What is the state of the North East property market?

Well, Latimer Hinks decided to find out by bringing together leading estate agents, surveyors and solicitors to discuss the state of the property market.

The forum - a new addition to the Latimer Hinks marketing portfolio will meet on the last Wednesday of every month.

Tim Haggie, Managing Partner at Latimer Hinks chaired the meeting and we heard how the experts believe buyer confidence is returning.

For the full article visit the Northern Echo - Property Industry Hails Foundation for Recovery

And to watch a video of the meeting - Leading Estate Agents Meet at north East Property Forum

Thinking of Marriage - avoid stress & heartache - get a prenup!

Pre-nuptials - not terribly romantic but setting up a pre-nup agreement can help to avoid considerable stress and heartache if a marriage were to break down.

In a recent landmark case, a woman who had already accrued some £18 million in divorce settlements from three previous marriages dropped her claim to a share of her fourth husband’s £45 million fortune thanks to the prenuptial agreement she had signed before the marriage.
The prenuptial agreement was signed on 16 November 2005, and its terms recorded that 'neither party should apply to any court in any jurisdiction for any order for financial provision of any kind based on the marriage.”

However, Susan Crossley, after filing for divorce, sought to go against the pre-nuptial agreement by applying for financial relief from her husband. This was challenged by Stuart Crossley but it was argued that he had not disclosed assets that formed the basis of the agreement so there should be formal financial disclosure. The judge agreed with Stuart Crossley, ordering that the documentation for financial disclosure need not be filed.

Stuart Crossley holds on to his £45 million fortune!

Pre-nuptial agreements are not legally binding in the UK but they can be taken into taken account by the court when deciding how to distribute the assets on a divorce.

Judith Middleton, Family Law partner at Latimer Hinks comments on the Crossley v Crossley case

So, to be on the safe side (not the romantic side) a preputial agreement is worth bearing in mind - and it's not just for the rich and famous out there!

Implementing Redundancies Presentation Well Attended

Yesterday Latimer Hinks held a presentation at Darlington Football Club on Implementing Redundancies in the work place.

The week previous to the event, news hit the press stating that Darlington Football Club was in administration.... panic! Would we still be able to hold the presentation? Will they continue to trade? etc etc.

However, there was no need for panic as the conference side of the business is still up and running!

The presentation was well attended - a reflection of the current climate.

Nick Poole, partner at Latimer Hinks explained how as an employer facing the need for redundancies it is essential to plan early and plan carefully. The redundancy process must be handled in a manner which is fair to all employees and does not leave the company exposed to claims for unfair dismissals.

If your conpany/organistation does need to consider workplace redundancies we strongly advise you to take specialist legal advice.

Other areas of advice from Latimer Hinks commercial department includes:
· Human resource support and strategy
· Changing terms and conditions, business transfers and TUPE
· Contracts for directors, consultants, employees, casuals and temps
· Directors’ service agreements
· Due diligence, indemnities and warranties in sale and outsourcing agreements
· Handbooks and procedures
· Partnership law
· Data protection

Confessions of a Shopaholic - how to handle your debt!

"Confessions of a Shopaholic" - Movie Trailer
Originally uploaded by OneSourceTalent.com Models & Actors

Confessions of a Shopaholic, now screening at cinemas nationwide.

The timing of this movie in the current climate leaves alot to be desired! It's hard sympathise for Rebecca, a spend-happy, romantic caught out by her passion for shopping. She holds 12 credit cards and racks up debts left right and centre.

The situation is so desperate that a Debt Collector is hired to recover the money owed.

Rather than ask for help at this point Rebecca spins a web of lies which only makes matters worse.

Okay, so we're talking about an entertaining chick flick, but how much of this now relates to real life and recession?

Did you know that there is a name to describe someone addicted to shopping? Oniomania.

Oniomania, as with most addictions tends to affect people with a compulsive, destructive nature.

Oniomania can lead to devastating debts.

Here, Mark Gardner, partner at Latimer Hinks Solicitors (scroll down linked the page for Mark's profile) provides some expert advice:

Sadly while this movie is meant to be a bit of fun/light-hearted the issues raised by it are all too relevant and painful today. Regrettably for too many people the ending is not happy but it does not have to be extremely painful. There will be pain and sacrifices to be made to get out of the problems.

Stop spending – easier said than done. Rebecca has clearly got a problem both financially and medically with her addiction. Does she have the will-power to stop? Only time will tell.

1. Rebecca must determine her incomings and essential outgoings - rent/mortgage, gas, electricity, council tax, food, travel to a from work etc. Whilst this list does not include new shoes/handbags there should be a modest figure put in for contingencies. Hopefully there will be something left over which can be used to sort out the debts.
2. The next step must be (and this can be the hardest) to ascertain how much is owed and to who? Honesty is essential as to underestimate or leave a debt out could ruin all the good plans. If in doubt, over-estimate the debts and under estimate the available cash.
3. Next, with these two figures to hand what can be done and how do you move forward? One way to generate extra cash is to look at excessive items/purchases and sell them on sites such as ebay or the like to raise immediate cash. Hopefully a lump sum can be raised – however small to go into the pot.
4. What is being paid by way of interest on store cards etc? Is there any mileage in moving balances to a card which charges no interest on balance transfers? This MUST NOT be used as a means of getting more credit. The original cards should be torn/cut up/destroyed! Look at loans etc and see if there are cheaper alternatives. Restraint and self control are going to be key here. There will be a big problem with “cold turkey” as Rebecca is weaned off her addiction.
5. What about Rebecca setting herself a budget in cash each week? Once it has gone then that is it – no more temptations to spend in lunch hours etc. Why pay for expensive sandwiches – bring lunch to work and avoid the need to go out to the shops. Any overtime on offer or opportunity for a bonus? It is not all doom and gloom – cheaper alternatives to going out are to meet at home and cook food over a bottle of wine etc or a rented movie – or choose to eat out on "specials" nights or when there are 2 for 1 offers available (check out moneysavingexpert).

These are only suggestions but are not exhaustive. A full strategy needs to be thought out and stuck to in each individual case. What works for one may not work for another. One size definitely does not fit all! The sooner the problem is recognized and acknowledged the easier it is to resolve.

Finally if the problems are fairly severe and creditors are pushing there are always formal arrangements under the Insolvency Act to secure an orderly repayment. Initial insolvency advice is usually free from reputable qualified insolvency practitioners and the costs of any arrangement (aside from court fees) usually come out of the instalments. Hence an instalment may be asked for in advance.

Ultimately bankruptcy can provide the only way forward for some people. Specialist advice should be taken before that is embarked upon as there are repercussions with regards to homes, utilities and banks to name but a few. Partners can also be affected by bankruptcy.

Hopefully with will power and a long hard look at herself and her habits with the benefit of a job the Rebeccas of this world can sort their problems out and achieve a happier ending.

Free Webcast - RSS, Social Media, Blogs etc

Came across this free webcast which will be playing on the 17th February and thought i'd share with you! The full title is:

Web 2.0 - Leveraging New Media to Maximize Your Securities & Compliance Practice

Yes, it is a mouthfull!

Brought to us by a company called Securities Docket here is the link to the Webcast

Anyone/business interested in promoting via the web should make a point of watching it live, or watching the recording later on.

Thanks to Securities Docket!

Implementing Redundancies in the Work Place - correctly

In the current climate of financial turmoil employers as well as employees begin looking over their shoulders to see the threat of job losses and redundancies looming.

Employers need to be aware of the pitfalls - hasty action could potentially lead to expensive litigation further down the line.

Employers faced with this daunting prospect of implementing redundancies can find out more about the procedures involved at a series of free breakfast presentations by Nick Poole, partner at Latimer Hinks Solicitors.

The 30-minute presentations will be held at:

• 24th February - Crabtree Hall Business Centre, Little Holtby, Northallerton
• 26th February - Allen Sykes Chartered Accountants, Bishop Auckland
• 3rd March - Darlington Football Club

The Bishop Auckland event will also include a talk by Robert Herbert, partner at Allen Sykes, on the tax implications of redundancies from the perspectives of employers and employees.

Each event starts with breakfast at 8.30am, followed by presentations at 9am and a question and answer session.

To see a FaxBack for each event please visit the Latimer Hinks Events page.

Wind Farms Can Be Lucrative

Here at Latimer Hinks we have a growing number of agricultural Clients, many of which have been approached by alternative energy companies. These companies wish to build windturbines on the Clients' land. Commercially the Clients are looking for the most suitable and lucrative deal.
This is where Neil Stevenson steps in. Neil, a partner at Latimer Hinks has developed an expertise in relation to telecommunication masts and renewable energy projects. He is regularly instructed by farmers to deal with negotiations on thier behalf. Neil has over 30 years experience in the legal profession and is a member of the Agricultural Law Association and the Country Land and Business Association

We sent him out (into the freezing cold) to make a video explaining the benefits to farmers of using a solicitor to negotiate with energy companies.

Everyday Issues for Farmers & Their Families - Presentation

Field
Originally uploaded by photontrappist

Latimer Hinks and GSC Chartered Surveyors is organising a presentation on the 29th January at the UTASS offices in Middleton in Teesdale.

It's a free presentation - and it does exactly "as it says on the tin!"

So, if you're a farmer interested in issues which may affect your family come along and join us for information on:

• Tenants Fixtures and Improvements
• End of Tenancy Matters
• Succession Planning - Wills, Trusts, Inheritance Tax Planning, Lasting Powers of Attorney etc

What Better Christmas Present - Track your Missing Millions!

a million pounds
Originally uploaded by holding.me

Do you have a dormant bank account? That is, an account that has been unused for 15 years?

If so, please read Tracking Down the Missing Millions

You never know, Christmas present could be more lucrative for you than Christmas past!

Wishing everyone a very Happy Christmas!

Know Where you Stand Register your Land

Latimer Hinks, the Darlington-based law firm, is encouraging more people to register their land to help identify and protect what they own, as government figures show that currently only 65% of land in the UK is registered.

Although registration of land is now compulsory when it is sold, this hasn’t always been the case. This means many properties across England & Wales are still unregistered.

Having land registered usually provides the ultimate guarantee of evidence of ownership. It is also the most effective way to bring all documentation up to date and allows easy access to details online.

Benefits of registration

• greater security of title
• better protection against claims of adverse possession
• administration of estate is in good order
• land can be passed on more easily without the title deeds having to be continually examined.
  
  Further information can be found in the full press story Darlington Solicitors Urge Landowners to Register