legal spotlight 19 Eric Robinson leads the property race


With a number of issues having a major impact on the industry in recent months, specialists at Eric Robinson Solicitors have been in high demand from people seeking urgent advice and guidance on a variety of property deals


Since the chancellor announced that, from next month, those buying investment properties will have to pay an additional 3% stamp duty, Eric Robinson Solicitors has seen a marked increase in buy-to-let landlords wanting to complete property purchases before the new financial year.


“It is hardly surprising that our clients have been grateful for efficient service in the past few months,“ said Catherine Maxfield, managing partner. “A property that is bought for £249,000 today would incur a stamp duty land tax of £2,480, whereas next month it will rise to £9,950. The sense of urgency in property transactions for investors has been palpable.“


In addition, property values which are currently zero-rated for stamp duty (property valued up to


£125,000) will incur 3% stamp duty for Buy-to-Let Landlords from April.


“The other big issue that is motivating a lot of new clients is that of lease extensions,“ said Maxfield. “If the leasehold on a property has 80 years or less, it will usually be sold for a greatly reduced price. 70 years or less would see most mortgage lenders refuse potential buyers and this seems to be a growing situation in the Solent region.


“Freeholders of blocks of flats find short leases attractive as they know the majority of people aren’t aware of this issue and extending them can be an extra way of making money.“


Maxfield is also intrigued by the ‘first time buyer’s ISA account’ which was introduced at the end of last year. “The Government will pay a 25% bonus when funds saved in this type


of account are used as a deposit for a property purchase. Recent reports say that 250,000 people took out an account within two months of its launch, so we shall see whether people are able to stick with this type of saving and take advantage of it in line with the Government’s intentions.“


Though firms can charge their clients £50 for requesting funds under the scheme, Eric Robinson Solicitors has decided not to charge people who instruct them and subsequently have to make an application to obtain funds under the ISA scheme.


“I see it as doing our bit for the industry,“ concluded Maxfield. “If we can all work together to get the property market moving from the bottom up, it will be of great relief and benefit to everyone involved.“


Ellis Jones acquires specialist criminal and motoring law firm


Ellis Jones Solicitors has acquired, for an undisclosed sum, The Jonathan Morrissey Practice, a legal practice which specialises in all areas of criminal and motoring law.


Five members of staff, including Jon Morrissey the founder and head of crime, have transferred to Ellis Jones. Previously they were based at JM Law's offices in Bournemouth.


Founded in 1993, JM Law is headed by Morrissey who during the course of a 30-year career has handled every type of criminal offence from murder, manslaughter and robbery to fraud, drug-trafficking and serious sex offences.


driving and speeding allegations.


Nigel Smith, Ellis Jones' managing partner, said: "I have known Jon for many years and, without doubt, he is one of the most experienced and accomplished criminal defence lawyers in the UK.


Jon Morrissey of JM Law (left) with Nigel Smith of Ellis Jones Solicitors


In the motoring world, Morrissey specialises in all areas from manslaughter and causing


death by dangerous driving to a multitude of drink-driving allegations as well as careless


"Over the course of the past 23 years JM Law has become the largest specialist criminal practice in the area. Opportunities to acquire such a highly-regarded firm are rare and I am delighted that Jon and his dedicated team have become part of the talented team at Ellis Jones."


Morrissey added: "I am very excited to become part of the team here.”


Catherine Maxfield Details:


023 8022 6891 www.ericrobinson.co.uk


THE BUSINESS MAGAZINE – SOLENT & SOUTH CENTRAL – MARCH 2016


www.businessmag.co.uk


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