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Inside Residential

Issue 8: September 2024

Inside Residential

Editor's note

Dee Aylward - Mishcon de Reya

Our residential property team enjoyed a busy summer with lots of clients purchasing new properties. As the budget approaches, clients typically do now seem to be waiting for what changes will be introduced, with expected increases in Capital Gains Tax, in Stamp Duty Land Tax for overseas buyers, and the scrapping of the Non Dom regime. 

We continue to act for a large number of US clients purchasing a second home in London. Perhaps in part as US persons are in a unique position from a tax perspective, being taxed on their worldwide income regardless of where they live, and so the proposed removal of the Non Dom system will likely worry them less. 

Once a purchase is agreed, a buyer is usually expected to move very fast. In this edition Monika Patel provides useful guidance on how to get ahead with the process, by dealing with the onboarding requirements in advance. This is something we often do for clients who wish to save valuable time once the process has started.   

But what do property lawyers actually get up to every day? Fiona Callaghan provides insight into a day in her life a property lawyer transacting on properties in some of the most prestigious areas in London. 

Finally, Louise Moore discusses the sometimes tricky matter of fixtures and fittings and how to navigate the unpredictability of items being left on completion, including in one case a Rolls Royce…   

News

Fixtures and fittings: Should they stay or should they go?

When viewing properties, often filled with furniture and personal items, it's easy to overlook what's included in the sale price. Upon completion, you may encounter surprises – a welcome rug or, as I've personally experienced, a loft brimming with unwanted rubbish. An anecdote from Country Life highlights the unpredictability: a client left behind a Rolls Royce, finding it simpler than transporting it overseas.

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