Winston Solicitors LLP writes articles for publication in a local Leeds magazine. Below are a few of our most recent articles and we will be posting all future articles on our blog too.
JLife – March 2012
Prevention is better than a cure
As the new financial year approaches for many businesses, it may be a good time to reassess your financial systems for efficiency and effectiveness. Employment and property related matters can cost businesses a considerable amount of time and money. Investing in a sensible employee handbook and properly drafted employment contracts can save a business thousands of pounds in the long term. Similarly, an effective dilapidations clause in a lease can prevent huge losses at the end of the lease term. Getting good legal advice at the start of the transaction is always more cost efficient than trying to fix a problem at a later date.
Any business providing credit to customers should have strong credit control systems in place. In our current financial climate, all businesses should have a good understanding of debt collection procedures and be able to act swiftly should customers not pay invoices on time. This helps to ensure that cash flow is not impeded. As is often the case, the most effective credit control systems require much more than knowledge of legal procedures. Getting to know your customers at the outset of any transaction, and understanding their needs, helps to ensure payment at a later date. Clear terms and conditions of business ensure that you and your customer understand each other’s respective positions, and will protect you if things go wrong.
JLife – April 2012
Making a Will
A Will is a powerful document and a blank canvas. It is your chance to say exactly what should happen to your assets when you die. Your Will could cover the distribution of almost anything from your money and property to your personal belongings and pets.
All Wills are different. You may wish to simply divide everything amongst your children or you may have a long list of gifts to friends and charity. If you have children you would probably want to appoint guardians to look after them should you die before they are 18 years old. The choice is yours.
Having a Will may help avoid unnecessary arguments amongst family members that can arise when a deceased person’s wishes are unclear.
If you die without leaving a Will, then the complex rules of intestacy govern the distribution of your Estate. The outcome depends upon the size of your estate and whether you leave behind a spouse or civil partner, children or other relatives. What the rules do not provide for are ‘common law’ spouses and they may well benefit relatives whom you have not seen for many years, if at all. Making a Will is the only way to ensure your Estate goes to where you want.
To make a Will is normally neither as complicated nor as time consuming as many people think.
Time is running out for first time buyers stamp duty benefits
It’s almost two years ago since we wrote about the government’s decision, in the March 2010 budget, to give first time buyers a boost onto the property market. At that time it was decided that first time buyers would benefit from an exemption of stamp duty up to a purchase price of £250,000; the usual exemption being up to £125,000.
This holiday period expires on Saturday 24 March 2012. To take advantage of the remaining exemption period, first time buyers need to be considering buying a property now. From start to finish, a straightforward conveyancing transaction is approximately 6 – 8 weeks. Even though we do have the benefit this year of an extra day in February, the sooner the conveyancing process is started, the more likely you are to meet the completion deadline of Friday 23 March.
To make it clear how a first time buyer would benefit, a purchase price of £200,000 on a property completing before Friday 23 March does not incur stamp duty. From Monday 26 March, that same purchase would require payment of a £2,000 stamp duty charge.
As a first time buyer, now is the time to call your conveyancer with details of the property you want to buy. Just think of the benefits of the £2,000 you did not give the tax man.
Family Law Reforms
Family relationship patterns in England and Wales are continually changing. 71% of families are still headed by a married couple, but the proportion of cohabiting couple families and the number of step families and children living with parents in same sex relationships has increased over the last decade.
The existing system of family law in England and Wales is based around the needs of traditional families. The Government proposes wide scale changes driven by an increasing diversity in families, and a need to cut costs.
These reforms in part have already been implemented through the new Family Proceeding Rules and couples attending mediation before court proceedings are issued, but further changes are proposed in the Family Justice Review, the Legal Aid Bill and a new Child Maintenance Scheme.
The Legal Aid Bill will mean that legal aid is not available for most categories of family work and the new Child Maintenance Scheme proposes a new basis for assessing child maintenance. Many feel that some of these reforms are ill-conceived and that they are being introduced too hastily, though the Government defends the same as being necessary to cut costs.
It is vital, if you are thinking of divorcing or separating, that you choose a solicitor who can give the right advice about these changes, which could materially affect the outcome of negotiations or Court Proceedings.
Local services for global access
When people are dealing with property abroad, whether it is a holiday home or a commercial office, it is likely that they will need the services of a notary public in order to witness documents in a way that will be legally acceptable abroad.
Dealing with a foreign legal system can be complicated and confusing, especially if there is a language barrier in addition to the cultural and legalistic differences. Using a notary public in the UK to deal with the documents avoids the need to travel abroad to sign documents before a foreign notary as the British notary’s qualification is recognised internationally and can be further verified by the Foreign and Commonwealth Office where required.
There are only 800 notaries in England and Wales, and only seven in Leeds, so finding a notary when you need one can be difficult but as a public officer, a notary has a duty to make himself available as much as possible.
In addition to dealing with property abroad, notaries are also able to deal with documents pertaining to all sorts of international transactions, such as visa applications, marriage licences, powers of attorney, setting up foreign companies and dealing with a deceased’s estate overseas. The notary works in conjunction with a client’s foreign lawyer to ensure that the documents are correctly executed and comply with the legal requirements of the country in question.
