Author: Karen

Top Tips for First Time Buyers

/ Karen

first-time-buyer

So, you’ve decided that now is the time to take the plunge and set your feet firmly on the property market by buying your first home.

Though buying property can be an exciting time for many, it can also be a daunting experience and will be one of the largest financial commitments you will make in life.

So what kind of issues should you be considering when house-hunting?

1. Know your budget

It is important before you get going to seek the advice of an independent financial adviser to find out how much of a mortgage you could be given by a lender and how much of a balance you will have to pay towards the property from your own savings.

A deposit of around 10% of the house price is normally required but the more you can put down to begin with, the better the mortgage deal you will be able to get.

Be realistic about your lifestyle after you move into the property and don’t overstretch yourself in your monthly mortgage commitments. Remember you will also have other outlays before you get your keys such as legal fees, additional surveys, mortgage product fees and stamp duty so be sure to figure them into your budget along with any costs for redecorating and furniture.

2. Research! Research! Research!

It’s a little odd that we make a commitment to spend a very large sum of money based on a quick walk round a property, possibly with other potential buyers present.  When you are viewing a property you like, ask as many questions as you can;  When was that sunroom built?  Does it have planning permission?  Is there a warranty?  Who are your neighbours?  Who owns that massive tree overhanging the garden and who is responsible for trimming it?

Get a second viewing of the property and consider commissioning your own survey – remember, a survey carried out for mortgage purposes is for the bank’s protection, not yours.

If you don’t already live in the area, then visit the location at several different times of the day and night, weekday and weekend.  The character of a neighbourhood can really change depending on the time of day. Check the amount of rates payable for that area. Check out local schools, transport routes and sports facilities. Ask yourself; “Is this somewhere I really want to live?”

3. Be aware of ‘common areas’

Many new developments and apartment blocks will have common areas containing stairs, lifts and common recreational space.

All apartments should have the benefit of a management company who look after the maintenance and insurance of common areas – this is also common in many new developments.

The weeding of all those flowerbeds isn’t cheap and so to maintain and insure the common areas of a development or apartment block, each resident is required to pay an annual service charge to the company managing the development or apartments.  This charge may be over £100.00 per month and in some developments substantially more. The estate agent showing you around the property should be able to give you an idea of the service charge before you place your offer. Ask yourself can you afford this as well as your other outgoings.

4. Make yourself an attractive purchaser

Demand for property is now strong and you want to have the competitive edge if you are bidding on a new home. The key to this is being prepared:-

  • Have a mortgage agreement in principle in place – this is a document from your chosen lender saying they are happy to lend to you.
  • Have proof that you have the deposit monies in your bank account.
  • Return calls to the estate agent promptly.

Showing that you are keen and engaged can go a long way to securing your property. Speak to a solicitor in advance and know who you are going to appoint to represent you in the purchase of the property

Above all else, don’t get caught up in the excitement and either over-commit yourself financially, or end up in a property you like, but don’t love. Take your time to make the right choices to ensure that in the end, there really is no place like home.
Happy house hunting!
This post has been provided by property lawyer Ruth Flinn of Francis Hanna & Co. Solicitors.   Should you require any further information on buying a house or if you would like a free no-obligation quote, please contact Ruth on rflinn@fhanna.co.uk

 

Redundancy: What An Employer Needs To Know

/ Karen

 

redundancy1Downsizing your business and considering redundancies is a prospect you many employers throughout the life of a business may have to face at one time or another.

This is a grim prospect for you as a business owner but more particularly for your affected employees.

It is therefore vital that you as an employer handle this process fairly and in a manner that protects you from any potential unfair dismissal claims made by your employees.

What do I need to look at when considering redundancies?

When handling redundancies, you will be deemed to be acting fairly both morally and legally if you treat the matter with ‘RESPECT’, that is;-

R = Redundancy

You must be able to show that a genuine redundancy situation exists in your business

E = Employees

You should ensure that your employees are fully consulted about the redundancy situation.

S = Selection

You must use objective and verifiable criteria when you are considering which roles are to be made redundant

P = Procedure

You should follow the 3 step dismissal procedure:-

  1. Inform the employee in writing of the circumstances which are leading to you considering redundancies, invite them to a meeting to discuss the matter and warn them that a possible outcome is dismissal.
  2. Hold a meeting with the employee to discuss the proposed redundancies. An outcome of the meeting must be provided and your employee must be informed of their right of appeal.
  3. If your employee chooses to exercise the right of appeal, an appeal hearing must be held and a final decision provided
E = Employment

You should consider whether there are any alternative job roles that could be filled by those being made redundant in order to avoid the redundancy.

C = Calculation

You need to ensure that the correct redundancy payment is calculated

T = Termination

You must ensure that a letter is sent to the employee confirming the end of their employment

The underlying legal principle when considering redundancies is that of reasonableness – i.e. have you as an employer behaved reasonably in all of the circumstances towards your employee when handling their redundancy?

Before embarking on this process, it is important to obtain specialist advice from an employment lawyer ton how best to handle the process. This will ensure that it is handled objectively and not contaminated with emotion which could end up costing you dearly.

For more information on this area, please contact us here or via email on info@fhanna.co.uk 

 

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Help to Buy Schemes: An Overview

/ Karen

first-time-buyer

Saving to buy your first home can be a challenge for anyone, particularly as house prices continue to rise. 

Luckily, there are some schemes to help you get together the monies you need to purchase your property.

Help to Buy ISA

The most common is the Help To Buy ISA. This operates in much the same way as a regular savings ISA, with the bonus that the Government will provide you with a payment of 25% of the amount saved (subject to a maximum bonus of £3,000), as long as you meet the criteria of the scheme.

For example, if you have saved £6,000, your bonus will be £1,500. The solicitor acting for you in the purchase of your property can make the application for the bonus on your behalf.

The Help to Buy ISA is available for all types of properties, and isn’t restricted to newly built properties. You are also not restricted in the mortgage lender that you choose.

Armed Forces Help to Buy Scheme

Some employers now also assist their staff in the purchase of their first home, such as with the Armed Forces Help to Buy Scheme,  which assists with loans to help you with your deposit.  This scheme is also approved by many lenders, however you should alert your financial advisor that you intend to use this scheme so they may make your mortgage company aware of this when making your mortgage application.

If you would like any further information on Help to Buy Schemes, please do not hesitate to contact us here or leave your comments below.

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Unlimited Holidays for Employees? Answers on a postcard…

/ Karen

workfistpump

Unlimited holiday allowance for employees has become a badge of honour amongst companies in Silicon Valley in recent years, with businesses such as Netflix and Virgin first establishing this novel concept.  

The concept has been associated with the tech and advertising industries however, recent times have seen a small but steady increase in UK-based employers choosing to add this “perk” in order to attract new talent and reward loyal employees, even in more mainstream businesses.  This represents a shift in the value exchange between employers and employees –  employers today are not always able to give employees the same financial rewards as they once were and have to be more creative with the packages offered to employees.

What would be the legal implications of such an approach in Northern Ireland?

Whilst it may be some time before such a practice becomes commonplace in Northern Ireland, we have set out some of the key legal considerations for employees and employers alike:-

  • Under the Working Time Regulations (NI) 1998, full-time employees are entitled to a minimum of 5.6 weeks annual leave – 28 days. Part time employees are entitled to the pro-rata equivalent.   It has been suggested that the introduction of an “unlimited holiday policy” might lead to staff taking fewer holidays. Beware of information from the USA, (where “unlimited holiday” originated) as it is the only major advanced economy in the world that does not guarantee workers paid holidays. Bear in mind that in Northern Ireland, there is a statutory minimum holiday entitlement and employees must take their leave entitlement.   Employees, even if they prefer, should not be paid for holiday rather than taking it if it means less than statutory leave, as this is a breach of the Working Time Regulations (NI) 1998.
  • Undoubtedly, for unlimited holiday leave to be an effective approach in NI, employers should carefully consider drawing up a policy and procedure, setting out the obligations and expectations on employees and employers when applying the “unlimited holiday” policy as they should with a range of work place practices. Reference should be made to the applicable law in any such policies and careful consideration should be given so that a fair, balanced and non- discriminatory approach is taken.
For further legal information on holiday entitlement in NI from both employer and employee perspectives, please feel free to contact us on info@fhanna.co.uk




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Parental Child Abduction & The Hague Convention
						

			 / Karen								

			


		

		
childabduction


Child abduction has become a more common problem in recent years than most of us would like to believe.   There have been various high profile cases of child abduction reported in the media and it is fair to assume that anyone watching a TV appeal by a parent pleading for help in finding their child would find it heartbreaking.


However, the majority of child abduction cases within the UK do not involve strangers. 


Children, who are caught up in the relationship disputes of their parents, are often removed from their country of residence to another country by one parent without the consent of the other.    Few cases of this nature make the news however  figures have revealed that the number of parental child abduction cases dealt with by the Foreign & Commonwealth Office has risen by 88% in just under a decade.


The reality is that parental child abduction is an issue which has been addressed by on an international level.   The 1980 ‘Hague Convention on the Civil Aspects of International Child Abduction’ is an agreement between various countries which aims to ensure the return of an abducted child to the country where he or she normally lives, so that issues of residence (custody) and contact (access) can be decided by the Courts of that country.


It is important for any parent to be aware of their rights under The Hague Convention and the legal proceedings they can issue to ensure the return of their child should the unthinkable happen.


You must seek legal advice from a family law solicitor as soon as possible if you are worried that:


    

  • Your child has been abducted from overseas to Northern Ireland
    • 

  • Your child has been abducted from Northern Ireland and taken abroad
    • 

  • You are being accused of abducting your child.
    • 



For further information, please contact us here or by using the confidential contact form below.




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