Legal considerations if you are tempted to buy a holiday home

Summer is around the corner, and it is not uncommon to want to prolong that holiday feeling and dream of investing in a holiday home which allows you to return to your favourite spot more frequently. Holiday home ownership has boomed recently and in 2021 second homes accounted for more than 24,000 purchases. Many of these were on the coast or other areas of natural beauty, where house prices have also seen rapid growth. ‘If you are planning to buy a holiday home, it is important to consider the issues carefully and not get swept away by enthusiasm or high-pressure sales tactics,’ says Holly Stevens, Director & Head of Residential Property with Ware & Kay in York. ‘Buying any property is a major investment, and holiday home ownership can involve additional considerations with long-term consequences, so…

“One Day the Farm Will All Be Yours” – Grounds to challenge inheritance

As a child, I was oblivious to Uncle Len’s misfortune. During a lifetime of loyal service to the landowner, he was promised by the landowner, the land and house where he lived and worked, would be left to him in his employer’s Will. Uncle Len never doubted this promise and in reliance, failed to make provision, should he be let down. The trust placed in that promise, also took away his motivation to pursue better employment, or buy a house. When his employer died, his Will left Uncle Len nothing. He and my aunt had to leave the house which had been their home for decades, promised would be theirs one day. They did nothing further about it. How different my uncle and aunt’s lives might have been, if I could have passed on my knowledge…

Legacies and Wills – what are the risks?

Many of us like to include legacies in our Wills whether to family, friends, executors and /or to charities. Legacies can be general (often fixed sums of money) or specific (particular assets you own such as a house, items of jewellery or a share in a business.) On the face of it, including a legacy in a Will seems very straightforward. However, there are numerous issues which should be considered, some of which could result in beneficiaries losing out or even unintended inheritance tax consequences! Some areas to consider are as follows: 1. Fluctuating asset values. In the context of property and investments, values can fluctuate dramatically. The values might be significantly higher or lower at your death as compared to when you made your Will. If the same beneficiary inherits your entire estate, this isn’t…

Employers - let’s talk about pay

The subject of pay is always a hot topic and requires sensitive handling. Employees feel they need more, due to the rising costs of living, or believe they deserve more due to increased responsibilities or experience.  Meanwhile, employers are under pressure to cut costs while seeking to attract the best people with an attractive package.  ‘These conflicting tensions sometimes make it difficult to strike the right balance, so employers need to take care when looking at setting pay levels to ensure that your business is not vulnerable to a claim relating to equal pay or discrimination,’ says Kalpesh Nakeshree, Head of Employment Law with Ware & Kay. ‘There are a number of ways in which employers can avoid creating these risks and ensuring staff feel fairly treated when it comes to pay.’ Kalpesh highlights the risks…