amount.

 

  1. Acceptance

 

In case the seller accepts your offer, ask your agent to get the home off the market. Then, hire a trustworthy solicitor.

 

  1. Arrange the Mortgage

 

At this stage, you need to sort out your mortgage application. Here, you need to provide a lot of paperwork detailing your outgoings and income.

 

  1. Paperwork

 

Ask your solicitor to draw up a contract. The solicitor will also send a list of questions to the seller, including questionnaires asking the fittings and fixtures they will leave on vacating the property.

 

  1. Surveys

 

After you agree to the mortgage in principle, your lender will contract a surveyor to check out the property and value it. You can also hire your own surveyor for a more comprehensive look.

Go through the survey and find out everything you can about the property. Renegotiate the price with the seller if a lot of work has to be done to fit up the place. If it is too problematic, pull out of the deal before you incur more costs. However, if you are happy with the new home, arrange with your estate agent to gain access to the property.

 

  1. Exchange of Contracts

 

When your conveyer completes all necessary checks, you will sign a contract that will legally commit you to the purchase. It is at this point that you will be required to pay a deposit on the property (which is usually between 5 to 10 percent of the agreed upon price).

 

  1. Plan to Move In

 

Once everything is finalised, get a removal van and start planning to move into your new home.

Stamp Duty Overhaul in Autumn Statement

There are many examples of hyperbole in uk property news stories, but none more bandied about than the ‘sweeping’ or ‘grand’ reforms of stamp duty that were outlined in the Autumn Statement, the last before the general election. So what exactly do these reforms mean for the man on the street? Are they really so ‘sweeping’ or ‘grand’? 

new budget 2014

Impact of the new system

The surprising truth is that the talk of how impactful these changes are is, for once, not overstated. The fact of the matter is that for 98% of house buyers, stamp duty will be less than it was under the old system.

The new system:

Buyers of houses below the threshold of £125,000 will not have to pay any stamp duty at all. Between £125,000 and £250,000 the rate will be 2%, rising to 5% for purchases of between £250,000 and £925,000. From £925,000 to £1.5M the stamp duty rises to 10%, and above £1.5M the rate is 12%. 

Benefits of the new stamp duty system:

First of all, the new system is said to be fairer: it is a graduated system much like that used to calculate income tax, and gets rid of the distortion to the market created by having huge jumps up from one band to the next. 
This new system is designed to help those at the lower end of the system and first time buyers to buy a house in an age when it is difficult to even raise a deposit. The lack of stamp duty on purchases under £125K will go some way towards helping those buyers, and thereby reducing the unfairness within the current housing market.
This new system also reflects the dramatic change in house prices since the last system was established, and it is said that it will stop uncertainty at the top end of the market after discussion of Labour’s proposed ‘Mansion Tax’ unsettled the top-tier property business.

Criticism of new stamp duty system

Many have said that George Osborne was simply spiking Labour’s guns, with this helping hand to ordinary middle class families and swingeing cuts to the super-rich, and that this is just a cynical pre-election pandering to the electorate. These policies have been attacked from both sides of the fence. On one side are the rich, who are annoyed by the huge extra payments they have to make in stamp duty in order to fund, in effect, the cuts to stamp duty further down the tree. This also goes against the core conservative and free-market values of a lot of the Conservative party, who believe in the sort of ‘trickle down’ economics that, arguably, have just succeeded in making the rich richer and the poor poorer. 
On the other side of the fence, while they welcome the help for first time buyers and the bottom end of the property market, many feel that the stamp duty tax on the super-rich is not enough. Those in favour of further redistribution of wealth, and equality, feel that tax on the obscenely wealthy should be higher across the board, and not linked just to property. The fact is that due to the crazy inflation of house prices in London and other economic centres, even £2.5 million will no longer buy a property as large as one might imagine. Sometimes, it will buy no more than a one or two bedroom flat.
Other critics have stated that this stamp duty reform will boost the market, and could cause an unsustainable rise in house prices. This would in fact have the opposite effect than that intended for ordinary buyers across the country. George Osborne has denied these claims.

Wherever your political allegiances lie, it is clear that stamp duty reform will have a big impact on house buyers.