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Is Forfeiture the Answer?

michael_smeatonLocal high streets, town centres and out of town retail parks are all sporting empty units as retailers continue to find market conditions tough. In the last 12 months we have seen some big names disappear such as House of Fraser, HMV and Better Bathrooms and we have seen other retailers reduce their portfolio by closing stores such as Marks and Spencer and John Lewis.

Commercial landlords will normally have an early warning when businesses are struggling as they will often default on rental payments. Depending on the terms of the lease, landlords may have the right to forfeit the lease for non-payment, bringing the lease to an end and giving the landlord an opportunity to re-let the property. But in these tough times is that the landlord’s best option?

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Stamp Duty (SDLT) Changes Proposed for non-UK Residents

fergal_o_cleirighOn the 6 May 2019, a 12 week consultation by the Government on proposed changes to Stamp Duty Land Tax (SDLT) rates for non-UK residents will come to an end.

This is the Government’s latest scheme to assist people to get on the property ladder. Their main focus is on building more homes but, as this takes time, they are looking at solutions that will have a more immediate effect.

The changes were initially proposed by Theresa May back in Autumn 2018, citing evidence that the purchase of property in England and Northern Ireland by non-UK residents was pushing up house prices for UK residents. At that stage the Government mooted introducing an additional surcharge on properties bought by non-UK residents of either 1% or 3%.

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Residential Conveyancing: range of costs

Bermans property team offer a personal conveyancing service for the following types of residential property:

  • Freehold sale or purchase
  • Leasehold sale or purchase
  • Mortgages or re-mortgages

Our conveyancers are experts in guiding you through the legal process and you can be safe in the knowledge that they are supported by our larger commercial property team.

Whether you are buying or selling or refinancing we can provide you with cost certainty and confidence that you are in safe hands.

We provide a list of our headline rates below but we like to provide a specific quote to suit your needs so do get in touch and we will provide a fixed fee quotation.

Description Value/Amount of Property (£) Fees
Purchase or Sale 60,001 – 120,000 £650.00 + VAT
Purchase or Sale 120,001 – 250,000 £795.00 + VAT
Purchase or Sale 250,001 – 350,000 £895.00 + VAT
Purchase or Sale 350,001 – 500,000 £995.00 + VAT
Purchase or Sale 500,001 – 600,000 £1,195.00 + VAT
Purchase or Sale 600,001 – 800,000 £1,295.00 + VAT
Purchase or Sale 800,001 – 1,000,000 £1,495.00 + VAT
Purchase or Sale 1,000,001 – 2,000,000 £1,795.00 + VAT
Purchase or Sale 2,000,001 – £3,000,000 £1,995.00 + VAT
Purchase or Sale 3,000,001 – 4,000,000 £2,495.00 + VAT
Purchase or Sale 4,000,000 – 5,000,000 £3,500.00 + VAT

 

Description Value/Amount of Property (£) Fees
Re-mortgage 60,000 – 250,000 £250.00 + VAT
Re-mortgage 250,001 – 500,000 £350 + VAT
Re-mortgage 500,001 – 750,000 £550 + VAT
Re-mortgage 750,001 – 1,000,000 £750 + VAT
Re-mortgage 1,000,000 £1,000 + VAT

 

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Daniel Hall


daniel-hall

Trainee Solicitor

Dan graduated from the University of Bristol in September 2017, having completed his Masters in International Commercial Law, receiving a First Class Law degree and a Distinction in his LPC.

Dan is currently working in Bermans Property and Corporate departments.

Prior to working at Bermans, Dan worked in the Dispute Resolution and Litigation department of a London based law firm.

Outside of work Dan is a very keen skier and represented Wales and Team GB in alpine skiing on several occasions as well as competing at the Youth Winter Olympic Games.


Email: Daniel.hall@bermans.co.uk

Tel: 0151 224 0521

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Property News: Stamp Duty Land Tax update

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The rules regarding stamp duty land tax (‘SDLT’) have recently been updated, for the third time in two years. Bermans has previously looked at the impact of the introduction of SDLT higher rates, which came into force on 1 April 2016, in two articles which can be found here and here. These articles also provide clarification as to when a purchase may be exempt from higher rates.

This article, however, focuses on the recent changes arising under the 2017 autumn budget, as well as the newly introduced Land Transaction Tax (‘LTT’), payable on the purchase price of properties in Wales from 1 April 2018.

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Take control of your lease

guy-pattison

Many businesses will take on business premises for a fixed time period and then only consider important milestone dates once they arrive, sometimes using a reminder from their landlord as a trigger.

Bermans can help you take control of the process and put you in a better bargaining position with your landlord by considering all options.  We are offering a FREE lease review service and have created this simple step by step guide to help you.

 

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Rebecca Fan

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Consultant

Rebecca joined Bermans in September 2016 as a Consultant in the Property team.

She has a degree in law & French and qualified as a Solicitor in 2005.

Rebecca advises a variety of clients including SMEs, private individuals and international investors. She specialises in all aspects of commercial property, in particular acquisitions and disposals, landlord and tenant, property finance and property development.

She is also a volunteer for Henshaws Society For The Blind and is a member of Solicitors Regulation Authority.


Email: rebecca.fan@bermans.co.uk

Tel: 0151 224 0519

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Melanie Morris

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Solicitor

Melanie joined Bermans in January 2015 as a Trainee Solicitor and qualified as a Solicitor in January 2017 in the Property team.

Melanie graduated from Lancaster University with a degree in Law in 2011, before completing the Legal Practice Course at The University of Law, Chester. Prior to joining Bermans, she spent time as a paralegal and working at an international bank.

Throughout her training, Melanie gained experience in both the Corporate and Commercial Property departments. She has assisted each department on a wide range of both contentious and non-contentious matters and prides herself on her friendly, common-sense approach with clients.


Email: melanie.morris@bermans.co.uk

Tel: 0151 224 0548

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guy-pattison

Guy Pattison

guy-pattison

Partner

Guy is a partner at Bermans and joined Bermans Property and Construction team in 2006.

He qualified as a solicitor in 2006 following his degree in Classics.

He provides commercial property advice to clients within many different sectors including commercial property development, house builders, Private Rental Sector (PRS), property investment, retail and banking.

He has a wealth of experience across a wide range of commercial property transactions including, commercial property acquisitions and disposals, commercial leases, site acquisitions and disposals, development and planning agreements, secured lending, receivership appointments and property disposals and the creation of easements and rights of way.

Guy prides himself on providing speedy and pragmatic advice to his clients and also on his ability to deliver a top quality service within a transparent and competitive fee structure and within the required timeframes.


e: guy.pattison@bermans.co.uk

t: 0151 224 0516

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Fergal O’Cleirigh

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Head of Property and Construction

Fergal heads up the Property and Construction team in Bermans Liverpool and Manchester offices.

He qualified as a solicitor in 1986 following his degree in law.

Fergal specialises in commercial property transactions and his clients include property developers, investors, fund managers, banks and bridging loan companies.

His clients value his pragmatic approach and willingness and ability to ensure their objectives are met and he is well known and respected in the Liverpool business community.

Fergal has been the Bermans finance partner since 2007 and is a founding member of the Bermans board.


Email: fergal.ocleirigh@bermans.co.uk

Tel: 0151 224 0543

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