Comments Off on Tanith Crook and Robert Everrett Join the Commercial Team
We are very pleased to formally announce the additions of Tanith Crook and Robert Everrett to Leonard Gray’s Commercial team.
Tanith joins us from a well-known, established Essex practice and is training to become a qualified property lawyer.
Since concluding her academic studies, she has already built up a significant amount of experience, dealing with a wide range of commercial conveyancing and business transactions, including lease negotiations and renewals and real estate acquisitions and disposals.
Robert is a highly capable corporate/commercial solicitor, with over 25 years’ post-qualification experience.
He has acted in substantial business and real estate transactions and advises companies, partnerships, investors, lenders and charities.
Partner and Head of Property, John Appleby, is delighted to have two such excellent recruits on board.
“Leonard Gray continues to grow and grow. We see the addition of Tanith and Robert as continuing our efforts to build on our existing, talented team of valued colleagues. They have both settled in very quickly and made strong first impressions with our business clients. I remain hugely excited about the future for our practice, which will always strive to offer exceptional legal services across a range of practice areas.”
Comments Off on Get to know our team – Adrian Baker
Adrian Baker joined us as our new Practice Manager last September, he has quickly become a great asset to our practice and the team.
Tell us a little bit about your professional background.
I formally trained as an accountant for two years before being rescued from that path by my first law firm.
Having worked in the legal environment almost entirely ever since then I have experienced almost all there is to do so in that role.
What are your key responsibilities at Leonard Gray LLP?
My role at Leonard Gray LLP is to facilitate the partners and staff to ensure they can do their jobs effectively by supporting them on a daily basis.
What key skills and expertise do you have that are ideal for your current position?
My experience of the work environment and empathy with colleagues helps me to learn what enthuses people and makes them tick, it is important to establish a rapport to get the best from everyone in the team.
Tell us a little bit about your work philosophy and approach.
The legal environment particularly the IT we utilise is constantly changing, no one can always be cutting edge but all firms need to ensure they can modernise and adapt. By mindful management, we can try and achieve that goal.
What are your main interests and hobbies outside of work?
Outside of work, I like to keep active, I walk a lot (including to the local occasionally) and cycle off-road. I also like a variety of music and love to spectate at sporting events.
Tell us a fun fact others might not know about you.
I did have a break from the legal world a time ago and managed my own BnB in Portugal for a couple of years. And in 2015 I cycled from the UK to Morocco just because I could and yes like Hannibal I had to cross the Pyrenees!!
Comments Off on Unlocking Opportunities: A Promising Outlook for the Housing Market in 2024
With no rise in bank rates, a stable stock market, and prospects of lower mortgage rates, the New Year could be a positive one for the housing market.
The great news is that there have been no further rises in the Bank of England base rate for three consecutive months and further rises seem unlikely in the foreseeable future.
The stock market remains stable which is always a good sign for housing too. There are also signs the cost of living appears to be easing.
This will hopefully encourage Banks and Building Societies to compete for business with the hope lower mortgage rates will be available in the coming months.
The best time to sell is early in the New Year, giving you time to find a buyer with less competition and putting you in the best position to secure a new home as they come to the market.
The early bird catches the worm, as they say.
Finding a buyer and securing a property to buy early in 2024 will enable you to move before the summer and thus allows you more time to potentially test the market and obtain the ‘BEST PRICE’.
We have experienced increased activity levels with viewings in December showing confidence is beginning to return to the market, which is excellent news.
May I wish everyone my best wishes for a happy Christmas and a healthy and happy New Year.
Comments Off on Adding a burst of creativity and colour to our practice
We are thrilled to announce that we have transformed our office walls into a vibrant canvas for local art! Three incredibly talented local artists have graced our space with their stunning creations.
Having been a local business for well over 100 years now we wanted to support our local art community by providing a platform for local artists to showcase their work and hopefully sell a few pieces along the way.
We plan to rotate these captivating pieces with fresh creations from other local artists over the coming months. This initiative not only promotes the incredible talent in our community but also adds a delightful facelift to our beloved practice. ✨
We’re excited for our clients to be able to enjoy the transformation of our practice with the help of Chelmsford’s artists. 🖼️
Stay tuned for updates as we continue to bring more artistic wonders to our space! 💫
We are thrilled to announce the return of Sarah Orrell, one of our Partners and the Head of the Family Law Team at Leonard Gray.
After a wonderful maternity leave, Sarah is now back, ready to lead our Family Law Team. Her expertise and compassion have been sorely missed and we couldn’t be happier to have her back at the helm.
Sarah’s exceptional leadership and invaluable insights have been instrumental in securing positive outcomes for countless families throughout her career. Her wealth of experience in family law has earned her a reputation as a trusted advisor and advocate for those navigating complex legal matters.
Sarah’s return marks an exciting chapter for our firm and clients alike. With her knowledge and commitment, we are confident that our Family Law Team will continue to provide exceptional service, helping families find the best resolutions for their unique situations.
Please join us in giving a warm welcome back to Sarah! Her dedication, expertise, and caring approach make her an invaluable asset to our firm.
Comments Off on Leonard Gray Solicitors Re-Accredited with the Wills and Inheritance Quality Scheme (WIQS)
We are delighted to announce that Leonard Gray Solicitors has once again been granted the prestigious accreditation of the Wills and Inheritance Quality Scheme (WIQS).
This esteemed recognition reaffirms our commitment to providing unparalleled legal services in the field of wills and inheritance.
Unravelling the WIQS Standard:
WIQS is a revered quality mark that sets the bar for best practices in wills and probate advice. To achieve and maintain this accreditation, Leonard Gray Solicitors has demonstrated an unwavering dedication to excellence, adhering to the highest standards of technical expertise and client service. It serves as a testament to our firm’s commitment to going above and beyond for our clients, ensuring their peace of mind during what can often be a complex and sensitive process.
Why Choose a Solicitor with WIQS Accreditation?
Unparalleled Expertise:
By choosing a solicitor with the WIQS accreditation, you gain access to legal professionals who possess extensive knowledge and experience in will drafting and estate administration. At Leonard Gray Solicitors, our team of accredited solicitors and team undergo rigorous training on the WIQS standard, guaranteeing that they are up-to-date with the latest developments and equipped to handle even the most intricate legal matters. With our expertise by your side, you can navigate the complexities of wills and inheritance confidently.
Client-Centric Approach:
Our WIQS accreditation signifies our unwavering dedication to client satisfaction and the highest level of service. At Leonard Gray Solicitors, we prioritise your needs and ensure that you receive tailored advice that is in your best interest. We communicate with you in plain English, eliminating legal jargon and ensuring that you fully understand the process, available options, associated costs, and realistic timescales. With our client-centric approach, you can make informed decisions and have peace of mind knowing that your interests are at the forefront of our service.
Unwavering Integrity:
WIQS accreditation is a testament to our commitment to maintaining the highest levels of integrity and professionalism. We adhere to a strict code of conduct and ethical guidelines, providing transparent and honest advice throughout our engagement. With Leonard Gray Solicitors, you can trust that we will treat you with the utmost dignity and respect, ensuring that your personal and confidential information remains secure.
Distinction from Unregulated Providers:
Choosing a WIQS-accredited solicitor allows you to differentiate between reputable legal practitioners and unregulated, uninsured, and untrained providers. WIQS is only open to law firms and organisations authorised and regulated by the Solicitors Regulation Authority (SRA). This accreditation provides you with the peace of mind that your legal matters are handled by a trusted and professional team.
As Leonard Gray Solicitors proudly announces our re-accreditation with the Wills and Inheritance Quality Scheme (WIQS), we invite you to experience the exceptional legal services we offer. Our commitment to excellence, expertise, client-centric approach, and unwavering integrity sets us apart from the rest. When it comes to your estate planning needs, trust Leonard Gray Solicitors to provide you with unparalleled guidance and peace of mind.
By choosing Leonard Gray Solicitors you can rest assured that your future and the future of your loved ones are in safe hands. Contact us today to schedule a consultation and embark on your journey towards a secure and well-planned future.
For more information or to contact us about making a Will
Comments Off on Charitable Gifting and the Burden of Inheritance Tax
Leaving a charitable gift under the terms of a Will is one way to not only reduce your Inheritance Tax (IHT) but also help good causes.
Any gift left to charity is exempt from IHT with IHT charged on the value of the estate after charitable donations. Furthermore, where 10% or more of the net value of an estate is left to charity, the rate of IHT charged on an estate, exceeding the available allowances, falls from 40% to 36%.
However, the rules are complex where an estate is left to charities (exempt for IHT purposes) and family members/friends etc (non-exempt for IHT purposes). An incorrectly drafted Will could mean the charities receive less than intended which could result in a claim by them.
Example:
By the terms of the Will, the deceased leaves half of his residuary estate to charity and the remaining half divided between friends.
Half of the estate (£500,000) is taxable for IHT purposes. The reduced rate of tax is payable so 36% of £500,000 = £180,000.
Where does the burden of the Inheritance Tax fall?
Option 1 – founded in the case of Re Benham
This option states that the gifts should be calculated after the deduction of IHT.
It is more beneficial for non-exempt beneficiaries, the friends of the deceased in the example above as they are likely to receive a larger gift in comparison to the exempt beneficiaries, the charities.
This option often results in a larger payment of IHT and a smaller gift to the exempt beneficiaries, the charities.
Option 2 – founded in the case of Re Ratcliffe
This option states that the gifts should be calculated before the deduction of IHT.
It is more beneficial for exempt beneficiaries, the charities as they will receive a larger gift in comparison to the non-exempt beneficiaries.
This option often results in a smaller payment of IHT, but also a smaller gift to the non-exempt beneficiaries, the charities.
Ensuring your Will is professionally drafted to include your chosen option regarding the burden of IHT is important and could avoid a dispute between family/friends and a favoured charity.
Comments Off on Fair or Unfair? The Overlooked Factors That Could Make or Break Your Estate Distribution Plan
We all have different opinions on what makes an estate distribution fair, however, failure to consider certain factors could lead to unhappy beneficiaries and an estate being distributed in a way you have not foreseen.
Problems can therefore arise where:
an asset specifically left is no longer owned at the date of death;
an asset specifically left rises or falls in value disproportionately to other assets;
you become richer or poorer between the date of your Will and date of death;
you want to provide for several family members, but the bulk of your wealth is tied up in a business and some family members work in the business, but others do not.
It is never possible to cover all potential scenarios when making a Will but taking the right advice and looking at alternative options can greatly reduce the risk of beneficiaries feeling left out and treated unfairly, leading to matters being contested.
Failure of a specific gift
Leaving your car to someone upon your death may seem like a simple bequest, however, what happens if the car was sold during your lifetime, and you never updated your Will?
Specific assets which no longer form part of your estate upon death will fail, meaning the beneficiary receives nothing. This may be something you foresee, and a note can be made stating that no substitution shall be made.
However what if you had left a car to each of your sons but only one of the cars was present at the date of your death. Should a pecuniary legacy be made instead to replace the car that has been sold? Greater consideration to these factors should be made as doing so could avoid any upset for those you leave behind.
Asset left to one beneficiary falls or rises disproportionately
Not considering how assets may rise and fall over time can lead to expensive challenges to your Will. For example in Re Skillett, Deceased [2022] EWHC 233 (Ch).
The testator left:
his smallholding valued at £50,000 to one of his 4 children (a son who worked on the smallholding with his father)
legacies of £50,000 to the other 3 children, and
residue to be divided equally between the 4 children.
When he died the smallholding was valued at £110,000. The 3 siblings were not happy and (unsuccessfully) challenged the Will.
The outcome may have been very different if one of the following was considered:-
The Will clause could have been drafted to leave legacies of equal value to the smallholding at date of death, rather than specifying an exact amount at the time the Will was prepared.
Noting that specific gifts are paid in priority to pecuniary legacies so if the estate is too small to pay the pecuniary legacies in full, they would have to abate, and the siblings might still be unhappy.
The Testator could leave the whole estate, including the smallholding, to the children with an option for the son to purchase the smallholding at market value at the date of death.
This achieves greater fairness between all parties but if the smallholding has increased significantly in value the son may not be able to raise sufficient funds.
Clients become richer or poorer after making the Will
Making specific or pecuniary gifts to one or more persons and leaving residue to others, gives rise to the risk that the specific/pecuniary beneficiaries benefit more or less than you intended.
For example:-
John wants to leave the bulk of his estate to charity but wants to leave his niece a pecuniary legacy. At the time he is making his will, his estate is worth £1m.
He decides to leave his niece £250,000 (25% of the estate).
He goes into self-funded care, and at the date of his death his estate is valued at £500,000. The niece’s legacy is now 50% of the estate.
Leaving your estate as a percentage to various beneficiaries could perhaps achieve a fairer outcome ensuring your overall aim is achieve, which in the above example was perhaps for the charity to always receive a larger proportion.
Client’s wealth is tied up in a business
A common problem for clients is making a fair distribution to children where some children work in the business and some do not. You may want those who work in the business to inherit or at least be given a larger share to give them control. But if the business is left to those who work in it, there are no funds to provide for the others.
Giving those who work in the business an option to purchase or making the gift of the business to them conditional on making a payment to the estate could be a better option.
Discretionary Trust?
Although a Discretionary Trust does not provide a ‘nailed down’ approach it can be the best alternative provided suitable Trustees are appointed.
A letter of wishes can be left explaining your priorities and who you would like the Trustees to benefit. The Trustees can make appointments of capital reflecting the values at death and the circumstances at the time.
Provided the appointments of the assets are made within 2 years of death, they will be read back to the date of death for Inheritance Tax purposes allowing the trust to be wound up with no Inheritance Tax charges.
Keeping your Will under review is vital and taking the necessary advice could save your loved one’s time, money, and potential upset in the future.
Comments Off on Leasehold Reform (Ground Rent) Act 2022
The Leasehold Reform (Ground Rent) Act 2022 (“LRGRA”) has been introduced by the Government following mounting pressure to deal with onerous ground rent provisions in long residential leases.
The LRGRA limits the ground rent on most new long residential leases to one peppercorn per year (if demanded). This means there will be no financial value in ground rents.
The restrictions apply to single dwellings being purchased for a premium. The Landlord will be prohibited from demanding a rent that exceeds a peppercorn. In addition to this, the landlord is prohibited from charging administrative fees in relation to collecting the peppercorn rent.
On 30 June 2022 the LRGRA will come into force for most new long residential leases, subject to some exceptions.
The LRGRA will not affect retirement properties until 1 April 2023
What does this mean for leases granted before 30 June 2022?
The restrictions introduced by the LRGRA do not apply to leases that have already been granted. The Government has plans to implement further legislation that will cover existing long residential leases.
Why does the new legislation not affect existing Leases?
The Government feels that if it were to introduce these restrictions on existing leases then it may have a negative effect on Landlords.
What is a long lease?
A long lease is a lease with a term of more than 21 years.
What leases are excepted from the ground rent restrictions?
There are several leases that are excepted from the ground rent restrictions that have been introduced by the LRGRA.
These are:
Business Leases
Statutory Lease extensions of both houses and flats
Community Housing Leases
Home finance plan leases
What about voluntary lease extensions, are they exempt?
No. If you were to enter a voluntary lease extension after the commencement of the LRGRA, the extended lease will be reduced to a peppercorn rent.
What penalties can Landlords expect if they are in breach of the LRGRA?
Landlords who breach the LRGRA can face fines ranging from £500-£30,000 per lease. In addition to this the Landlord is likely to receive demands to repay the rents (that exceed one peppercorn).
Why has this legislation been introduced?
In the upcoming years there will be further amendments to current leasehold law. It is the Government’s intention to make leasehold properties more affordable for leaseholders. The overall intention of the Government is to set all future ground rents to zero.
I am a property developer; how will this affect me?
Firstly, it is crucial that you obtain legal advice when creating new residential long leases, and we at Leonard Gray would be more than happy to assist you.
When creating a residential long lease, you must ensure that the ground rent is no more than a peppercorn and no administrative costs are charged in respect of collection of the peppercorn rent.
I currently own a long leasehold property; how can I benefit from this?
Unfortunately, the new legislation does not benefit you at present. However, this is only the start of the Government’s leasehold reform programme. The Government is due to address existing leases and ground rent provisions in the relatively near future.
From April 2022, The Divorce, Dissolution and Separation Act 2020, will bring divorce law into the twenty-first century by introducing `no fault’ divorce in England and Wales.
Current legal Framework
Currently, the sole ground for divorce, is a couple’s marriage must have `irretrievably broken down’. To prove this, one of the following five facts must be demonstrated:
The respondent has committed adultery and the petitioner finds it intolerable to live with them
The respondent has behaved unreasonably, and the petitioner cannot reasonably be expected to live with them
The respondent has deserted the petitioner for at least two years
The couple have been separated for at least two years, and both parties agree
The couple have been separated for at least five years
The current law has been criticised for exacerbating the already emotionally difficult divorce process. In most situations, divorcing couples will rely on the unreasonable behaviour ground that allows them to waive the two-year separation period. This requires the petitioner to provide examples of their spouse’s behaviour that demonstrates they `cannot reasonably be expected to live with them’. Consequently, this often creates unnecessary conflict between the separating couples and draws attention away from important issues such as children, finances and property.
What `no-fault’ divorce will mean for divorcing couples?
The `no fault’ law will remove the need to prove one of the five facts, and instead allow divorcing couples to provide a statement that the marriage has `irretrievably broken down’. This removes the need for parties to assign blame, as it will not be necessary for a party to provide evidence of their spouse’s unreasonable behaviour. In addition, once the statement of irretrievable breakdown has been made, the Court will treat this as conclusive evidence that the marriage has broken down. As such, it will not be possible for the other party to contest the divorce.
Additionally, the new law will allow parties to submit a joint divorce application if they both agree that the marriage has broken down, thereby encouraging parties to remain amicable. This is another significant change from the current law where only one spouse can apply for the divorce.
The new law will also remove legal jargon including, `decree nisi’, `decree absolute’ and `petitioner’, with more modern terms such as, `conditional order’, `final order’ and `applicant’. This modernised language will make the legislation more accessible to the general public and considerably easier to understand.
Will the new law speed up the divorce process?
Whilst it is expected that the reformed law will remove some delays in the initial stages, it will not make divorce instantaneous. The new law will introduce a minimum timeframe of twenty weeks between the issuing of divorce proceedings and the conditional order. Legislators have said that this period is designed for `meaningful reflection’, providing couples with the opportunity to reconcile, or if separation is inevitable, make arrangements for the future. This period counteracts concerns that the new law will make divorce easier and consequently couples will not attempt to save their marriage.
After this period has elapsed, the reformed law retains the current law’s position that six weeks must then pass before the final order can be made.
Should you wish to arrange an appointment or for further information, please contact the department’s secretary, Amanda Saggers, on 01245 504 904 and she will be happy to assist.
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