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Monthly Archive: February 2015

Spotlight on Conveyancing – The Selling Process

Provide for a higher cap to apply to any contract to purchase together 6 or more separate dwellings situation in disadvantaged areas; and The European Commission has now announced that the UK stamp duty exemption is in line the government will now be putting place the necessary regulations to implement the measure by Budget Day and will be issuing guidance in due course.

We at conveyancing solicitors brisbane northside Shoppers are a national conveyancing focus with skill in giving private and business conveyancing. It has also prevented direct property investment products being made available to ordinary private investors, resulting in only sophisticated investors and high net worth individuals being able to invest directly in commercial property, through off-shore property investment vehicles.

The British Property Federation has responded to the Pensions Green Paper, issued today by the Department of Work and Pensions (DWP), Recent research conducted for the BPF by the Investment Property Databank (IPD) evils that the proportion of pensions assets invested directly in property amounts to just 7.25% of total pension assets (£84 billion).

Achieving higher returns than UK equities, overseas equities, gilts and cash. The BPF believes that the present taxation regime (Capital Gains, Corporation Tax and Stamp Duty) limits liquidity in the UK commercial property sector, making it less attractive to pension funds. The BPF believes that the Government would be giving all UK citizens the right to invest directly in commercial property as a means of balancing their investment and pension portfolio.

Moreover, such action would significantly increase the level of property transactions, providing a stimulus to this important segment of the UK economy, and would improve liquidity in the commercial property sector making it even more attractive to all investors.

And we hope that the Government will seize the opportunity presented by this pensions review to redress the balance and increase investor choice. Tax efficient property investment trusts already exist in most other countries with a developed commercial property sector including the US, Australia, Holland France and Italy.

The British Property Federation has added its voice to those opposing the proposals contained in the Government’s Consultation Document on the Reform of Corporation Tax which would impact on property companies.

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There is much we can share already I see this Group as being passionate about raising standards of service for the benefit of all. Reacting to the news that the Government is including clauses on Empty Homes and Tenancy Deposits in the Housing Bill We supported in principle the introduction of Empty Homes Management Orders at the consultative stage and are therefore pleased that Government is giving them careful consideration.

Contrary to some of the headlines in the tabloid press, these are not proposals that will allow local authorities to take over properties the minute the owner’s back is turned, where all other routes have been pursued and failed.From the Crown Estate’s viewpoint we believe that it will support our work to improve our responsiveness to the aspirations of our customers and so fits well with our initiatives such as Regent Street Direct.

 

What is absolutely imperative is that this is introduced in a way that levels the playing field, rather than encumbering the vast majority of good landlords, and not catching the few who deliberately pursue sharp practices.

The British Property Federation is pleased to announce that Martin Moore of Prudential Property Investment Managers Limited (Pru PIM) has assumed the Presidency for the next year.Pru PIM is one of the most active organizations in the UK property market, managing over £12.5bn invested in a number of different portfolios ranging in size up to £9bn.At the beginning of 2001, he was also invited to join the design review committee of CABE. He has been a member of a number of public bodies, namely the Government’s Advisory Committee on Business and the Environment (1991-1993), the Property Industry Forum (1997-2002).

He was Chairman of the South Bank Employers’ Group and the Waterloo Partnership Board (1994-2003). At a time of potential significant change for the property industry, particularly with the impending introductions of PIFS, we are delighted to have two such experienced property executives in place to represent the Industry’s views.

The comprehensive response brings together the property industry’s views on how REITs should be structured and what, if any, restrictions should be placed on the scope of their activities and operations. With a particular finished objective to get to holds with what it all systems its basic to know your adversary and find what a real estate conveyancing master does in the property market.

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If Government alters that balance it could leave itself open to accusations of a raid on our pensions. The Consultation is likely to consider property’s important contribution to the UK economy and Liz Peace said: We will react positively to the consultative exercise, because it allows us to put the record straight that the UK is an excellent place in which to occupy, own and invest in property, and that there is a lack of support from occupiers and landlords for Government interference in their contractual process.

Independent research based on 4,000 leases4 shows that 85% of small leases (with rent under £10,000 p.a.) would be unaffected were the Government to turn the recommendation on rent reviews in the Lease Code into legislation tomorrow. Yet, at the other end of the industry, such a move could have a devastating impact on funding for regeneration and the source of much of that money – peoples’ pension funds. The decision to consult has been taken because a voluntary code adopted by the industry in April 2002 was under an interim review, based on research being conducted for the ODPM by Reading University.

Is being judged on just 46 interviews with surveyors/lawyers and without any input at this stage from occupiers, landlords or financiers of property. New Benchmarking Club to Drive Standards of Customer Service Forward in Property Industry A group of leading property owners. Service benchmarking is commonplace in other industries but undeveloped in the property industry. Other than on account of confounding Leasehold property, “restricted learning” does not need to assume a part in Enact Conveyancing Melbourne citation.

The Group, whose supporters include Land Securities, Prudential, The Crown Estate, Grosvenor, Slough Estates and Brixton, will work together to benchmark how far members have progressed in delivering high levels of service to property occupiers and the impact on the bottom line.

Howard Morgan, Managing Director, Kingsley Lipsey Morgan, whose consultancy is promoting this initiative and which will run the Group, says

This is an important initiative for the property industry, which illustrates that many of our best landlords are not content to rest on their laurels, but are keen to further enhance the service they provide.

Many organizations aspire to be a landlord of choice and our aim is to move this from a vague to a real concept. I believe that the establishment of an industry wide club will help us and the whole industry.

The formation of this benchmarking club goes a long way to showing just how serious the property industry is about listening to and responding to the needs of its customers and to illustrating the benefits that has on firms’ bottom lines. The British Property Federation and Kingsley Lipsey Morgan are to be congratulated in bringing this forward.

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Own and invest in property, and that there is a lack of support from occupiers and landlords for Government interference in their contractual process. A consultation exercise will at least allow us to show that: There is little appetite for legislation. The President of the Property Managers Association – a leading occupier’s organization – recently said it would prefer to avoid legislation.Legislation will be bad for business leading to less choice and more expensive leases overall.

The small business lobby has been virtually silent on the issue and the industry does not want legislation, Ministers postbags have all but dried up, so where is the call for legislation coming from?Government should be cautious because of the impact that legislation will have on regeneration, pension funds and businesses’ abilities to use sale and leasebacks to release capital for investment.

The Commercial Lease Code was drafted by a group of landlord and occupier representative organizations and supported by ODPM.

Independent research based on 4,000 leases shows that 85% of small leases (with rent under £10,000 p.a. Yet, at the other end of the industry, such a move could have a devastating impact on funding for regeneration and the source of much of that money – peoples’ pension funds. It was launched in April 2002 with the ODPM’s intention that it should be given 2 years to prove itself.

Separately, the ODPM commissioned Neil Crosby of Reading University to conduct an interim review, which would be produced by end of 2003, with a final review scheduled to be produced by end of 2004. At launch, the purpose of the interim review was to test out the methodology of the research, but in Budget 2003, HM Treasury announced that if the Review showed the Code was not working, it would launch a consultative exercise on legislative options.

The Interim Review Report is based on just 46 interviews with lawyers/surveyors in three towns in the UK, and quantitative data, which only relates to the period April-Dec 2002 – only 8 months of the first year of the Code period. Taken from Up/Down Rent Reviews – Who Benefits?

At the BPF’s Annual Conference today, Ruth Kelly, Financial Secretary at HM Treasury, The property industry balances the needs of occupiers and pensioners in this country, who through their pension funds have a stake in most large developments.The strategy of property conveyancing is done with the help of a pro, or an licensed conveyancer.

Since this issue was first raised a decade ago the property industry has changed beyond all recognition. A consultation exercise will at least allow us to show that: One of the primary issues the consultation paper will explore is the use of Upward Only Rent Reviews in the UK and their impact on small businesses.

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Slough is delighted to have been selected to purchase this site as it will enable the Company to fulfil its ambition to create at Farnborough the pre-eminent business park in the M3 Corridor for its own long term ownership. The purchasers’ settlement agents perth wa will then check through the draft contract and raise standard enquiries.

This strategy also helps decrease our dependency on the vagaries of purely commercial or residential property cycles.

We are expecting to invest in excess of £250 million on the development of this park. The scheme will offer an opportunity to develop the next generation park to add to Slough’s portfolio of established prime business parks, most notably the Slough Trading Estate and Winnersh Triangle, Reading. The Shires opened in 1989 and attracts a weekly footfall of 90,000 and following the recent letting activity, there are now only three vacant units throughout the scheme.

Accessories have taken a new 10 year lease on Unit 5a at an initial rental of £13,500 per annum with a review at the fifth year.

Defence Estate Organisation was advised by Hillier Parker, and Slough by Fletcher King. Acting for the landlord, Allied Dunbar Assurance, joint agents Blair Kirkman and Brian Fitchett Commercial have negotiated lettings at The Shires, Trowbridge to Claire’s Accessories, and local retailers Etc. Etc., Future Resources, and Sheriton Jewellers.

The unit has a sales area of 47.2 sq.m. (508 sq.ft.). Etc. Etc. have taken a 10 year lease on Unit 12 at an initial rental of £29,500 per annum with a review at the end of the fifth year. Sheriton Jewellers have signed a six year lease on Unit 13 at an initial rental of £20,000 per annum with a review at the end of the third year. Future Resources have acquired Unit 25 on the basis of a 10 year lease at £18,000 per annum with a review at the end of the fifth year.

Unit 25 has a ground floor sales area of 50.6 sq.m. (545 sq.ft.) and first floor storage of 23.1 sq.m. (249 sq.ft.). Following the successful lettings of 268 Bath Road, Slough and Kingswood in Ascot, Slough Estates plc are now embarking on the next phase of speculative development on the Slough Trading Estate. Construction of a 1,960 sq m (21,090 sq ft) office building has now commenced at 188 Bath Road, Slough, reflecfing the current level of interest in the area.

An air conditioned building, over ground and two upper floors will benefit from 86 car parking spaces (1.23 sq m) and is due for completion in December 1998. Commenting on the development, Bruce Usher, Slough Estate’s Leasing Manager said: Slough Estates have had an extremely successful year to date and we hope to continue that with the development of 188 Bath Road.

Conveyancers deal with all property transaction cases

Consumers, who are primarily small investors, could be protected far better simply by getting the FSA.Property conveyancing defines that the legal ownership gets transferred from one person to another one. To make your process status successful and free from any types of problem you should hire the conveyancer and that conveyancer perform the steps in the simple ways.

Buy-to-let syndicates are responsible for acquiring large numbers of units in individual buildings.

• others are intending to try to sell on the units before they are completed and have to be paid for.
• or sued for damages by the developer if they do not complete.
• When individual buyers see ‘faze one sold out’ they often wrongly assume.
• He will take over from the Senior Vice President, Nick Ritblat, at the BPF’s AGM in June 2006. that good landlords end up paying for the disputes of the bad.
• The small investor segment is known to be significant, but until now there have been no figures available that quantified it. This report addresses this information gap and reveals that there are at least 6.5 million active individual investors together with approaching 200,000 pension funds and over 100,000 charities that have assets of less than £30m. In total these small investors have assets in excess of £700 billion.

• This has now effectively removed Limited Partnerships from the menu of options available to the industry. Ironically, the overall impact of this on the Treasury’s coffers will be virtually nil since those Limited Partnerships that do need to trade have already moved offshore – together with all the ancillary activity which contributes to London’s position as a financial centre.

We felt we had shown how this could be done whilst at the same time preserving Limited Partnerships as a legitimate and very useful means of achieving collective investment in property. Unfortunately, the Government seemed not to want to listen to our case. Although we received a very sympathetic hearing from Ruth Kelly, it was clear that officials preferred the ‘sledgehammer’ approach.