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EMMERSONS SOLICITORS | News for May 2016
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Latest News - May 2016

The danger of not having a Lasting Power of Attorney.

You may wonder why it is necessary to have a Lasting Power of Attorney. What is the benefit of a Lasting Power of Attorney, what would this mean for you and your family?

Read in full...

Jacqueline Emmerson Solicitor - Finalist Northern Law Awards 2016

We are pleased to announce that our Managing Director Jacqueline is a finalist in the above awards which will take place in June at the Crown Plaza, Newcastle. This is in recognition of her expertise in Law Firm Management which includes; excellent customer service, marketing, culture and profitability. Watch this space.
Finalist Law Practice Management Award

Gary Lineker, That Well Known Divorce Lawyer!

You may have heard recently about Gary Lineker’s calls for Financial Settlements, following a divorce, to be simplified to a mathematical equation. However, providing for both parties financial needs and those of any minor children following a divorce is not necessarily that simple. Would a 50:50 split of everything owned always be fair? Would it re-house the children? 

The recent case of Morris which hit the headlines in March this year perhaps highlights that the answer to this question will be ‘no’ in the majority of cases. The Wife in this case was awarded 90% of the parties’ capital. Her needs were seen as greater as she had given up her career to be the primary carer to the parties’ children. This put her at a disadvantage when returning to employment after a long break, compared to the husband who was a managing director of a successful company and who also had a bigger pension pot.  Added to this the judge considered the ‘extravagant’ spending by both had left them with limited capital which was going to be required in order to re-house the wife and children of the marriage.
 

This case demonstrates that equal division of the assets may not be appropriate in every marriage breakdown and everyone’s circumstances are unique. We always recommend an initial consultation with one of our Family Law Experts who will advise which factors are most relevant in your case.

Call our Family Law Team on:
Sunderland: 0191 567 6667
Newcastle: 0191 284 6989
Click here and visit our website to view our Family Law Services

Beware! Even If You Already Own Your Property You May Still Be Liable For Stamp Duty In The Future.

At Emmersons we are often asked to perform a transfer of equity when a client re-mortgages either to add or remove someone from the title deeds. Even though you may have paid Stamp Duty when you purchased you may become liable for further tax.  This is because Stamp Duty is payable on a "Chargeable Consideration" which will include, not just any money being paid between the parties for the share, but also that part of the mortgage debt being taken over. 

For example an owner of a property is looking to transfer half of his share to his brother for the sum of £50,000. The property is worth £300,000 and there is a mortgage of £200,000 outstanding. Is tax payable?

While the brother is only paying £50,000 for the share he is also assumed to take over half of the current mortgage being £100,000. HMRC consider the chargeable consideration to be £150,000 which is over the current threshold and tax is therefore due.

This is despite the owner of the property having already paid tax when first purchased!

If the brother already owns another property he is likely to also have to pay tax at the higher rates for second homes introduced on 1st April 2016! If you are thinking about transferring ownership of property speak to us first so that you will be aware of the true cost.

Call our Conveyancing Team on:
Sunderland: 0191 567 6667
Newcastle: 0191 284 6989
Move Faster Conveyancing - Visit Our Website

Jacqueline Emmerson's Family Law Blog.

Visit Jaqueline’s blog for the latest news, expert insight and thoughts on famly law.

jacquelineemmerson.co.uk

Emmersons Solicitors Blog.

Latest news and thoughts from Michael Robinson, Specialist Criminal Lawyer.

emmersons-solicitors.com
Copyright © 2016 Emmersons Solicitors Ltd, All rights reserved.


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