Compromise Agreements
Employers often agree with employees to pay them enhanced compensation in consideration of the employee leaving the business. To ensure that this agreement is binding on the employee and to prevent the employee coming back at some later stage to claim unfair dismissal the employer will often ask the employee to sign a Compromise Agreement.
For a Compromise Agreement to be binding on the employee it is essential for the employee to have the Agreement approved by an experienced employment Solicitor. Our employment Solicitor, Soheel, is able to provide this advice. His fees for approving a Compromise Agreement are normally paid for by the employer with no cost to the employee.
Intestacy Rules Change February 2009
If you die without making a Will your assets are divided according to the Intestacy Rules. From February 2009 these Rules have altered to make more generous provision for a surviving spouse (or civil partner).
The new Rules provide that if you die and were married with children your spouse (including a civil partner) would now receive the first £250,000.00 of your estate and a life interest in one half of the remainder.
If you die and were married but had no children your spouse (or civil partner) now receives the first £450,000.00 of your estate and any remainder is then divided between your nearest relations in a strict statutory order e.g. parents, brothers and sisters etc.
Despite the change in the Intestacy rates it is still good advice to make a Will. A Will will ensure that your spouse (civil partner) receives the whole of your estate and not just a part or indeed possibly none of it.
Credit Crunch Offer
We have a special offer available until 31st December 2009 to reduce the cost of making a Will by £50.00 plus VAT. Our normal charge for a joint Will is £200.00 plus VAT and for single Wills £180.00 plus VAT. If when requesting us to prepare a Will you indicate that you wish to take advantage of our credit crunch offer we will reduce our standard price by £50.00 plus VAT. It is important however that you advise us at the time of instructing us that you are taking advantage of our credit crunch offer.
Buying a Property at Auction
In these times of plunging house prices we are finding more clients are buying properties at Auction as an investment. Buying at Auction is not suitable for inexperiencedbuyers but with pre-planning it can be a way of buying a bargain. The following are key points :-
1. Always visit the property that you are thinking of buying. The Auctioneer’s picture might not show the derelict house next door or the tower block on the corner.
2. It is always a good idea to have the property surveyed.
3. If you need a mortgage you must have your offer in place before you go to the Auction. Lenders now have strict criteria for buy to let properties and you mustbe sure of your mortgage. You will be required to complete within 28 days of the auction. Failure to complete on time incurssevere financial penalties e.g. loss ofyour deposit.
4. Read the Special Conditions It is not uncommon for there to be hidden in the Special Conditions a requirement for the successful purchaser to pay for the Home Information Pack (up to £750.00) or for the seller’s Solicitors’ legal fees. We have seen conditions where a buyer is required to pay £2,500.00 plus VAT for the seller’s legal fees. This applied even though the property was sold for less than £150,000.00!
5. We would recommend that you ask us to obtain and then check the legal pack. Some Auction Houses charge a small fee, normally £35.00, to download the legal pack.
HOME INFORMATION PACKS - HIP
If you are selling your house or house, before advertising the property for sale, you must obtain a HIP.
We can provide a HIP for a Freehold property for £265.00 inclusive of VAT. The HIP for a Leasehold property is slightly more expensive. Please contact us for a quote.
The advantages of a Hudgell’s HIP are:-
- It belongs to you and not the Estate Agent. This means you can instruct whichever Estate Agent you require and move from one Agent to another if you are not satisfied for any reason. If the Agent provides a HIP it might be difficult to move away from that Agent!
- You can immediately start marketing your property. We supply you with a legal certificate confirming that a HIP has been applied for. This certificate complies with the HIP Regulations and entitles you to immediately advertise your property for sale.
- You can be assured that your HIP will be legally compliant. As Solicitors we guarantee that your HIP is compliant.
- We are available to answer legal questions about the HIP which we will do for no extra charge. Quite often there are queries, especially on Leasehold properties, concerning HIP documentation. We are here to help.
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