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Lewis Nedas Law are London-based solicitors. Frequently rated in both Chambers UK and The Legal 500, we can help you or your business today. Tel: 020 7387 2032.
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
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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