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NOV
17

Can you claim HS2 compensation?

hs2Here at Lewis Nedas we can process your potential claim for a ‘Blight Notice’ with the High Speed Two Limited (HS2).

In accordance with current statutory powers, certain home owners in specifically designated zones next to the proposed HS2 line are entitled to statutory compensation should they serve a Blight Notice.

A Blight Notice can only be made in compliance with various criteria which we have expertise in reviewing and assisting with. If successful, a home owner is potentially eligible to make claim with HS2, a non-departmental body of the Department for Transport which would ultimately be for the sale value of their home at an agreed market price and an additional pay-out of statutory compensation including payment for home-moving expenses.

During the course of this specialist conveyancing, we would assist you in processing your claim with HS2 and work with your independently appointed surveyor to guide you through the legal process for the statutory sale.

We would be particularly interested in speaking to you if you are a residential or business owner with property located for at least the last 6 months in the following locations within the Camden area:-

(i) Nash House and Park Village East

(ii) Mornington Terrace

(iii) Delancey Street

(iv) Clarkson Row

(v) 1-60 Eskdale

(vi) 1-39 Ainsdale 

(vii) Silverdale

(viii) Vardnell Street

(ix) Hampstead Road

(x) Cardington Street

(xi) Melton Street

(xii) Eversholt Street

(xiii) Coburg Street

(xiv) Varndell Street

(xv) Euston Square

(xvi) Barnby Street

 

Please note the above list of streets is by no means definitive of the potentially blighted HS2 blight zones.

Please call Richard Greenby on direct dial  020 7691 4560 to discuss matters in greater detail.

Alternatively, please email on rgreenby@lewisnedas.co.uk for a free initial review of your property claim.

   

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NOV
15

Tesco Scandal - Allegations of Fraud and False Accounting

Back in 2014, the Serious Fraud Office (SFO) commenced a criminal investigation into accounting practices at Tesco in respect of an estimated £326 million missing from the supermarket group’s accounts. Although the investigation is still underway, the SFO has decided to prosecute three former executives in respect of their roles in the scandal. Last week, their trial date was set for next September, when they will each face charges of fraud by abuse of position and false accounting.

In this blog post, we take a look at these two offences and our approach to defending against allegations of serious financial misconduct. At Lewis Nedas Law, our solicitors have been successfully defending clients against allegations of fraud and other financial crimes for over 30 years. We are particularly well-known and respected for our work helping individuals and companies deal with regulatory and criminal business investigations, such as those conducted by the SFO. Our aim is to take action early on, to help mitigate the consequences. For more information on how we may be able to assist you, please contact us.

Fraud by abuse of position

The offence of fraud by abuse of position is one of three classes found in the Fraud Act 2006 (the other two offences being fraud by failing to disclose information (section 3) and fraud by false representation (section 2)). Although it shares some elements with the other two offences, such as the need for dishonesty and an intention to make a gain or inflict a loss, it is a distinct offence that is committed where someone:

  • • occupies a position in which they’re expected to safeguard another’s financial interests, or at least not act against those interests, such as a director in respect of a company or a trustee in respect of a beneficiary;
  • • dishonestly abuses that position, either by act or omission, by failing to safeguard another’s financial interests; and,
  • • intends, by means of that abuse, to: make a gain for themselves or another; or, cause loss or expose another to a risk of loss. This final element, i.e. there being no need for actual loss or gain and the risk being sufficient, is common across all fraud offences.

Because ‘abuse’ is not legally defined in the act, it can cover a wide range of acts or omissions. Further, there is no need for an individual to know that they are in a position where they’re expected to safeguard another’s financial interests – a conviction is highly likely to follow if the prosecution can prove that abuse was dishonest and there was an intention to make a personal gain or cause another loss. If an accused is convicted of fraud by abuse of position, the maximum penalty is imprisonment not exceeding ten years, an unlimited fine or both.

False accounting

The offence of false accounting is found in section 17 of the Theft Act 1968. It is committed where someone:

  • • dishonestly, coupled with a view to gain or with intent to cause another loss;
  • • destroys, defaces, conceals or falsifies any account, record or document made or required for an accounting purpose; or,
  • • furnishes information that produces or makes use of any account, record or document which, to their knowledge, is or may be misleading, false or deceptive.

This offence also covers a wide range of scenarios, including both the act of making a false entry and the omission of material particulars (where the omission may have the effect of significantly misleading), as well as covering someone who does not actually make a false entry or material omission but only concurs with the false entry or material omission. Further, a company will be guilty of the offence if it is committed by an officer of the company whose conduct can be attributed to the company.

Although the act doesn’t shed any light on the required degree of knowledge an accused must have in order to be guilty of the offence, the courts have clarified that the accused must have acted deliberately in making or concurring with a false account, i.e. they knew the account to be false or capable of being misleading. As such, the prosecution does not need to prove that there was an intention for any specific person to be misled. If an accused is convicted of false accounting, the maximum penalty is imprisonment not exceeding seven years.

Our approach to serious fraud defence

Our partner-led Serious Fraud team has vast experience defending complex fraud cases, many with a large international dimension. We employ our experience of working across jurisdictions in all cases being investigated by the SFO. Our multifaceted approach of involving specialist professionals to assist our client’s marks our Serious Fraud team out as a distinctive and progressive law firm that takes special care to protect our clients’ interests. We structure our approach to SFO investigations and prosecutions in a way that insulates our client’s from the majority of the administrative and logistical issues, allowing them to concentrate on working directly with our specialist solicitors to formulate a strategy to deal with the investigation. Find more information on SFO investigation and prosecution defence, and the approach of our pragmatic, practical and effective team here.

Lewis Nedas Law – Specialist Fraud Defence Solicitors London

Lewis Nedas Law have over 30 years’ experience successfully defending clients against fraud prosecutions. We are ranked in Chambers and the Legal 500 for the high quality of our fraud work. Our fraud solicitors are described as 'precise', 'steely determined' and 'always mindful of securing the best outcome for our clients'. Our specialist financial crime & fraud solicitors in the heart of London have extensive experience of preparing successful defences to fraud prosecutions including corporate fraud, whether these are brought by the Crown or a statutory body such as the FCA or the Department of Business innovation and Skills. Please contact Jeffrey Lewis or Siobhain Egan on 020 7387 2032 or contact us online.

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NOV
11

The Property Update; November Newsletter

black and white housesThe Lewis Nedas Property Newsletter is back!

We took a break over the Summer and the early Autumn, to assess the ramifications of the Brexit vote and its effect on the Housing Market. It is still far too early to say what the true effects are, because there have been so many other variables to consider (the drop in the pound being one such major variable). It's accurate to say that the market is much quieter and price growth is much reduced.

The London prime markets, i.e. Zones 1 and 2, have however seen a marked reduction in prices, a record average drop of over £100,000!

Fewer people are able to buy property; in fact the number of under 35’s who are property owners has decreased by 1/3 since 2011, to 334,000 this year. The U.K is now outside Europe’s top 20 countries for house sales.

 

Buy to Let Market

It's plain that there are issues on the horizon for buy to let investors; they will see less tax relief and less mortgage availability the supply of housing is on a rising curve and rents are increasingly unaffordable.

Additionally those BTL landlords who used a supposed loophole, which appeared to allow landlords (before the increase in SDLT in April this year) to transfer properties into limited companies in an attempt to avoid the increase in tax, are likely to come to the attention of HMRC.

Such a device is likely to fall foul of HMRC and tax avoidance legislation, and could easily attract allegations of both tax and mortgage fraud. It is anticipated that HMRC would assume that such transfers to limited companies were artificial structures.

 

Residential Property

We have seen the usual contradictory reports about the market - the NAEA (National Association of Estate Agents) report that confidence in the housing market is back to pre- Brexit levels and an increase in demand in September 2016, though in the same month mortgage approvals were markedly reduced (by 15%) when compared with September 2015.

There was also a slight dip in the number of residential properties coming onto the market, again when compared with last year.

Sales of homes are now taking longer than in 2015, in fact they are taking an additional month longer and it can take 91 days to secure a sale.

John Lewis report that new build / newly converted properties in this country are now the smallest properties in Europe, and are on average 92% of the recommended size.

Property Partners latest research suggests that it would take the average Londoner on an average salary of £34,000 faces a period of 121 years before they could afford to save the average necessary deposit to buy a property in London, if they are unable to rely upon the bank of Mum and Dad.

The drastic fall in the value of the pound has attracted increased foreign interest in the London market, but the canny US/Chinese/Middle Eastern potential purchasers would appear to be hanging back to see if any further falls in the pounds value would benefit them more.

Certainly they would also seem to be casting their nets wider than the prime London zones 1 and 2.

Those areas likely to be affected (or benefited by) Crossrail and HS2 are also of increasing interest, in particular to shrewd Chinese investors.

Additionally we have noticed that foreign investors have computed that because of the increased SDLT, it makes more economic sense to buy a number of smaller flats in areas such as Colindale and Hendon, rather than pay the same amount of SDLT upon the sale of one larger property.

Our specialist property lawyers have also dealt with a large increase in clients seeking advice about potential compensation as a result of HS2 expansion - Our very own Richard Greenby (rgreenby@lewisnedas.co.uk) is the lawyer to contact in that issue.

This brings us neatly to the issue of the Third Heathrow Runway expansion, recently given the official go ahead by government.

According to reports this is likely to depreciate the value of properties in the area by 20%, some 783 homes are expected to be demolished. It is said, that government are prepared to pay a purchase price of 125% of the value of the property together with stamp duty and related fees, the likely cost of which is rumoured to be in the sum of £1.5bn.

It is also said to offer a potential boost to the construction industry to the tune of £18bn.

 

Commercial Property

Again this sector is experiencing some major changes, a great many investors have removed themselves from this market.

The 'gig' economy is also have a huge effect on the market, Young flexible companies do not wish to tie themselves up with lengthy commercial leases of 20 years, instead the average lease is now about 7 years and likely to reduce further.

Business centres that offer office facilities are increasingly in demand and are proving to be a lucrative investment.

 

Equity Release

This sector is still booming away and has increased by 1/3 over the last 12 months.

An interesting demographic change in the type of Equity Release applicants has revealed increasing demand not just those from the lower socio- economic demographic but also those who on paper would certainly appear to be wealthier (with properties worth £1 million plus) but who have reduced incomes.

 

If you require an advice / assistance with any of the above issues, please contact our specialist and highly skilled property lawyers on 020 7387 2032 or use our enquiry facility on www.lewisnedas.co.uk

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1320 Hits
JUL
06

London Property Market - A Real Opportunity for European Buyers

housing squareThe majority decision of the British electorate on 23 June 2016 to leave the European Union heralds a new dawn in the property market.

The uncertainty created by ‘Brexit’ has created new pricing opportunities for buyers who may otherwise have been unable to afford their first property purchase and encouraged overseas buyers, attracted by the cheaper pound, to purchase an array of properties at the higher end of the market.

Moreover, those clients who are selling their main residence and buying a new one, are now exercising greater flexibility in their pricing strategy. By accepting in some cases a lower price on their sale and successfully negotiating a larger discount on their related purchase.

The British Government as well as the Bank of England have also issued important and decisive policy announcements to embolden the country’s economy in today’s new era. Macro-economic policy changes include the Chancellor’s recent statement that he intends to lower the rate of Corporation Tax to under 15%. Mark Carney, the Governor of the Bank of England, has also stated that the Bank will step up its monetary measures to increase overall levels of confidence in the nation’s economy. Parts of the British press also believe that Mr Carney has already signalled his intention to lower in the near future, perhaps by this August, the benchmark rate of interest from 0.5% to 0.25%.

At Lewis Nedas Law, we as a team of property professionals are geared up for this new frontier in transactions- as we offer a Partner led group of conveyancers who can act quickly to achieve your objectives.

We also act for overseas clients from a range of countries including France, Spain, Italy and beyond- who require a more hands-on approach and greater level of advice during the course of their transactions.

To our prospective French speaking clients, we say: Nous vous invitons à considérer notre cabinet d'avocats. Nous offrons un service amical et un prix compétitif.

To our prospective Italian clients, we say: Vi invitiamo a prendere in considerazione il nostro studio legale. Offriamo un servizio amichevole e prezzi competitivi.

To our prospective Spanish clients, we say: Damos la bienvenida a considerar nuestro bufete de abogados. Ofrecemos un servicio amable y un precio competitivo.

And to one and all, we say: Welcome to Lewis Nedas, where we offer a friendly and competetively priced service on a range of property transactions.

 

If you are about to embark on a property transaction, please call Richard Greenby, Senior Associate  in our Property Dept on 0207 691 4560 for a free quote, or complete our online enquiry form here.

 

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1663 Hits
JUN
17

Wily Developers have been Outwitting London Boroughs when it comes to Affordable Housing'

affordable housing comicIt seems that London developers in London and the South East have been outmanoeuvring London Boroughs, not one London local authority has met it’s ‘affordable housing’ targets.

Affordable housing is defined as housing whose value is 20% less than the open market.

At the same time, there are 7,500 empty local authority properties in London and an overall figure of 21,000 lying empty when taking the private sector into account.

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