Author: numan
Mr PS
My wife and I used Versus Law when buying our first house. Nicola Nolan and Natalie Moylan helped us out. They were extremely professional and approachable at all stages of the process. Which made the whole thing very easy. I would recommend there services and use them again.
Mrs JW
Marvellous service and value for money. Versus Law was recommended to me and I would do the same. Nicola Nolan, Natalie and all of the staff I dealt with were friendly and efficient.
Chief rent and Ground rent – what’s the difference?
Chief rent is payable on Freehold land.
Ground rent is payable on leasehold land.
Many land owners assume that because they pay an ‘annual rent’ to a third party that this means the property is Leasehold. This is not entirely true.
It is common in Manchester, Bristol and North Somerset for freehold titles to be subject to the payment of an annual chief rent. A chief rent is normally for a nominal amount namely £1 – £10 per annum and this sun will not increase.
Some rent charge owners will agree for you to ‘redeem’ the rent charge for a fixed premium. One would need to decide whether or not the premium offered would be worth the payment of a nominal rent.
Leasehold on the other hand is payable to a freeholder and the annual ground rent can range from £5pa on long leases entered into many years ago up to £500pa+ on leases entered into more recently.
A chief rent would not increase. A ground rent, depending on the terms of the lease, can increase on certain anniversaries throughout the term of the lease eg: every ten years
What is a Lifetime ISA? (LISA)
A Lifetime ISA (LISA) is a whole new way for you to save money to put towards the purchase of your first home or even in readiness for your retirement. Forward thinking maybe? Let’s be honest, we do not know how things will be in the future when it comes to pensions/state pensions in many years to come, depending on your age of course!
Did you know that with a LISA, for every £4 you put in, the government adds £1. This £1 will be called a ‘bonus’. So in essence you receive 25% bonus of the funds you put into your LISA account, strictly on the basis that you do not credit more than £4000 per annum.
However, the scheme will only pay up to a maximum bonus of £1,000 per annum.
A LISA account can only be opened by persons aged 18 years to persons no older than 40 years and as such, once you have opened an account you can contribute up to a maximum of £4000 per annum into the account. These contributions can made until such time as the account holders attains the age of 50 years. Once you reach 50 years old the bonus payments will also cease. Let’s say at 50 years old you haven’t bought a property, the account you hold will stay open and all your savings will still earn interest or investment returns.
Please note you will pay a 25% fee in the event that your close the LISA account before attaining the age of 60 or transfer the funds into another ISA account.
Once you are in a position to buy your first home, you can withdraw the money in your LISA tax free.
Alternatively, if your intention is not to use the funds for a property purchase, you can withdraw the funds from the age of 60 tax free.
You can hold cash or stocks and shares in your LISA, or have a combination of both, it’s up to you.
There’s a 25% charge to withdraw cash or assets from a LISA. Please note, this charge doesn’t apply if you’re:
• buying your first property to live in
• aged 60 or over
• terminally ill, with sadly, less than 12 months to live
You can use your savings to help you buy your first home strictly on the basis that the following apply:
• the property costs £450,000 or less
• you buy the property at least 12 months after you open the Lifetime ISA
• you use a conveyancer or solicitor to act for you in the purchase – the ISA provider will pay the funds directly to us upon receipt of a declaration and following the procedure.
• you’re buying with a mortgage
Buying with someone else
If the person you’re buying with has a LISA, then they can also use their savings and government bonus too.
They’ll pay a 25% withdrawal charge to use their Lifetime ISA savings if they own or have a legal interest in any other property anywhere else in the world and even if they’re a beneficiary of a trust that includes property.
WILL I HAVE TO GO TO COURT?
No. Versus Law will be acting on your behalf and will attend any hearing on your behalf if need be.
HOW LONG WILL MY CLAIM TAKE?
It is impossible to give a 100% exact time scale on settlements as each case is different. Claims vary from as quickly as 2 weeks to as long as 8 months. It will depend on the type of claim and Airline but rest assured, our fully qualified team know the quickest way to secure compensation and will issue court proceedings against an airline as soon as it is necessary.
WHAT IS AN EXTRAORDINARY CIRCUMSTANCE?
The following situations are considered extraordinary:
- Industrial action: Strikes by ground staff and/or air traffic control
- Political circumstances: Terror attacks, political unrest, security risks
- Weather conditions: Heavy rains, snow, storms etc
- Illness: Sick crew member or passenger
- Delays caused by the airport staff (long queues during security checks)
- Security risks
Technical faults do not count as examples of extraordinary circumstances.
HOW ARE DELAYED FLIGHTS CALCULATED?
If your flight departed more than three hours late but landed under three hours late by making up lost time in air within the journey, then you are not entitled to compensation. But if the flight departed and arrived more than three hours late then you are entitled to claim.
Get in touch with our experienced team today to see if you have a claim!
HOW FAR BACK CAN I CLAIM FOR?
Under the English law there is a time limit of six years to claim, so you cannot claim any further back than flights in the last six years.
CAN I STILL CLAIM IF I DID NOT PAY FOR MY OWN FLIGHT TICKET?
Yes. The passenger is the only person who would be entitled to claim, not the person who paid for the ticket. (Unless that person was with you, in which case you would both be entitled to claim). Provided the ticket was purchased and paid for and was not free.