NEWS

Commercial Energy Performance Certificates

1st October 2008

As of 1st October 2008 all commercial buildings need an Energy Performance Certificate (EPC). There are certain exemptions available (e.g. for places of worship, temporary buildings in use for less than two years, low demand energy buildings such as agricultural barns and properties with a floor area of less than 50 square metres such as sheds and summerhouses. Also buildings which are merely used as a shell i.e, for storage or garaging purposes will not require an EPC.

An EPC is needed when a property is sold or rented out and once it is obtained is valid for 10 years. There is a penalty for not complying with the legislation which could be anything between £500 to £5000 depending on the property value.

For further information visit

www.communities.gov.uk

In addition, public buildings will need to display a Display Energy Certificate to inform the public of the energy use over the past three years. Affected organisations would be best advised to start collecting the relevant information now.

Finally, as of 4th January 2009, there are new rules requiring that most air conditioning systems in commercial buildings are inspected by an energy assessor at least every five years. Systems installed since January 2008 will not need to be first inspected until they are five years old but larger systems installed before that date will need to be inspected by 4th January 2009 and smaller systems by 4th January 2011.

Given the far ranging effect of the new legislation and effect on commercial property owners, it is advisable to obtain advice in relation to this and other potential matters in any commercial property transaction. If you require any advice in relation to this topic please contact Alison Belfield or Nadine Hadwen on 0115 9417422 or contact us by e-mail at alison@claytonmott.co.uk or nadine@claytonmott.co.uk

Stamp Duty Help for Homebuyers

2nd September 2008

The government have announced measures aimed at boosting the ailing housing market. From the 3rd September for the next 12 months, homebuyers will not have to pay stamp duty on properties costing £175,000 or less. This will mean a saving of £1750 in stamp duty for someone buying a home for £175,000.

Other housing moves announced by the government include:

Assistance to first time buyers of new homes in England with 'free' five-year loans of up to 30% of the property value.
Extension of powers for councils and housing associations to assist homeowners who can no longer afford mortgage payments by paying off their debts and then charging rent.
Relaxation of Income Support rules shortening from 39 to 13 weeks, the period before Income Support can be paid for mortgage interest.

The new loans system is to be called HomeBuy Direct. Households in England earning less than £60,000 will be offered loans free of charge for five years on new properties co-funded by the state and developers. Once the initial five-year free period is up, homebuyers will pay a fee.

Home Information Packs (HIP)

All homes placed on the market for sale after 14 December 2007 in England and Wales will need a HIP. You must provide a HIP even if you are selling by just placing a 'For Sale' sign in the window. Please see the Domestic Conveyancing page for more details.

The good news if you are thinking of selling your property is that we can arrange the HIPs pack for you at a very competitive rate of £300 inclusive of vat.

Inheritance Tax

Draft legislation has now been published by HMRC following the proposals in Chancellor Alistair Darling's Pre- Budget Report on the 9th October 2007. The big change comes with the introduction of 'transferable nil-rate band'. Please see the Inheritance Tax page for more details.