|
5% SDLT rate for the purchase of residential property
Purchases of residential property for over £1 million will be subject to a higher rate of SDLT of 5% on the entirety of the purchase price where the consideration for the purchase exceeds £1 million.
This new higher rate of 5% will apply to all purchases of residential property where the "effective date" – normally the date of completion – is on or after 6 April 2011.
Read more→
Affordable Rents - Planning and grant
Some of the mist surrounding Affordable Rents is clearing. On Valentine's Day CLG published its consultation document on its amendments to Planning Policy Statement 3 Annex B Affordable Housing Definition, and jointly with the HCA published the Affordable Homes Programme Framework for 2011 to 2015.
Read more→
Section 106 Agreements and Affordable Housing - How to meet lenders' requirements
Negotiation of affordable housing provisions in section 106 agreements so as to properly protect lenders' interests is not always easy, and yet is important to unlock funding for future development by housing associations. Assistance in achieving this is provided by the new edition Law Society model Section 106 (s106) agreement and a CIH/HCA good practice note.
Read more→
The Localism Bill: The key provisions
The Localism Bill was published during the week before Christmas 2010 and with its 207 clauses, 24 schedules and over 400 pages, it weighed in at 2.1lbs and had its Second Reading in the House of Commons on 17 January 2011. It is probably the most significant piece of legislation affecting local authorities, housing and planning for 20 years and empowering local communities.
Read more→
"Commercially Justifiable" Liquidated damages may be enforceable
Once again, in the recent case of Azimut-Benetti Spa v Darrell Healey [2010] EWHC 2234 (Comm), the High Court again cast doubt on the well-established principle that a liquidated damages clause will only be effective if it relates to a 'genuine pre-estimate' of the loss likely to be incurred - otherwise it would be considered a penalty and struck down by the Courts. Whilst the facts of the case did not involve a traditional construction project, the decision is likely to be cited for years to come in delay disputes relating to construction projects.
Read more→
Developers should not make light of it
The recent case of HXRUK II (CHC) Ltd v Heaney has raised concern that injunction orders are being granted more readily to protect pre-existing rights of light. This should serve as a stark warning to developers of the dangers of underestimating this kind of dispute.
Read more→
| 
