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Property ownership: Major shake-up proposals set to become law
Following the announcement of the general election to take place on 4 July 2024, a number of Bills (draft legislation) were pushed through parliament, whilst several others did not make the cut. At the time of the announcement, two key Bills were being deliberated in the House of Lords but had not yet become law.
What happens to my digital assets when I die?
As the digital age is becoming more and more of the norm, many of us accumulate a significant amount of digital assets. These can include social media accounts, emails, cryptocurrency, and online banking.
What if there is no money to pay inheritance tax?
Inheritance Tax is payable in the United Kingdom when someone dies, and their estate exceeds the available tax-free allowances. The Estate is unable to be distributed to beneficiaries or completed until the tax has been paid.
Making a Will when you don’t have children
It seems obvious to many that we build our wealth and save hard to pay off our mortgages to be able to leave our estates to our children. These decisions can already be quite difficult for some as relationships with children are not always straightforward.
Inheritance tax and key dates to consider
Inheritance tax is charged on a transfer of value, which reduces the overall value of a person’s estate. Inheritance tax is not payable in all estates and if there is a charge, the following exemptions will be applied in calculating the amount of IHT due:
Buying an investment property – what do you need to consider?
According to a report by Savills published on 18 January 2024, property prices fell by -0.2% and -0.3% across Prime Central London and Outer Prime London, respectively, during the final quarter of 2023.
Conveyancing searches: what are they, and why are they important?
As part of the process of buying a property, a lawyer will obtain, and report to the buyer, on a number of searches provided by third-parties. But what are the searches, why are they necessary, and what adverse information could they reveal?
What are the implications of cutting inheritance tax?
It has recently been suggested in the media that Rishi Sunak is going to make cuts to or even abolish Inheritance Tax. The decision to reduce Inheritance Tax, or its complete abolishment, is a contentious issue and has been met with both support and criticism.
Who can arrange a funeral?
When someone dies it is not always clear who should arrange their funeral. If the deceased left a Will, the responsibility will usually fall to the Executor. However, if there is no Will, it can be less clear who has the responsibility, or even the right to arrange the funeral.
Will the ‘feudal’ leasehold system finally be overhauled?
In what is expected to be one of the first pieces of legislation introduced in the parliamentary session before Christmas, the Government has announced plans to draft a ‘Leasehold Bill’, which if successful could dramatically reform the current leasehold system.
What is the Residence Nil Rate Band?
The Residence Nil Rate Band (RNRB) is an enhancement to the ordinary Nil Rate Band and is available for deaths on or after 6th April 2017. It currently stands at £175,000 and is frozen until 2027/28. The RNRB is not automatically given and must be claimed if required.
Property tenure: I’m loving freehold instead
With the introduction of the long-anticipated Building Safety Act in April, and the Leasehold Reform (Ground Rent) Act in June, you could say that in 2022 It Was a Very Good Year for leaseholders, who were granted additional protections from landlords in relation to both existing and new-build properties respectively.
Can you sell a house or close bank accounts before Probate is granted?
In general probate is required before you can close bank accounts, obtain life insurance or sell a house after someone has died. As with most things, however, there are exceptions to this rule.
The importance of accurate replies in conveyancing transactions – Downing v Henderson (2023)
During the conveyancing process, the seller of a property will generally be expected to provide a vast amount of information to the buyer, for example in relation to historic disputes, utility services (including electrical and gas inspections), flooding, third-party occupiers and any works that have been carried out.
Buying a property: what steps are involved?
The intricacies of the conveyancing process can often make the process of buying a property daunting. For that reason, having an understanding of what’s involved, and why, can prove the difference between you encountering either a frustrating or a stress-free transaction.
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