Latest News within Commercial Property (Page 2)
Estates liable for Inheritance Tax in the UK in 2010-2011 faced a bill of nearly £166,000 on average, according to new analysis of HMRC data by Prudential. The study, based on the latest publicly available regional data on tax receipts, shows that in the 2010-2011 tax year, inheritance tax was paid on around 15,600 estates with a total bill of £2.6 billion
Banner Jones help X-Cel Superturn acquire Colson Industries in £1.75m deal.
Sheffield-based X-Cel Superturn (GB) Ltd, which manufactures precision engineered components for the oil and gas sector, has acquired fellow Yorkshire business Colson Industries in a £1.75 million deal.
X-Cel Superturn was founded in 1984 by current Managing Director Andrew Taylor as Sheffield Superturn to manufacture small to medium CNC machined parts. The company has expanded through a combination of organic growth and acquisition and this year expects to grow turnover from £24 million to £30 million, independent of the Colson acquisition. It employs 130 people across its sites in Sheffield, Rotherham and Batley.
X-Cel Superturn plans to quadruple sales at Colson Industries, from £2.5 million to £10 million over the next two years, adding 25 employees over the period to bring staff numbers up to 65. Colson Industries will now act as a 100% subsidiary of X-Cel Superturn.
Banner Jones Solicitors has secured membership to the Law Society's Conveyancing Quality Scheme (CQS) for the second year running. The CQS accreditation is the mark of excellence for the home buying process and it has to be renewed every year to ensure that the firm is still providing the exacting standards of service as set out by the scheme
When you are required to transfer a property once it is sold or at the end of the lease, you are required to give the new occupant vacant possession.
This is a strict requirement, meaning that the property must be capable of being occupied immediately. As such, it must be empty of people and the tenant’s belongings.
In a recent case, a tenant who was vacating a let property as a result of the termination of the tenancy wanted to continue to occupy the property for a few days after the break date in order to complete works necessary to comply with its repairing obligations under the lease.
The tenant requested the landlord’s permission, but there was no response to the request. The tenant kept the premises secure but retained the keys to the property after the break date.
The importance of making full disclosure of relevant facts when negotiating is hard to over-emphasise, as a recent case shows.
The case arose when a company made an agreement to sell a subsidiary to another company. As is normally the case when a business is offered for sale, a pre-sale memorandum was prepared, outlining key information about the company being sold, and this was circulated to potential buyers.
Companies need to be on the alert: there will be no ‘grace period’ after the Bribery Act comes into force from Monday 4 July 2011.
Strict new rules will reform the antiquated UK laws and clamp down on the bribery of public officials and corporate executives. Chris Sellars, head of Business Legal Services says: "We are concerned that a lot of companies haven’t really cottoned on to the introduction of this new Act”
Banner Jones received another accolade this month from the InterContinental Finance Magazine (ICFM).
Chris Sellars, Director and Head of Business Legal Services says ‘We are delighted to have received the HIGHLY COMMENDED – TOP TIER FIRM status in the TOP BUSINESS LEGAL SERVICES FIRM OF THE YEAR – UK category. The awards are voted for by their readership who said that Banner Jones is considered to have performed to exceptional levels during one of the most difficult economic periods ever experienced. I am very proud of my team and all the staff at Banner Jones who make winning these awards possible.’
The Banner Jones Business Legal Services team are continuing to develop their Family Business specialism by utilising their ICFIB (International Centre for Families in Business) accreditation. Their regional specialism in this area allows them to give tailored legal advice to family owned businesses whose requirements are very different and often more complex.
House Prices To Start Recovering
House prices will be 16 per cent higher by the end of 2015, as the lack of supply and build up in demand forces the market to return to its long-running growth path; well so says a recent forecast from the Centre for Economics and Business Research (CEBR). This is the first optimistic prediction for many months, after a slew of downbeat figures have suggested the housing market is moribund.
Earlier this month, the Halifax said that the average cost of a home dropped 1.4pc during April to the lowest level since July 2009. The lender also suggested that 64 per cent of young people who did not own their own home had completely given up on the dream of being an owner occupier, as restrictive mortgage conditions meant it was impossible to get on the housing ladder.
Banner Jones were asked to bid in a prestigous auction on behalf of clients last week.
The Grade II listed property, where the late Lady Winifred Hilton, widow of Lord Lieutenant of Derbyshire Sir Peter Hilton, lived, went under the hammer with a £1m guide price and sold at £2,425,000.
Stephen Gordon from Banner Jones says 'This is the largest property transaction we have completed in a long time and my client is delighted to have bought Alton Manor as their new family home'
The auction itself was held in the grounds of this stunning property and attracted interest from far and wide.
The estate’s complete furniture, decoration and effects raised another £330,000 in a separate sale with a smaller amount of items from elsewhere.
If you are starting a business this year and looking to lease a commercial property perhaps a Green Lease might be worth some consideration. Commercial property landlords all over the UK are starting to think Green and those that have already put measures into place are well positioned for any future enforcement of environmental performance. It is thought this could happen to help the UK reduce its overall carbon footprint.