Solicitors news and information on legal issues from nationwide residential solicitors MJP Conveyancing Call 01603 877066 or 01603 877067
Tuesday 25 January 2011
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Stamp Duty ‘Hike’ in April causes rush for higher value property
The rate of stamp duty is set to rise from four to five per cent on April 6, meaning that a day could make a difference on high value properties of over £10,000 in tax. It is reported today that this has brought about an increase in buyers looking to purchase homes worth in excess of 1 million. The figures published show 'properties for sale in the £1 million-plus bracket has already undergone a 39 per cent boom this month - and there are 46 per cent more in the above-£5 million category'. The expectation however is that could following April create a vacuum in the market.
At MJP Solicitors we are able to put purchasers in touch with Tax Planners to explore options on possible Stamp Duty reductions. Email Davidpett@m-j-p.co.uk for further details.
What do a bottle of lager and two packets of crisps have in common with moving home?
Doom and Gloom remains within the Housing Market
We are still witnessing a continuation of the trend of falling house prices, although the fall in supply of housing stock did go some way towards supporting prices in December. The biggest problem at present is a fall in transaction levels made worse before Christmas due to poor weather conditions. The increase in some areas of the country of demand over supply has helped to raise levels of optimism amongst certain professionals. The biggest rise in confidence levels has been in London and the South East whereas prices continue to fall within Scotland, Northern Ireland and North of England.
The lack of credit and rising unemployment seem to be the main cause of a fall in demand. Although the unemployment rate remained at 7.9%, the number of people out of work rose by 49K to almost 2.5m over the three months to the end of November. Job insecurity and with the announcement today of a fall in growth suggests that unless we see a sudden change in Government Policy it is unlikely that this snapshot of the Housing Market is unlikely to change in the immediate future.
Monday 24 January 2011
Apple customer nearly loses out on $10,000 i Tunes gift card
More than 1,000 solicitors support Will Aid charity scheme
Read more on the Law Society Gazette Article on Will Aid Charity Scheme : http://bit.ly/hAJlB5
RBS Six Nations Fixture List
Boy who suffered brain damage at birth awarded £6.4 million
It has today been reported that a boy who suffered severe brain damage during his delivery at an NHS birth centre in Hertfordshire has been awarded £6.4 million in settlement of his medical negligence claim. The payment to Theo, who cannot sit up without support and will never be able to walk, will be made by Barnet and Chase Farm Hospitals NHS Trust on behalf of the Edgware Birth Centre in north-west London. After the hearing, the family's solicitors said the trust "has admitted the birth centre was negligent and was responsible for the appalling injuries suffered by little Theo".
The Solicitors statement said: "Janet and Earnie were told the midwives at the birth centre were better trained and more experienced than many midwives working in hospitals.
"They were also reassured the birth centre would be safer for their baby and in the event their baby needed to be delivered in hospital this would be arranged as fast if not faster than for a woman already in hospital.
"Sadly this was not the case. Janet was left in the care of a student midwife. Theo's heart rate was not properly monitored and the student midwife failed to realise that Theo was in severe distress and needed to be delivered.
"Theo was gravely ill when he was born because he had been deprived of oxygen and there were further delays in arranging for him to be transferred to Barnet General Hospital."
Conservative MP says Lawyers have vested interest in opposing Legal Aid Cuts
Conservative Vale of Glamorgan MP Alun Cairns who backs reform to Legal Aid Cuts has labelled those working in the legal profession as lacking objectivity. He said: "Of course, some of these strongest opponents come from the legal profession whose incomes depend on the money that comes from legal aid so I hardly think they're the most objective people. There's a significant amount of waste and a significant amount of expenditure that could be drawn from elsewhere."
Rich coming from someone who has not had to struggle over the years on a very low hourly rate and who probably has no idea how difficult it is now becoming for a person on limited funds to gain access to the legal system.
UK Justice Secretary Kenneth Clarke has proposed cutting legal aid by £350m a year by 2015. The UK government has said it hopes this will lead to "cheaper and more efficient justice". Funding for a wide range of disputes, including some divorce cases and clinical negligence, is to be axed.
As with most of these cost cutting announcements the Government has not given any detail about the figures quoted, nor has it given any thought of the long term cost of making these cuts. If this forces more litigants to go it alone, how will this impact on Court time and resources? Furthermore by introducing competition this will lead to younger and inexperienced advocates and the number of appeals will no doubt increase as will dissatisfaction amongst the end user.
Despite media perception of the law, most lawyers practising these days are very cost conscious and have had the merits of mediation and conciliation drilled into them from an early age. By making it easier and less expensive to instruct a good and competent lawyer issues particularly those of as social nature are more likely to be resolved quickly and to the satisfaction of the end user than they would if left to the individual or less experienced lawyer to handle. Many lawyers also play the role of a 'social worker' to many clients and help to ensure clients receive the support they need - by removing the lawyer from this environment the Government could very well face larger 'bills' in other areas of social support, and even perhaps increased social unrest.
The message is simple: think long and hard about the impact of these cuts – do not make knee jerk decisions as these could prove costly in the long run.
Latest iPad Rumour
News from 9to5Mac has just emerged to suggest that the rear-facing cam on the tablet's sequel will only be a paltry 1-Megapixel number.
The website delved into the SDK of the upcoming tablet and found in its depths references to the camera as being 1-Megapixel, but the report claims that this will in fact be the same 0.7-Meg lens as is found on the 4th generation iPod Touch. That camera is limited to shots 960 by 720 pixels deep and video at native 720p. Not all that special, given the iPhone 4's excellent 5-Meg cam. The report added: 'The front camera is also said to be the same as is found on the Touch – a 0.2-Meg VGA. Obviously, this cam will be good enough to take part in Apple's Face Time video conferencing, but it's still not awe-inspiring'.
Possible Savings on Stamp Duty
If you are purchasing in excess of £250,000 you may be able to save money on stamp duty. At MJP we can put you in touch with Tax Planners who may be able to save you money. If you wish to take advantage of this service please speak with your case handler when instructing us. Remember our conveyancing fees start at £250 plus VAT. For further information please call Shelley on 01603877001 or e-mail shelleygrint@m-j-p.co.uk
Q&A: Moving your mortgage
- Check the terms and conditions of your existing mortgage to see if there is penalty for switching mortgage. If there is, you must decide if it is worth switching to a different rate or stay put until the penalties have expired.
- Explore with your current lender if they can offer a more favourable deal
- Shop around in any event and look towards a different lender to get a better deal.
- Fixed-rate mortgages are ideal for people who want certainty and must be able to regulate how much they will be spending each month.
- Discounted loans offer a reduction off the standard variable rate for a set period. If rates fall further, the rate that you will pay will also go down. However, when rates rise, so will your mortgage payments.
- A capped-rate loan will set a limit on the rate you will pay. If rates rise, your payments will not go above that level. However, if rates fall below the cap so will your repayments.
- Flexible mortgages allow you to overpay and underpay when you choose and without penalty. This is ideal for people who have fluctuating incomes or who want to clear their mortgage early.
Loans available to help with divorce costs
Sunday 23 January 2011
Problems with dental treatment?
Looking to change the ownership of your property?
Do not buy a house without first checking its condition - could save you misery and money!!
Why we should all embrace the Legal Services Act changes
- current regulatory framework
- current complaints systems
- the restrictive nature of the current business structures.
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