Why extend your lease?
Leases run out. You may think a lease with 60 or 70 years is fine but wait until you try and sell it. The harsh reality is that it's hard to sell a lease with less than 80 years left to run. The reason is simply because it costs a lot more to renew a lease with 80 or less years left than a longer lease. If a lease has more than 80 years to run it may only cost a few thousand to renew it. But if it has les than 80 years the freeholder is entitled to a share of the extra value arising from the lease extension. So the cost may increase to £15,000 or £20,000 or more. if you ( or your parents) own a flat or leasehold house or are thinking of buying a property with a lease with less than 85 years left to run, talk to us now.
If you are a first time buyer and want a solicitor who can patiently guide you through the whole process call us.
If you are buying or selling for the second, third or fourth time and have been disappointed by the service you got from one of the big conveyancing factory firms, try us. We provide a personal service. All our conveyancing work is done by experienced, qualified solicitors. We've been doing it for over 35 years. We know what to do to make things happen and how to protect you from the worst of the irritations.
Call 020 3633 4060.
Why leave it all to chance? Young or old, making a Will makes sense.
A will ensures your property goes to the people you want to have it. For example, without a Will an unmarried partner gets nothing. There is no such thing as a common law marriage! If you die young leaving children, it allows you to name who will be their guardians. A will helps avoids arguments and family disputes. It can save your family paying too much Inheritance Tax. It gives you peace of mind. And if you are unlucky enough to die young leaving children, it allows you to name who will be their guardians.
It's simple to do and it's not expensive. a standard Will is £250 plus VAT. Just call us and we can talk you through what you need to do.
Inheritance Tax hits anyone who leaves more than £325,000. The tax rate is 40%. That means almost everyone who owns a property in London is likely to be subject to it. But a little planning ahead could save your family paying more IHT than they need to on your passing. If you'd prefer your life's savings to go to your family, friends or charity instead of the Government, talk to us.
A married couple or Civil Partners can leave as much as they want to each other tax free. But that only delays the bill as IHT will still have to be paid on the second death.
If you would like us to advise you or have any questions phone us on 020 3633 4060.
Can you protect your family home from Care Home Fees?
Despite paying tax and National Insurance all your working life, when you finally need help from the Government with Nursing Home fees, it often isn't there. If you have assets worth more than £23,500 you will get no help. And that £23,500 is not just savings, it includes most things of value you may own including your home. But there are exceptions and things you may be able to do to safeguard your property provided you do them in good time. If you, your spouse / partner (or your parents) think there is a risk of needing residential care at sometime in the next few years talk to us now. If you wait until you have to go into care it will be to late to safeguard your home from the cost. Talk to us now.
If you are thinking of buying or selling a shop, restaurant or office, speak to us before you do anything else.
If you are buying, remember, leases are drafted by the landlords solicitors and are often unfair.
Should you buy in your own name or a company's? Do you have to pay towards the Landlord's legal fees? Can you negotiate a rent free period to cover renovation costs?
If you selling you usually need the freeholders consent and you might be asked to give a guarantee for the the new tenants future rent payments and good behaviour.
Remember, leases can be legal minefields. Tread carefully and talk to us.