Drag along rights in company salesThese rights allow a majority shareholder to force the minority shareholders to accept an offer from an external buyer who wants to purchase the entire company. The majority shareholder who ‘drags’ the minority shareholders along must offer the same price, terms and conditions that the majority shareholder was offered.
No-deal Brexit and disputes involving EU countriesOn 13 September 2018, the government published a further series of technical notices on how to prepare for a no-deal Brexit. These provide guidance on civil disputes that involve EU countries if there is no Brexit deal and includes provision for civil and commercial judicial cooperation, cross-border insolvency cooperation in the event of "no deal".
Modern Slavery Act 2015 – should you be making a voluntary statement?Larger organisations with a global turnover of £36 million plus and which conducts their business in the UK are legally required to make an annual slavery and human trafficking statement for each financial year. The statement should include the steps taken to ensure than human trafficking is not taking place in any of its supply chains or its business or no steps have been taken.
A more streamlined valuation process for those dealing with estatesHMRC has announced in the Trusts and Estates Newsletter for August 2018 that personal representatives only need to obtain a professional valuation of individual items in an estate where the value exceeds £1,500 or where the value cannot reasonably be estimated. The previous minimum threshold was £500. In practical terms, where the overarching value of a deceased’s estate is made up of many individual items, the process is likely to become more expedient. However, in most probate matters this is likely to be one of many issues affecting the deceased’s estate.
RICS publishes new version of the Commercial Service Charge codeThe Royal Institute of Chartered Surveyors (RICS) has published the first edition of its professional statement for commercial service charges, commonly known as the Service Charge Code.
UK signs new double tax treaties with Jersey, Guernsey and the Isle of ManOn 2 July 2018, the UK signed new double tax treaties with Jersey, Guernsey and the Isle
Spanish tax and lawWe are able to advise on Spanish tax and legal matters with Alvaro Aznar Azcarate a highly experienced dual qualified solicitor and Spanish lawyer. Alvaro is part of our international private client team.
Selling in a sticky marketWith the current slow property market, you need to do all you can to sell your property. If you find a buyer you can give yourself a better chance of getting the sale through quickly and less fuss if you sort out as much of the legal formalities in advance as possible. We can help and e.g. make sure that your title and paperwork a buyer will need are in order. Contact us as soon as you put your property on the market. We can also help with unusual situation such as if you are selling a flat with a short lease.
Fees CalculatorOur residential on-line costs calculator provides our fees and a full breakdown of costs for sales and purchases up to £5 Million. You do not have to give us your details or wait for call backs or emails. It is all there at the click of your mouse!
Major Reforms ProposedThe Law Commission has produced a consultation paper on leasehold reform. Their preliminary proposals are for a big shake up of the leasehold sector including abolition of ground rent for leasehold houses , expanded rights for leaseholders wishing to extend their leases or buy the freehold of their building, streamlined and cheaper procedures for exercising rights and simplified , easier to understand valuation methods. Some reforms are technical and others will have a significant impact on what leaseholders can achieve, what they have to pay in price or costs and what landlords/freeholders may receive. Once the consultation period has elapsed a final report will be made and it will then have to be seen the extent to which and when any proposed changes are brought into law.
2 year ruleThe Leasehold Reform, Housing and Urban Development Act 1993 (as amended) allows for a tenant of a property to claim a 90 year extension of the term of their lease after they have owned a property for two years. If a tenant passes away the Act allows their personal representatives to make a claim within a period of two years of the grant of Probate or Letters of Administration.
Landlord DomainWe have set up our new “Landlord Domain” on our website which will provide “news you can use” to landlords. It will address all the problems landlords experience in a practical easy to understand way. You can reach it from our home page.