Reasons to be optimistic in the mid-term?

One positive is that low interest rates should be available for a while and will likely be held low until the economy recovers. Although it is possible we could see some inflation as a result of quantitative easing, it is unlikely to happen quickly with businesses being encouraged to borrow to help growth recover. Consumer confidence will also need time to recover.

For buyers, this crisis could be a good time to begin a house hunt. Although some sellers will try to wait for the uncertainty to end, there will be some who are looking for a quick sale and so a deal can be done.

Landlords and investors, given the unpredictable nature of the stock markets, this could result in property beginning to look like a reasonable alternative. This has happened during previous financial crisis and we could see a similar pattern again.

Confidence

Confidence is the bedrock of the property market. It is hard to determine how things will play out in this respect although short-term confidence may be a little low this is often when the best bargains are to be had. Once the economy stabilises and begins to show signs of life, people will be more willing to commit to purchases.

It is possible that we may see some changes in Government policy in relation to taxation that could help boost confidence in the property sector. Property is often seen as personal indicator of economic well-being.

Although there are currently logistical challenges in marketing properties these will pass and we could see a degree of backed up demand finding its way through to the property market.

Affordability

The Evening Standard ‘Homes and Property’ section reported in February that:

“Housing affordability in the UK has increased at its fastest rate in eight years, according to new figures, which would usually set the scene for an active spring market.”

Recent times have seen average wages increase quicker than percentage price rises for property, collectively improving affordability. With average house prices at the start of 2020 just 0.2% higher than last years’ average.

There are therefore reasons to be optimistic about the property market, there will be bargains to be had, but the scale of any upswing will be reliant on multiple factors. Logistical challenges aside confidence will as ever be the key influencing factor.

Commenting on the state of the market RRP Associates Partner Hiromi Kuda said:

“Despite the challenges we face this could be a good time to review lending terms, leases and put in place a strategy to make the most of the opportunities that will undoubtedly arise.”

Should you require help with a property purchase, re-mortgaging or need assistance with a lease please contact Hiromi Kuda.

T: 01908 355743

E: info@rrpassociates.co.uk

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The BBC recently reported that there has been a spike in people seeking to draft or amend their wills. This is not surprising given the current health concerns. However, regularly reviewing the provisions of a will is good sense. Circumstances change, such as relationships, assets and simple wishes for how an estate should be dealt with.

One area often ignored is the issue of who would look after an individuals’ affairs if they become incapacitated for any reason. This is normally dealt with through something called a Lasting Power of Attorney. Lasting Powers of Attorney replaced Enduring Powers of Attorney which can only be used if created before October 1^st 2007. Anyone planning their affairs should consider drafting a Lasting Powers document.

The BBC article rightly points out that failing to correctly sign a will in front of two independent witnesses, who are physically present, is likely to lead to a judge ruling the document, and any legacy in it, invalid. This can be tricky given the current lockdown situation however, as RRP Associates Partner Sian Aung points out there are still ways in which this can be achieved:

“We have been adapting the ways in which we work with clients.  We have been taking instructions by phone/skype/facetime and have on a couple of occasions gone to a house to witness a Will through a window. Each day we finding new approaches to getting the job done and we are definitely still able to help new clients at this difficult time.”

There will be some people realising that they do not have a will in place and will now be considering drafting one. Various reports suggest this could be as much as 50% of the population. This is extremely worrying. It’s not just the financial aspects that people need to consider but also essential issues such as child care.

Individuals looking to draft a will, create a Lasting Powers of Attorney document, have a will amended or need advice on probate matters should contact one of our wills and probate specialists:

T: 0745 127 0008

E: info@rrpassociates.co.uk

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The current outbreak has caused substantial problems for businesses in terms of how they carry on trading. Depending upon the sector in which they operate there have been a variety of announcements regarding Government support. For example, the Government has announced cash grants for the retail, hospitality and leisure sector. Under this scheme there are cash grants of up to £25,000 per property.

Under the Small Business Grant Fund (SBGF) all businesses in England in receipt of Small Business Rates Relief (SBRR) and Rural Rates Relief (RRR) in the business rates system will be eligible for a payment of £10,000.

For businesses in these sectors with a rateable value of between £15,001 and £51,000, they will receive a grant of £25,000.

Properties covered include properties being used primarily as shops, restaurants, cafes, drinking establishments, cinemas, live music venues, for assembly and leisure and as hotels, guest and boarding premises and self-catering accommodation.

The Government has also announced that there will be an ‘Expanded Retail Discount’ business rates scheme which will provide a 100% discount for the year 2020/21 for eligible properties. Businesses need to take no action and Local Authorities will send a revised bill but if you consider yourself eligible for this relief, and have not heard from your Local Authority, you should contact them. This scheme applies to the majority of properties that have had to close as a result of the current outbreak.

Coronavirus Act 2020, Section 82

This act has some components that will be of interest to tenants.

(1) A right of re-entry or forfeiture, under a relevant business tenancy, for non-payment of rent may not be enforced, by action or otherwise, during the relevant period.

(2) During the relevant period, no conduct by or on behalf of a landlord, other than giving an express waiver in writing, is to be regarded as waiving a right of re-entry or forfeiture, under a relevant business tenancy, for non-payment of rent.

In effect the government has announced that commercial tenants who are unable to make rent payments as a result of the coronavirus outbreak will be protected from eviction. This protection will cover England, Wales and Northern Ireland and last until 30th June, with an option for the government to extend this period if needed.

Suspension clauses in leases and lease renewals

Some commercial leases allow tenants the option to seek a suspension of rent payments. Not all leases are the same and the clauses dealing with any suspension and the circumstances surrounding these vary.

For other businesses their current lease may be coming to an end, or indeed business owners may feel that they have to seek a change to the existing agreement.

Many landlords will be willing to reconsider the terms of a lease or be helpful in agreeing new provisions in any new lease. Business owners however, need to take considerable care when agreeing to revised or new terms in a commercial lease and they should always seek legal advice.

Any business owners looking to vary or renew their lease can benefit from support from one of property specialists for an initial fixed fee discussion of £250.

For more information contact Hiromi Kuda. E: info@rrpassociates.co.uk

or T:084586 08775

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We all value the hard work and determination of NHS staff at this difficult time. As such RRP Associates is keen to do what it can to help.

We are therefore offering discounts to NHS workers across our range of services.

If you are an NHS worker looking for legal support with any service we provide, please contact us and one of our solicitors will be happy to help you. We are now working remotely but as a result of a recent major IT update are still able to respond quickly to client requests.

We are a well established firm with offices across Beds, Herts and Bucks. We are very active in terms of corporate social responsibility supporting a wide range of causes, giving back to the communities we serve.

For more information on how we can help NHS workers please call us on:

08458 608775 or e-mail to wills@rrpassociates.co.uk for wills and probate matters or

0745 127 0008 or email info@rrpassociates.co.uk for other services.

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The current restrictions are placing families under considerable pressure. The ‘lockdown’ is limiting movement, whilst those parents who can work from home are having to juggle work, with schooling and normal parenting. Health worries and concerns over friends and relatives add to a level of anxiety that can compound the stresses faced by family units. The normal network of support is compromised, although for some social media and the internet in general has proven to be a good support network.

There have been concerns raised about the ability of children with separated parents being able to be moved between households. However, it has recently become clear that (currently) where parents do not live in the same household, children under 18 can be moved between their parents’ homes. There will of course be exceptions to this typically when a member of the family unit is currently self-isolating.

Sadly there are also reports coming out that domestic violence is increasing. As the Guardian recently reported:

“There has been a rise in domestic abuse incidents directly related to the coronavirus outbreak. Beverley Hughes, Greater Manchester’s deputy mayor for policing and crime, said there had been reports of abuse linked to the lockdown.”

Despite the pressures that people are facing there can be no excuses for violent behaviour and despite the difficulties caused by the coronavirus outbreak there are still solutions available to individuals who are at risk.

The ‘Independent’ newspaper in its 18^th March edition ran a story suggesting that various experts anticipate a rise in divorce cases following the lockdown. The matter was even raised in the House of Lords.

Commenting on the issues RRP Associates Head of Family Amelia Summers said:

“These are challenging times for all types of family. For those going through a separation or struggling for access to children it will be particularly stressful. The law however, provides support for those in need and whilst personal meetings are currently not possible RRP Associates is in a position to be able to provide a full service to clients, to include court applications where necessary.”

If you would like to discuss your divorce, separation or children issues with one of our experienced family solicitors, please call the Family Department on 0845-RRP -0000 or e-mail info@rrpassociates.co.uk

The post Families Under Pressure appeared first on RRP Associates.

A solicitor that can accommodate you outside of 9-5, Monday – Friday?

Our London Office will be open on Saturday mornings from 10am-12pm for personal attendances or prearranged appointments so if you need to pop something in to us please feel free to come over.

Our office is situated on the Churchill Place, London, E14 5EU.

Please note that only our London Office will be open on a Saturday morning

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