Some new updates (remember that for full advice on these bulletins please ask to speak to one of our Solicitors on 020 8651 3118):-

• Important changes are introduced on 1st February 2009 to the rules on entitlement where one dies without having left a valid Will: click here for a note of the changes
• From 1st October 2007 it was no longer possible to make new Enduring Powers of Attorney, a new regime has been introduced creating what is known as the Lasting Power of Attorney.
• From 9th October 2007, any portion of Nil Rate Band unused when a spouse or civil partner dies may be transferred to the surviving spouse or civil partner and used when calculating their liability for Inheritance Tax when they die but normally this must be claimed within 24 months of the death of the surviving spouse unless there are exceptional circumstances and HMRC in their absolute discretion agree. 
• The Chancellor of the Exchequer has announced that Stamp Duty Land Tax (SDLT) will not apply to purchases of residential property of £175,000 or less. This will provide an exemption from SDLT for land transactions consisting entirely of residential property where the chargeable consideration is not more than £175,000. This relief applies to transactions with an effective date on or after 3rd September 2008 and before 3rd September 2009.
• From 1st October 2008 all residential properties to be sold or let must be offered with an Energy Performance Certificate (EPC). We can arrange for that to be carried out for you as part of our property selling or letting service
• The Minister of State Caroline Flint in May 2008 has announced changes to the Home Information Pack (HIP) rules. The first concerns the sale of leasehold property whereby the decision to make certain important leasehold documents (apart from the Lease) mandatory parts of a HIP (which was due to come in on 1st June 2008 has been postponed until 31st December 2008 but the HIP regime is under constant review and so one should check with us all the time to see if new rules are on their way. The second change concerns the date on which no property may be marketed for sale without a completed HIP. At the moment a property may be marketed so long as a HIP has been commissioned provided that the HIP is available within 28 days of the property first being marketed. (Please note that there are special rules for determining how to calculate when there is what is known as a "first point of marketing" and the consequences of that for the person responsible for the HIP: please ask us for more information as part of our property selling service). On 1st June 2008 it was expected that from that date no marketing could begin unless a complete HIP was available, but this has been postponed for the time being to 31st December 2008, but this is a constantly evolving situation and you are advised to check with us on a regular basis for the latest position as part of our property selling service.

Back to Home Page