Thursday March 4, 2010 at 4:47pm
A case reported this week should prompt all landlords to take advantage of our free 20 minute lease review and check that the obligations of a tenant’s guarantor can be legally enforced.
This judgement will affect any lease where there has been as assignment from the original tenant and a guarantor was involved.
In short it means the continuing liability of the guarantor under a lease can be challenged. Should the tenant then fail to pay the rent then this could prevent the landlord fr....
(read more...)Tuesday February 16, 2010 at 5:07pm
When you take a car in for its service do you ever get the feeling that you have been taken for a ride quite literally?! I certainly do when given the list of parts the garage recommends be replaced. It would be useful to have some way of getting to the bottom of what really is important. This was the inspiration behind my Planning Law Guide that certainly can be as complex as the average Audi.
Take the following example. The word “Development” in planning terms does not just mean ....
(read more...)Tuesday February 16, 2010 at 3:56pm
The Government has begun a consultation process to consider granting special stamp duty concessions on the bulk buying of residential property.
At present if a buyer purchases a number of properties at the same time then potentially they will be classed as “linked transactions”. As a result stamp duty would be payable on the total amount paid rather than treating each purchase individually and this can increase the tax bill hugely. For example stamp duty for a one off purchase at &....
(read more...)Thursday February 4, 2010 at 10:07am
To mark my arrival at Cousins Business Law I've put together this list of dos and dont's for businesses to help them avoid the potential pitfalls and capitalise on opportunities during 2010.
Landlords should be proactive on recovering rent arrears to avoid being left high and dry by struggling tenants. Look out for warning signs that might mean a tenant has financial issues, like delays in payment or publicity surrounding the performance of the organisation. If it goes into admin....
(read more...)Wednesday February 3, 2010 at 10:12am
Belatedly, in the Blog anyway, I'd like to welcome on board
Commercial Property Solicitor Paul Harrison.
Paul joins us from a firm with offices in Milton Keynes and Northampton and from his own Northampton base will provide legal advice to business and property owners thoughout the Midlands.
Paul, who joins Steve Petty in our
Commercial Property Team acts for a wide range of property owners and occupiers. He's especially experienced in:
Advising on all aspects of acquirin....
(read more...)Thursday January 21, 2010 at 10:49am
I have previously posted on the issue of back garden development. It looks as though the Government may be finally waking up to the fact that flaws in its planning guidance have caused rather more of this type of development than may have been desirable.
Housing and Planning Minister, John Healey, has announced that he will be strengthening national policy advice to make it clearer that garden land is not necessarily suitable for development and that decisions to stop building on it shoul....
(read more...)Thursday January 14, 2010 at 5:26pm
The surprise banks’ overdraft charges victory could leave landlords’ exposed to a new challenge by estate agents. The High Court originally ruled that millions of pounds of residential tenancy “renewal” fees charged by Foxtons to landlords were unfair resulting in expected refunds running to millions of pounds. The new interpretation of the law means that buy-to-let investors may now face delays in their claims for a rebate whilst any appeal is heard.
Please get in touc....
(read more...)Thursday January 14, 2010 at 4:45pm
A recent Supreme Court decision will be of keen interest to developers. It was decided that a sewerage undertaker had no power to refuse a builder the right to connect a private drain to the public sewer at the point most convenient to the developer. Welsh Water had argued that it could refuse the connection on the basis that it would overload the system at that point. This would have meant the developer having to connect to the public sewer at a manhole some 300 metres away. The Court rejected ....
(read more...)Tuesday December 22, 2009 at 3:43pm
This must have been a question Lloyds Banking Group's customers were asking themselves this morning with the announcement that Lloyds agreed to pay at least $3.6 billion over 15 years to raise $2 billion in capital. According to Bloomberg, the bank sold hybrid Tier 1 securities on Dec. 15 that cost 12 percent, or $240 million a year in interest, until 2024. That’s a higher interest rate than bicycle-rack maker TriMas Corp. paid to sell senior notes, which Moody’s Investors Service ra....
(read more...)Monday December 14, 2009 at 2:59pm
Cousins Business Law licensing specialist Nigel Musgrove has been named as a leader in his field in Chambers UK 2010.Nigel specialises in licensing and gaming law advising breweries, pubcos, hotels, pubs, restaurants and clubs. He has acted as legal adviser to a local authority during the licensing transitional stage.
Nigel is an Affiliate Member of the British Institute of Innkeeping and teaches monthly on their personal licence holder qualification.
Nigel, who joined Cousins Business L....
(read more...)Wednesday December 9, 2009 at 6:37pm
Giving with one hand, taking away with the other? The chancellor’s pre-budget report is perhaps no big surprise in delivering both pluses and minuses for the small business owner. Along with The Federation of Small Businesses (FSB), I welcome the chancellor's decision to defer the one pence rise in corporation tax for small firms. This increase had been due to come into effect from 1st April next year, but will now be delayed until April 2011. I’m sure this deferral will help some sm....
(read more...)Tuesday December 1, 2009 at 9:32am
The rate of VAT returns to 17.5% on January 1, 2010. What VAT treatment applies to quarterly rental payments due on December 25? Where contracts are exchanged in 2009 to complete in 2010, and VAT becomes payable on the contract deposit, what VAT treatment applies at exchange and at completion?
December 25 rent payments The tax point for standard-rated leases is the date the landlord issues a VAT invoice or receives payment of the rent, whichever happens first. Hence, on Decemb....
(read more...)Wednesday November 18, 2009 at 11:28am
According to Land Securities in a report by Bloomberg today. The company has announced that it has made offers to buy £500M of assets.
Investment Property Databank had now recorded three straight months of price rises for UK Commercial Real Estate although vacancy rates have continued to rise to a 4-year high.
With commercial property values still 42% below their peak, now may be the time for cash-rich investors to step back in.
For further details of our servi....
(read more...)Monday November 9, 2009 at 1:31pm
A Federation of Small Business survey showed that an average SME spends 7 hours every week coping with red tape; and a Federation of Private Business survey revealed that the cost to SMEs of compliance was £9.3 billion each year.With so many SMEs struggling in the present economic climate shouldn't the Government be dealing urgently with reducing the regulatory burden on the SME sector? Whilst some of the red tape comes from UK Government initiatives, most originates in the....
(read more...)Thursday October 15, 2009 at 12:20pm
It’s heartening to read in the Independent that small and medium sized firms are ‘poised to lead the country out of recession.’ Our experience of SMEs – our clients – is that they are indeed innovative and determined to succeed as the Independent’s research suggests. But it’s more than that; with many being owner managed, we see a real spirit of enterprise coupled with grit and determination. Many of our clients have spent a lifetime working in or on the....
(read more...)Monday October 12, 2009 at 9:00am
Unfortunately business owners are often so keen to secure a sale or start working on a big project that they fail to get all the paperwork in place.
Disputes in business can happen for many reasons, but so often they blow up because those involved have a different opinion on what was agreed. You know the situation – you’ve had some work done or purchased a piece of equipment and you’re not happy with what you’ve received. You scrabble around for the paperwork but there i....
(read more...)Thursday October 8, 2009 at 10:26am
The new Companies Act has made some changes as to who directors are and registration requirements. Most of these new rules came into effect on 1st October 2009 but it seems many Directors know nothing about them.Who is a
director?A director is anyone who has either been formally appointed as a director (by the shareholders or board as set out in the company’s Articles), occupies the position of director (even if they are called something else) or someone whose directions or instructio....
(read more...)Friday October 2, 2009 at 11:58am
Following a change to planning rules which took effect on 30 September, developers can now extend their existing planning permissions to give them more time to weather the economic downturn.
Developers with planning permissions granted up until 30 September 2009 where the time limit for implementation has yet to expire may apply to extend their permissions. The move has been made to boost the industry and to save costs for developers badly hit by the recession. Many developers have put pr....
(read more...)Monday September 14, 2009 at 10:24am
After my article in last month's ezine, you wouldn't expect me to be surprised by this but there seems to be a growing consensus that the worst is not yet over.
This is an extract from a report on Bloomberg:
U.K. banks are less than half way through posting 240 billion pounds ($398 billion) of losses on loans and securities, a reflection of the U.K.’s economic weakness, according to Moody’s Investors Service Ltd. British banks are likely to record 130 billion pounds of losses ....
(read more...)Thursday August 27, 2009 at 11:43am
A couple of stories have broken this week suggesting that the calls for transparency in the banking sector are going unheeded.
The first appeared in the Times on Monday and concerned the resurrection of the practice adopted by banks in the last recession of selling repossessed properties to their own subsidiaries to avoid having to mark down their value by selling in the open market.
http://business.timesonline.co.uk/tol/business/industry_sectors/banking_and_finance/article6807490.ece
You can....
(read more...)Wednesday August 26, 2009 at 3:47pm
I am sure that all buyers (and most sellers) will want to make sure that goods sold are of satisfactory quality and do the job intended. But what is the remedy when things go wrong, for example the steel supplied is not up to the job, the cattle food makes the cattle ill, the computer does not live up to its billing, or the machinery keeps breaking down?
Sale of goods law provides remedies for buyers where the goods are not of "satisfactory quality". A recent High Court case conf....
(read more...)Friday August 21, 2009 at 7:00pm
There’s a new feeling in the air in certain quarters – one of optimism – and I’m sure I’m not the only one who’s feeling it. For those of us who follow all the research statistics about SMEs and the recession, this summer has been full of conflicting news. There have been many days where the good news statistics were evenly balanced by the bad news statistics. It looked like green shoots had germinated but would they grow or can we expect them to whither in th....
(read more...)Tuesday August 18, 2009 at 4:28pm
As businesses continue to struggle at the moment, there’s been a recent increase in the number of SMEs who are making Directors redundant. It can often make sense: if a company’s activities have shrunk, with fewer sales and a reduced workforce, it can now appear too top heavy and under performing directors might be at risk. Handling a Director redundancy can be much more complicated however than making a staff member redundant as we explain in the more detailed article on Director Re....
(read more...)Tuesday August 11, 2009 at 6:42pm
It is estimated that the first serious wave of Swine Flu will hit the UK between August and November this year with the cities being affected more than the countryside. This means that approximately 12% of the workforce nationally is likely to catch it during this period. The impact on SMEs is likely to be particularly severe. The problem is that it spreads easily from person to person, which is likely to mean that, once it takes hold in a particular workplace, far more than the 12% average coul....
(read more...)Thursday August 6, 2009 at 2:58pm
The Credit Crunch is inevitably contributing to a delay in payment to businesses, particularly vulnerable SMEs. Money owed to small businesses shot up by 40% from £18.6 billion in 2007, to £25.9 billion in 2008, according to Bacs. And who knows where the figure is at this time, no doubt substantailly higher.
This attack on cash flow is probably the biggest single cause of company failure. For example Barclays state that more than 750 companies failed in the South East in 2008 due t....
(read more...)Friday July 24, 2009 at 4:37pm
Solicitors firms outside London are showing no signs of a recovery. According to an article in The Times this week, many such firms saw their profits fall by more than a third last year. The Article reports that many firms are imposing salary cuts of 10% or so in return for longer holidays as a way of cutting costs. I have seen this happen in firms in the Midlands area too and many very able
solicitors are finding their route to an equity partnership blocked – why would existing partners w....
(read more...)Wednesday July 22, 2009 at 4:56pm
Yes, according to new research published today by Creditsafe. They say that 33% of British firms are planning to stop using cheques to pay other businesses within the next 12 months, and that 11% are planning to stop accepting cheques altogether! Instead, they plan to rely on direct bank transfers (such as BACS) and debit and credit card payments. Reasons given were that these were more traceable, more efficient and reduced the need for manual processing. They estimate that the savings to the Br....
(read more...)Friday July 17, 2009 at 9:45am
The economic news continues with its mixture of good and bad statistics as to the state of the economy. The bad news is yesterday’s unemployment figures. These revealed that unemployment rose by 281,000 over the three months to May. There are now 2.38 million unemployed, which is the highest level since 1995. 7.6% of the economically active population are now unemployed, according to the Office for National Statistics, which compares with 6.9% over the three months to February. There is so....
(read more...)Thursday July 9, 2009 at 4:45pm
In the past 2 weeks I have been the victim of large scale internet fraud on 2 credit cards, and so I have taken a keen interest in liability and in ways to protect against future fraud.
I have been very careful to use only on line stores who encrypt customer details, but fraudsters have still managed to obtain my credit card details including security number, as well as my address, telephone number, date of birth. This can only be a result of sophisticated hacking, or criminal activity by an e....
(read more...)Thursday July 9, 2009 at 10:55am
The Cranfield School of Management has identified six behaviours that successful owner-managers possess. Why not test yourself against their list of behaviours which are about:
taking control,
being confident,
being distinctive,
being strong
making wise decisions
being ready to take advantages of opportunities that others will miss.
Nothing particularly novel in the list I don't support but the video on their website explaining these behaviours certainly makes y....
(read more...)Tuesday July 7, 2009 at 11:11am
Today's British Chamber of Commerce figures suggest that British business is over the worst of the recession. Let's hope they've got that right.
The survey data from 5,600 companies shows progress in both the manufacturing and service sectors with most key indicators improving in the last quarter.
Looking more closely at the data however I wonder how much of this is just trying to talk ourselves out of the problem. Not that I am against that - afterall some businesses I t....
(read more...)Tuesday June 23, 2009 at 1:37pm
It's a question that seems to be concerning many business commentators and it's one we often debate with our own clients. In the legal profession we see many small, high street legal firms struggling as parts of the business are wiped out with the collapse of the housing market and the frailties of their financial systems are exposed. Conversely entrepreneurs and innovators seem to be welcoming the downturn as an opportunity to launch challenger brands, innovative products and solutions. But wil....
(read more...)Wednesday June 17, 2009 at 2:45pm
Responsibility for fire, health and safety issues rests with the operator of the business. Since 1 October 2006 it has been necessary for all businesses to comply with the Regulatory Reform (Fire Safety) Order 2005. The Order applies to all non-domestic premises in England and Wales. If you are responsible for business premises, an employer or self-employed with business premises, or responsible for any part of a dwelling used for business purposes, or indeed a contractor with some control over ....
(read more...)Monday June 1, 2009 at 6:32pm
Another sign that the recession might have bottomed out is a recent survey by the Forum of Private Business. Their survey reports that confidence in the SME sector has shown a slight improvement: 26% of respondents said the viability of their business had improved in over the past month, double those who thought it had got worse. Dissatisfaction with banks was still reported as a problem, with 18% saying that the support offered by their bank had deteriorated in the last month compared with 12% ....
(read more...)Tuesday May 19, 2009 at 7:32pm
A right of way is normally enjoyed along a specific route over someone's land. Sometimes the route of a right of way can be inconvenient to the owner of the land over which the right is enjoyed (particularly if the landowner wishes to develop the land) and a recent case has examined whether the landowner has a right to re-route a right of way.
The case has confirmed that a landowner has no right to re-route a right of way (unless the terms of the right of way expr....
(read more...)Monday May 18, 2009 at 12:46pm
A couple of recent reports have suggested now might be the time to consider stepping back into the UK commercial property market.
Last week, Cushman Wakefield indicated in its Business Briefing that prime yields for UK property have stabilised in the last two months with 21 of its 24 key yield outlook indicators flat-lining between March and April.
Today, Schroders called UK property "a screaming buy" particularly for overseas investors due, in part, to Sterling's weakness.
With com....
(read more...)Thursday May 14, 2009 at 7:08pm
When can we expect a recovery? This must surely be the question all SMEs are asking themselves. Most have adjusted to the recession as best they can, costs have been cut, cash flow managed more effectively and surplus labour made redundant. It has been painful, profits have been slashed, if they exist at all, but we hear of more and more businesses saying that they think they will survive the recession. But just how much longer until the belts can be loosened? There has been some talk in recent ....
(read more...)Friday May 1, 2009 at 6:06pm
The
Insolvency Service today published their statistics for the number of company insolvencies for the 1st quarter of 2009. These show that there were a total of 4,941 liquidations in England and Wales (an increase of 56% compared to a year ago). Of these, 1,579 companies were wound up by a court (an increase of 43.6% over the year) and 3,362 companies put themselves into liquidation (an increase of 62.5% over the year). From our experience, the main cause of liquidations is cash-flow problems o....
(read more...)Thursday April 30, 2009 at 11:10am
Licensing solicitor Nigel Musgrove has joined the Cousins Business Law team this month, to strengthen our litigation team and offer specialist licensing advice.
Nigel brings a wealth of experience in both licensing and dispute management and litigation.
As well as being a solicitor, Nigel is a published author having penned The Licensing Handbook, a plain English Guide to
licensing law.
Anyone about to open a licensed premises would be well advised to read Nigel's article - Opening licensed p....
(read more...)Wednesday April 22, 2009 at 3:35pm
If you were hoping for assistance for the hard-pressed property sector from the budget then today's announcements will have left you feeling very disappointed.
The schemes such as they are consist of:
a three month extension of the SDLT holiday for houses sold for £175,000 and under
extra money for existing Government schemes to support first time buyers
a scheme to kick-start stalled housing projects
With the price of an average house still falling every month ....
(read more...)Monday March 9, 2009 at 6:00pm
According to a recent poll by SmallBusiness.co.uk, 80% of those polled said their banks have failed to offer support; 48% said their bank had no understanding at all; 28% said they had been supportive verbally but not in action; and 10% said that their overdrafts had been cancelled. On the positive side: 7% said their bank had been more supportive than expected, and 4% said they had been very constructive and helpful. With these sorts of client-care statistics, you’d expect any modern busi....
(read more...)Friday March 6, 2009 at 5:41pm
The latest figures from the British Retail Consortium (BRC) suggest things aren’t quite as bleak for retailers as the media have been suggesting. The Retail Sales Monitor January 2009, from the BRC and advisory services firm KPMG, shows values increased by 1.1% on a like-for-like basis when compared to the same month last year. This represents the best performance since May 2008, when sales were spurred by sunny weather. Interestingly food sales were the driver of the increase, displaying ....
(read more...)Wednesday March 4, 2009 at 7:17pm
As cash flow is becoming an increasing issue for SMEs, we are finding that more and more creditors are issuing Winding-Up Petitions. These can be a very effective way of getting a company to pay its debts. A Winding-Up Petition will be delivered personally to the company’s office but, unlike most court proceedings, the documents do not state exactly what should be done when one is received. What must be done is to take immediate action and legal advice. If the matter is not resolved within....
(read more...)Friday February 27, 2009 at 6:59pm
There’s hardly a day goes by without a further announcement of solicitors being made redundant or being forced to accept a drop in salary. Those worst affected are the more senior solicitors, as solicitors’ firms push more trainees and newly-qualified lawyers forward to handle the day-to-day casework that more experienced lawyers used to do. In recent weeks, we are also hearing of partners being made redundant, which means that employment protection legislation can be side-stepped. I....
(read more...)Wednesday February 25, 2009 at 6:24pm
Not according to the Federation of Small Businesses (FSB) whose recent survey claims measures like the cut in VAT, pledges on payment practices and bank lending guarantees have done little to improve the situation facing small companies. Half of the 4,000 respondents in the FSB survey had experienced a fall in trade over the past two months, with getting paid still one of the biggest complaints. With this, and a new study from the Confederation of British Industry showing firms expecting the fin....
(read more...)Wednesday February 11, 2009 at 2:00pm
This blog is a plea to all business owners.
Please, please, please - if you see a business dispute on the horizon, NEVER ignore it and leave it to fester. I can tell you from nearly 20 years of dealing with business disputes that the sooner you tackle problems the better.
We covered the topic in our January Ezine (Spotting a Business Dispute on the Horizon), when I suggested three obvious signs that a dispute might be looming: payment delays, communication drying up and guilt.
In....
(read more...)Thursday February 5, 2009 at 10:46am
Cousins Business Law has published a Guide to doing business in the UK. The Guide covers:
The issue of jurisdiction and the laws of England and Wales
Business structure
Trading laws and regulations
Employment and staff issues
Property
Handling business disputes
Although written for overseas business owners who are either currently doing business here or are considering trading in the UK it’s also a useful ‘quick guide’ for British busines....
(read more...)Tuesday January 27, 2009 at 11:40am
Under the new Companies Act, Companies House are entitled to charge penalties for the late filing of Annual Accounts . These will come into force on 1st February 2009. Yesterday, they announced that new penalties will be as follows: For Private Companies (Ltd's):Less than 1 month late: £150Between 1 month and 3 months late: £375Between 3 months and 6 months late: £750More than 6 months late: £1,500For Public Companies (PLCs): Less than 1 month late: £750 Between 1 m....
(read more...)Thursday January 22, 2009 at 4:02pm
The Government has recently made further changes to the Home Information Pack Regulations. With effect from 6 April the following changes will come into effect:
1. All HIPs must include a Property Information Questionnaire (PIQ) which will provide some basic information about the property.
2. In relation to leasehold properties, the PIQ will include a summary of things such as rent and service charge and as a result the requirement to include certain leasehold documents in the HIP ....
(read more...)Wednesday January 7, 2009 at 7:20pm
If the last 5 years are anything to go by, businesses will continue to face pressure from new rules and regulations, especially around employment policies and practice. Let's just hope that some sense prevails, given the current challenges faced by all firms.
In the meantime, this extract from our December ezine details some of the known legal changes coming into effect in 2009.
The Health and Safety Offences Act comes into force in January 2009. The Act will increase penalties for b....
(read more...)Wednesday November 26, 2008 at 3:07pm
Having previously advised that now is the time to renogotiate your lease, the GMB union has announced that MFI is attempting to do just that by asking its landlords to agree a rent free period to stave off administration. It will be interesting to see whether MFI is successful but it is another example of a major retailer seeking to renegotiate terms with its landlord.
If you are considering renegotiating your lease then now is the time to take advantage of Cousins Business Law's free lea....
(read more...)Monday November 24, 2008 at 5:33pm
Here is the relevant extract from today's Pre-Budget Report:
The Government is temporarily increasing the threshold at which an empty property becomes liable for business rates. For financial year 2009-10, empty properties with a rateable value of less than £15,000 will be exempt from business rates, exempting an estimated 70 per cent of empty properties. This one year relief for lower-value properties is best targeted at helping small businesses manage short-term pressures due to di....
(read more...)Friday October 17, 2008 at 1:32pm
Construction companies withhold £1 billion in payments to suppliers. That's according to the National Specialist Construction Council (NSCC) which calculates that the amount of money owing to suppliers by construction companies is now 50% more than two years ago.
Just 15 percent of the NSCC's members are paid within 30 days of completing a job. The average is about 60 days while Carillion Plc, averages 86 days.
At a time when managing cashflow is more important than ever, small and mediu....
(read more...)Friday October 3, 2008 at 2:04pm
Yesterday marked a historic day in the civil courts. Civil court judges will no longer wear wigs. I must say, it has always appeared strange to me that we expected our judiciary to support headwear dating back some 300 years. Those in favour of wigs tended to argue that they helped judges command respect, and provided a degree of anonymity, which is useful when judges have to make difficult decisions. However, most of the work done in the civil courts, and especially in the business-related cour....
(read more...)Tuesday September 30, 2008 at 6:48pm
The latest issue of the Cousins Business Law ezine with a feature article entitled 'Should you rely on a gentleman's agreement' is generating lots of interest. It is amazing how many business owners and managers fall foul of the fact they didn't have the details of a commercial deal in writing.
The example we talked about in the ezine (of a multi-million pound property deal that went ahead based on a verbal agreement) may seem extreme, but you'd be surprised how often this happ....
(read more...)Monday September 22, 2008 at 11:56am
The latest ICAEW UK Business Confidence Monitor for the West Midlands reinforces many of the messages that we read daily in the national press and confirms the commentators' predictions for the impact of the credit crunch on the ‘real economy’. What started as a Financial Service sector problem has now started to impact all sectors in the ecomony.
Business confidence is in decline – showing a decline for the fifth consecutive quarter to reach a new record low.
Th....
(read more...)Monday September 15, 2008 at 6:08pm
It now seems accepted that Sharia Courts are legal alternatives to the traditional court system in the UK – as long as all parties agree. The UK courts have for a long time now been promoting ‘Alternative Dispute Resolution’ – whereby parties to a legal dispute are encouraged to settle their disputes out of court. Often this is achieved by negotiation, sometimes by Mediation (whereby an independent 3rd party tries to broker a settlement between the parties) and more rarel....
(read more...)Tuesday September 9, 2008 at 8:51am
The Government has published further details of the measures announced last week to support the housing market.
Let's take each of those proposals in turn: Home Buy Direct - the Government's scheme to help first time buyers. That 30% loan is interest free for 5 years but from year six, a 3 per cent charge will be levied. From year ten onwards, the Bank of England Base Rate will be charged, increasing by RPI plus 0.5 per cent each year. That's a real sting in the tail. Notice even the Government....
(read more...)Tuesday September 2, 2008 at 12:25pm
The Government has recently announced that the UK will be opting in to the Rome I Regulation. This Regulation aims to clarify whose laws are applicable when a dispute arises concerning a contract between people or businesses based in different EU countries. The Regulation is due to come into force in December 2009. A similar Regulation, known as Rome II, applies to non-contractual disputes and comes into force in January 2009. The Regulations aim to give parties to a contract the freedom to deci....
(read more...)Monday August 18, 2008 at 4:19pm
It's been pretty commonplace over the last ten years for people to sell off part of their back garden to a property developer. With the construction of new homes effectively mothballed at the moment, you might be forgiven for thinking that you've missed the boat if you are keen to sell off some surplus garden land. The good news is that developers specialising in certain types of property are still in the market for land and one such area is bungalows. This market is holding up rather better tha....
(read more...)Tuesday August 5, 2008 at 4:33pm
As if there weren't enough issues to worry about when you're buying a business, a recently decided case has given business purchasers another headache. The case was Sodexho Ltd v Gutridge and others. The decision in this case was that where an employer fails to give equal pay then a contractual liability exists in respect of those employees to whom the failure relates, even before any action has been taken to determine the existence of the pay inequality. The ramifications for anyone buying a bu....
(read more...)Wednesday July 23, 2008 at 4:44pm
When it's a cat. Confused? So were the people who thought they were buying a piglet only to find that when they opened the bag (or poke) that there was a cat inside. This gave rise to the well known phrase 'buy a pig in a poke' meaning to purchase something without examining it first. It's also thought to be the origin of the phrase 'to let the cat out of the bag' meaning to reveal the secret. Purchasing a business can be like buying a pig in a poke. Very often all you know about the business is....
(read more...)Thursday July 10, 2008 at 4:52pm
The Government's definition of a zero carbon home is contained in the snappily titled The Stamp Duty Land Tax (Zero-Carbon Homes Relief) Regulations 2007. This is not merely of academic interest. The first purchaser of a zero-carbon home will pay no Stamp Duty Land Tax (SDLT) on the purchase if the price is £500,000 or less and will have their SDLT bill reduced by £15,000 if the house costs more than £500,000. The house must satisfy three tests: 1. The Heat Loss Parameter of th....
(read more...)Thursday July 3, 2008 at 4:57pm
Many of us love living in a 'character' property but with energy costs rising exponentially, many of us could be paying a heavy price for the privilege. The problem with many older properties is twofold: they tend to be very poorly insulated and the method of heating them can be very inefficient. The extreme example would be heating an old farmhouse with an oil-fired Aga but even the traditional gas-fired boiler is desperately inefficient compared to some of the alternatives now on the market. T....
(read more...)