Property transactions – ‘it’s not fair they have taken my deposit. Is there any way I can get it back?’

Property transactions – ‘it’s not fair they have taken my deposit. Is there any way I can get it back?’

Published: 27 January 2017

A recent case reminds us all of the vulnerability of deposits paid in property transactions.  Whilst statute might exceptionally come to the aid of those who cannot complete a contract and lose their deposit – ordinarily loss of a deposit is no more than what you bargained for.

Solid Rock Investments UK Ltd –v- Reddy [2016] EWHC 3043 (Ch)

Are you a Property Seller or an Estate Agent?

Are you a Property Seller or an Estate Agent?

Published: 27 January 2017

If so be careful to ensure that your terms of engagement are clear from the start.

It has long been established in English law that in order for a binding Contract to arise you need one person to make another person an offer, for that offer to then be accepted and for something of value to change hands between them. Also the people concerned must intend that this should give rise to a legally binding relationship.  The final key element is that the terms between them must be clear and certain.

The Autumn Statement 2016 and the Impact on Property

The Autumn Statement 2016 and the Impact on Property

Published: 12 December 2016

The Autumn Statement was delivered by Philip Hammond, Chancellor of the Exchequer on the 23 November 2016.  The Statement very much focused on infrastructure and housing and there are a number of measures which will have a particular impact upon the area of property.  A few of the important points are considered below.

Land Registry - To privatise or not to privatise - that is the question: The potential effect on every hamlet

Land Registry - To privatise or not to privatise - that is the question: The potential effect on every hamlet

Published: 30 September 2016

The Government has for some time been looking at privatisation of the Land Registry. Currently, both the Land Register and the Land Charges Register are Crown property however,  a number of private equity firms have expressed interest in purchasing the Land Registry. One reportedly has been planning a £1 billion takeover.

Commercial leases, vacant possession and failing to break – even when you have vacated

Commercial leases, vacant possession and failing to break – even when you have vacated

Published: 30 September 2016

A tenant’s recent failure to break its lease, even though it had physically vacated, provides (another) salutary lesson to tenant’s when seeking to implement break ‘right’s’ – Riverside Park Ltd –v- NHS Property Services Ltd [2016]. 

Brexit and the Property Market – Is it Time to Panic?

Brexit and the Property Market – Is it Time to Panic?

Published: 9 June 2016

The date has been set, the ‘yes’ and ‘no’ campaigns have drawn up the battle lines and on 23 June Britain will decide if it will stay in the EU.

SDLT and the Sting in the Tail of Buy to Lets

SDLT and the Sting in the Tail of Buy to Lets

Published: 21 December 2015

George Osborne’s Autumn Statement announced on 25 November 2015 revealed some major changes which, ultimately, will reduce the attraction of a “Buy to Let” (BTL) investment from 1 April 2016.

Pulling the Rug Out From Underneath

Pulling the Rug Out From Underneath

Published: 29 October 2015

In a property sale, can a party who has both failed to complete a sale on the contractual completion date and failed to comply with a notice to complete, subsequently turn the tables and rescind a contract itself, thereby pulling the rug out from under the ‘innocent’ party’s feet?  In the recent case of Hakimzay Ltd v Swailes the answer, as many would expect, was no. 

New Rules for Private Landlords

New Rules for Private Landlords

Published: 1 October 2015

New rules affecting every landlord of residential property are now in force. They affect the Assured Shorthold Tenancy (AST) which is the tenancy agreement used most frequently in the private rented sector. From 1 October 2015 new rules apply concerning the grant and termination of ASTs. 

Get Ready for EPC Changes

Get Ready for EPC Changes

Published: 30 July 2015

On 1 April 2018 the Government’s minimum energy standards will come into force in a bid to cut energy bills and carbon emissions.

Dying Matters

Dying Matters

Published: 29 May 2015

Some people may not know but last week was "Dying Matters Awareness Week".  This was intended to bring to people’s attention the emotionally difficult raft of issues raised where a person who may not have long to live, might want to put his or her affairs in order.

Property Fraud: Coming to a Home Near You

Property Fraud: Coming to a Home Near You

Published: 28 April 2015

We all think that being a victim of fraud is something that happens to other people: a remote tragedy that affects only a minority, yet with the Land Registry paying out over £26million in claims for fraud last year the risk of being a victim of property fraud is greater than ever.

The Best Result Yet for Squatters

The Best Result Yet for Squatters

Published: 26 February 2015

With a big fanfare, legislation was introduced in 2012 to make squatting in residential premises a criminal offence.  From that time on, it has been punishable by a fine of up to £5,000 or imprisonment of up to 6 months. 

Where there is a Will

Where there is a Will

Published: 26 February 2015

On 1 October 2014, the Government’s Inheritance and Trustees’ Powers Act (“the Act”) came into force. The aim of the Act is to reform, The Intestacy Rule, The rules for individuals who want to claim against a deceased person’s estate and Trustees’ statutory power to advance assets to a beneficiary from a trust.

John Yianni Joins Fletcher Day

Published: 15 December 2014

John joined Fletcher Day in December 2014 and is Legal Adviser to the firm’s commercial and property litigation department.

Stamp Duty Land Tax Budget December 2014 Changes

Published: 3 December 2014

George Osborne has finally listened to the calls of many to overhaul the stamp duty land tax “slab system” making it a progressive tax, much in the same way that income tax is.

Stamp Duty Land Tax for Companies

Published: 15 May 2014

Two years have passed since George Osbourne raised  the cost of Stamp Duty Land Tax (SDLT) for 'non-natural persons' (NNPs) on residential dwellings worth over £2,000,000 from 7% to 15%.

Legally Bound: When is a Contract a Contract?

Legally Bound: When is a Contract a Contract?

Published: 26 March 2014

There is no escaping the fact that we live in a digital age. Digital technology has revolutionised the way we communicate, not just socially, but professionally.

Removing Commercial Tenants: Any Old Reason?

Removing Commercial Tenants: Any Old Reason?

Published: 26 March 2014

Can landlords get rid of commercial tenants for any old reason? Perhaps not, but there is a recent reminder that the reasons for doing so are theoretically wider than is usually appreciated.

Property Pearls of Wisdom

Property Pearls of Wisdom

Published: 21 October 2013

PCE Investors Ltd v Cancer Research UK (2012) made an important ruling in favour of landlords so far as break clauses are concerned.

Basement Vaults: What Lies Beneath?

Basement Vaults: What Lies Beneath?

Published: 18 June 2013

There are many properties in central London with basement vaults under the pavement or the roadway, with no clear indication at all on who (if anyone) owns them.

Warning: High Value Property Tax

Published: 16 February 2013

Here is a serious health warning to all property investors.  Just when you thought you had enough complications and taxes to deal with, the Government are soon to introduce the Annual Residential Property Tax (ARPT) which will come into effect from 1st April 2013.

Property Taxes and the Overseas Investor

Published: 16 February 2013

The Chancellor of the Exchequer has had the overseas investor in UK property in his sights for some time and in particular the anti-avoidance schemes, that some investors adopt.  Yasmin Uddin, a Solicitor in our Property Team, considers the implications.

Planning Laws to be Relaxed

Published: 8 November 2012

You may have read recently that planning restrictions on home and business extensions are to be eased by the Government as part of a package of measures to help kick-start the economy.

The End of Chancel Repair as we know it?

Published: 27 October 2012

The subject of chancel repair is set to become a hot topic of conversation in the property market, because an age old tradition will soon be changing