It is likely that the plots will be covered by some sort of new homes guarantee, for example NHBC Buildmark Cover (see Practice Note: New home warranties). Buildmark provides that if, due to insolvency, the builder does not start building or converting the plot or fails to finish it, the NHBC will generally reimburse the money the home owner has paid to the builder for a home that

Section 38 agreements are governed by section 38 of the Highways Act 1980, see Practice Note: Highways—adoption agreements. There is no statutory process pursuant to which such an agreement can be terminated or ‘cancelled’. In principle, existing section 38 agreement can be varied by deed of variation, but would require the consent of all parties to the original agreement. It is to be noted that the substantive obligations in section 38 agreements are usually drafted to be triggered only upon the redevelopment of the site commencing—in

Under section 38A(1) of the Landlord and Tenant Act 1954 (LTA 1954): ‘...the persons who will be [emphasis added] the landlord and the tenant in relation to a tenancy to be granted for a term of years certain which will be a tenancy to which this Part of this Act applies may agree that the provisions of sections 24 to 28 of this Act shall be excluded in relation to that tenancy.’ A combination of LTA 1954, s 38A(3) and the Regulatory Reform (Business Tenancies) (England and Wales) Order 2003 (RRO 2003), SI 2003/3096, prescribe the steps that

Under section 278 of the Highways Act 1980 (HiA 1980), a highways authority can enter into an agreement with a developer to facilitate development on adopted public highway. Under the agreement, the works may be carried out by the developer, or the agreement can be used as a funding mechanism for the highway authority to carry out the works. A section 278 agreement is often linked to a planning permission and associated agreement made under section 106 of the Town and Country Planning Act 1990 (TCPA 1990), but this is not necessarily the case. HiA 1980, s 278 says the highway authority may enter into an agreement with 'any person'—usually the developer of the associated

We are not aware of any form of ‘private street agreement’ for this purpose. Under section 203 of the Highways Act 1980 (HiA 1980), ‘private street’ means a street that is not a highway maintainable at the public expense. If the road is to remain

Part I to the Landlord and Tenant Act 1987 (LTA 1987) gives qualifying tenants of flats a right of first refusal enabling them to purchase the interest of their landlord if and when he proposes to dispose of it. For further information, see Practice Note: Tenants' right of first refusal—Landlord and Tenant Act 1987. Application Under LTA 1987, ss 1–20, the right of first refusal applies where premises: • consist of the whole or part of a building • contain two or more flats held by qualifying tenants, and • the number of flats held by qualifying tenants exceeds 50% of the total number of flats contained in the premises For further information, see Practice

When a company acquires property from a connected person, stamp duty land tax (SDLT) is generally charged by reference to the market value of the property acquired (rather than the chargeable consideration) unless an exception or a relief applies. Where there is: • a land transaction between a vendor and a purchaser which is a company • the vendor and purchaser are connected (connected for these purposes is set out in section 1122 of the Corporation Tax Act 2010 (CTA 2010)), or • all or part of the consideration for the land transaction

Stop press:The Levelling up and Regeneration Act 2023 received Royal Assent on 26 October 2023. This content is currently being reviewed in accordance with the Act. The Community Infrastructure Levy (CIL) was introduced by section 205 of the Planning Act 2008 (PA 2008) and came into force in 2010. It allows local authorities to raise a charge

Is a disclaimer ten years after the deceased’s death by the executor/beneficiaries treated as a potentially exempt transfer and do the disclaimed legacies still use up some of the deceased’s nil rate band? The question This Q&A deals with the tax consequences of a disclaimer. The factual situation is that

It is not clear what is the background to the ownership of the two properties nor whether it is proposed that the full value of A's interests in the two properties be transferred to the trustees of the nil rate band discretionary trust (NRBDT). The

A has left a will appointing B as an executor, but B has died after A, but before taking a grant of probate in A’s estate. Therefore the chain of representation provided by section 7(1) of the Administration of Estates Act 1925 (AEA 1925) does not apply, but is broken by the failure of B to obtain a grant: see AEA 1925, s 7(3)(c), and Commentary: Chain or transmission of executorship: Tristram & Coote [4.70] and Circumstances in which chain is broken: Tristram & Coote [4.82]. Assuming B was the only executor appointed by A’s will, representation is therefore granted by way of letters

We refer you to Practice Notes: IHT—residence nil rate band (see, in particular, section ‘Tapering provisions’) and IHT—residence nil rate band Q&As (see, in particular, section ‘Taper threshold’), which explain how the tapering provisions operate to reduce the available residential nil rate band (RNRB) for estates that exceed a threshold of £2m. You will see from these notes that, by virtue of sections 8D(1)(d)(5) and 49(1) of the Inheritance Tax Act 1984, the