How to Set Up a Lasting Power of Attorney

Planning for the future is essential, and one of the most responsible steps you can take is setting up a Lasting Power of Attorney (LPA). An LPA is a legal document that allows you to appoint trusted individuals to make decisions on your behalf if you’re unable to do so. Whilst no one likes to imagine a time when they might lose capacity to make their own decisions, having an LPA in place ensures that your affairs are managed according to your wishes.

What Is a Lasting Power of Attorney?

An LPA is a legal document created to give authority to someone or several people (known as “attorneys”) to act on your behalf in case you lose capacity and are unable to manage your financial affairs or health. There are two types of LPAs that you can choose to set up just one or both, depending on your needs:

  • Health & Welfare LPA – Covers decisions about your personal care, medical treatments, living arrangements and life sustaining treatment.
  • Property & Financial Affairs LPA – Covers decisions about your finances, such as paying bills, managing bank accounts, or selling your home should it be required.

Why Should You Set Up an LPA?

LPAs are intended to enhance your control rather than restrict it or transfer it to others. With the increasing cases of dementia in the UK, along with other serious illnesses, LPAs allow you to plan and appoint trusted individuals to make decisions on your behalf.

By having an LPA in place, you can prevent potential disputes among your family over who should make decisions for you and when actions should be taken. Differing opinions can create tension during an already challenging time. An LPA clearly outlines your chosen attorneys and your preferences, providing clear guidance.

Without an LPA, your loved ones might be excluded from making important decisions on your behalf. They may even have to apply to the Court of Protection for a Deputyship Order to be able to make decisions on your behalf. This means they would need to go through a lengthy and expensive court process to gain the right to make decisions for you if you lose capacity.

How to Set Up an LPA

Book a Consultation with a Private Client Solicitor

The first step is to contact a solicitor who specialises in Private Client law. During your initial consultation, they’ll explain the process, discuss your needs, and help you decide which type of LPA you need.

Choose Your Attorney(s)

Your attorney should be someone you trust completely. This could be a family member, close friend, or a professional such as a solicitor. You can appoint more than one attorney, and you’ll need to decide if they will act:

  • Jointly – They must make decisions together.
  • Jointly and Severally – They can act independently or together.

Define Your Instructions and Preferences

Working with a solicitor allows you to customise your LPA in a clear and legally enforceable way. You can outline specific instructions or preferences for your attorney, such as:

  • Restrictions on selling property.
  • Preferences on medical treatment.
  • Guidance on investments or distributing funds.

Engage a Certificate Provider

You will need a certificate provider to confirm that you understand the document and aren’t under pressure to create it. Your solicitor can often serve as the certificate provider, streamlining the process.

Draft and Review the LPA Documents

Once all the documents are finalised, your solicitor will draft the LPA forms on your behalf. They will review these with you to ensure the information is accurate and reflects your wishes. This stage includes careful attention to any optional sections, such as preferences or instructions, which are often overlooked in DIY applications.

Sign and Witness the Documents

Your solicitor will oversee the signing process to ensure the correct order is followed, as any errors in the signing order can invalidate the LPA:

  • You (the Donor) signs first, in the presence of a witness which can usually be your Solicitor.
  • The certificate provider signs to confirm your capacity.
  • Your attorneys sign to accept their role, in the presence of a witness.

Register the LPA with the Office of the Public Guardian (OPG)

Your LPA needs to be registered with the OPG to be valid. Your solicitor will handle this step, submitting the forms and paying the registration fee. The registration process can take up to 20 weeks, and your solicitor will keep you updated on the progress.

Receive the Registered LPA

Once the LPA is registered, the OPG will return the official document. your solicitor will provide advice on how to store it safely and ensure relevant parties have access when needed.

Setting up a Lasting Power of Attorney with the help of a Private Client solicitor ensures your wishes are clearly recorded and legally binding. While it’s an additional cost compared to the DIY approach, the expertise and peace of mind you gain are invaluable.

If you’re considering setting up an LPA, contact Aston Bond’s experienced Private Client team on 01753 486 777. By planning, you’ll be protecting yourself and making life easier for your loved ones if the unexpected happens.

For your information, we prepare Lasting Powers of Attorney on a fixed fee basis. Please see below for our costs:

  • Individual Lasting Power of Attorney X 1 (Finance & Property OR Health & Welfare) – £500.00 + VAT
  • Individual Lasting Power of Attorney X 2 (Finance & Property AND Health & Welfare) – £600.00 + VAT
  • Couples Lasting Power of Attorney X 1 (Finance & Property OR Health & Welfare) – £600.00 + VAT
  • Couples Lasting Power of Attorney X 2 (Finance & Property AND Health & Welfare) – £750.00 + VAT

There is also a further registration fee of £82.00 per application for registering the documents with the government body that manages LPAs The Office of the Public Guardian. The documents must be registered before they can be used.

There is also an additional one-off charge for fixed fee Lasting Power of Attorney files to cover our case management, archiving, and administration fees. This is £45.00 + VAT. There are no ongoing annual charges for these services, and we also offer to store your original Lasting Power of Attorney documents without any additional charge!

Dealing With Redundancies: A Guide for Employers

Dealing with redundancies is one of the most challenging aspects of being an employer. Regardless of whether redundancy arises from financial challenges, technological issues, or restructuring, employers must comply with UK employment law to ensure the process is legally compliant and fair. This guide outlines key legal requirements, best practices, and key tips for handling redundancies professionally.

Understanding Redundancy in UK Employment Law

Redundancy is when an employer needs to reduce the staff because a role is no longer needed. This could be due to full or partial business closure, relocation, or a reduced need for that specific role/roles. Under the Employment Rights Act 1996, redundancy is a fair reason for dismissal, but it must be handled correctly.

Legal Obligations for Employers

Employers must follow UK employment laws when making employees redundant. Key legal obligations include:

  • A valid reason as the redundancy must be genuine, not used to unfairly dismiss an employee.
  • A fair selection process with an objective criteria to select employees for redundancy.
  • Consultations with employees before final decisions are made.
  • Statutory redundancy pays for eligible employees.

Failing to meet these obligations could result in claims for unfair dismissal or discrimination.

The Redundancy Process: Step-by-Step

Step One: Planning and Business Justification

Before initiating redundancies, employers should –

  • Assess alternatives (e.g., reducing hours, redeployment, voluntary redundancy)
  • Document the business case for redundancies
  • Identify which types of roles are affected

Step Two: Selecting Employees for Redundancy

The selection criteria applied must be fair, objective, and non-discriminatory.

Common criteria include –

  • Length of service (last in, first out – this should be the one the least weight is applied to as it may spark allegation of age discrimination)
  • Skills, qualifications, and experience (skills the employer wishes to retain within the business should be a key factor in selection)
  • Performance records
  • Attendance (excluding maternity/ pregnancy-related or disability related absences)

Avoid criteria that could be deemed discriminatory, such as age, gender, and disability.

Step Three: Employee Consultation

Consultation is a legal requirement under UK law. The process depends on the number of employees affected –

  • Fewer than 20 redundancies – individual consultation is required
  • 20+ redundancies within 90 days – collective consultation with employee representatives or a trade union (minimum 30-day consultation period)
  • 100+ redundancies within 90 days – minimum 45-day consultation period

Failure to properly consult could lead to claims for unfair dismissal or a protective award of up to 90 days’ pay per employee.

Step Four: Redundancy Notice and Pay

After consultation, affected employees must receive –

  • A formal redundancy notice (length depends on contract and statutory requirements)
  • Redundancy pay (if they have at least two years of service)

Statutory Redundancy Pay (2024 Rates) –

  • Half a weeks pay per year of service (under age 22)
  • One weeks pay per year of service (aged 22-40)
  • One and a half weeks pay per year of service (over 41)

But note that a weeks’ pay capped at £700 (as of April 2024) so if you earn more than this, this is the maximum that will count when calculating (if you earn less, your actual weeks’ wages apply).

Step Five: Supporting Employees and Alternative Employment

Employers must consider offering alternative roles within the organisation. Employees have a statutory right to a 4-week trial period in an alternative role without losing redundancy rights.

Note that those who are pregnant or on maternity/adoption leave are entitled to special protection so advice should always be sought.

Providing support, such as career counselling, CV workshops, and references, can help maintain morale and employer reputation.

Legal Risks and How to Avoid Claims

Common Legal Pitfalls:

  • An unfair selection criteria could lead to discrimination claims
  • A lack of consultation could lead to unfair dismissal claims
  • Incorrect redundancy payments could mean employees can take legal action

Avoiding Tribunal Claims:

To minimise legal risks –

  • Follow ACAS guidelines and seek legal advice when unsure.
  • Keep detailed records of the process, selection criteria and communications.
  • Be transparent and communicate with employees throughout the process.

Redundancies should be a last resort, and when necessary, they must be handled with care, fairness, and legal compliance. Following UK employment laws, maintaining clear communication, and supporting affected employees will help protect your business from legal claims and reputational damage.

If you’re facing redundancies, don’t hesitate to contact Aston Bond’s experienced employment solicitor at imardarescu@astonbond.co.uk to ensure you comply with UK employment laws and treat employees fairly.

What Happens If You Die Without a Will in the UK?

Dying without a Will, or dying intestate, means that your estate will be distributed according to the Intestacy Rules, rather than your personal wishes. These rules follow a strict legal hierarchy, prioritising certain family members, and completely exclude others, such as unmarried partners or close friends.

Who Inherits Under Intestacy Rules?

Your family situation at the time of your death impacts the way your estate is distributed:

Married / in a Civil Partnership (With Children)

  • Your spouse / civil partner inherits all personal possessions and the first £322,000 of the estate
  • The remaining estate is equally split:
    • Half goes to the surviving spouse
    • The other half is divided equally among your children (or held in trust if they are under 18)

Married / in a Civil Partnership (Without Children)

  • Your spouse / civil partner inherits everything, regardless of the estate’s value
  • Other relatives receive nothing

Unmarried with Children

  • Your children inherit everything in equal shares
  • If a child has passed away before you, their share goes to their children
  • If they are under 18, their inheritance is held in trust

Unmarried Without Children

  • Your estate passes to your closest relatives in this order:
    • Parents
    • Siblings (if your sibling has died, it’ll go to their children)
    • Half-siblings
    • Grandparents
    • Aunts and uncles (or their children if they have passed away)
    • Half aunts and uncles

If no living relatives can be found, the estate goes to the Crown under Bona Vacantia rules.

Who is Left Out?

The Intestacy Rules doesn’t recognise some relationship, so some people may not inherit anything, regardless of how close you were. These include:

  • Unmarried partners (cohabiting partners / common-law spouses)
  • Stepchildren (unless legally adopted)
  • Friends or carers
  • Charities

What About Joint Assets?

Not all assets automatically form part of an estate under intestacy:

  • Joint bank accounts automatically pass to the surviving account holder
  • Jointly owned property depends on ownership type:
    • Joint tenants – the surviving co-owner automatically inherits the property
    • Tenants in common – the deceased’s shares of the property become part of the estate and is distributed under Intestacy Rules

The Legal and Financial Consequences

Dying intestate can lead to significant issues for your loved ones:

  • The probate process can take longer, as the court must determine the rightful heirs
  • Family members may disagree over inheritance rights, leading to legal disputes
  • Without careful estate planning, your estate may be subject to a greater Inheritance Tax

How to Avoid These Issues

  • Make a legally valid Will with an experienced solicitor
  • Regularly update your Will after major life events
  • Consider estate planning to reduce tax liabilities and protect your loved ones

Without a Will, your estate may not go to the people you want it to. Acting now can save your family stress, delays, and potential financial issues. For anyone seeking to avoid the uncertainty and complexity of intestacy, don’t hesitate to contact our experienced Private Client solicitor Lara Thomas on Lthomas@astonbond.co.uk, or our skilled Private Client paralegal Stacey Clark on Sclark@astonbond.co.uk.

Essential Documents You Need When Buying a House

Buying a house in the UK is an exciting but complex process that requires important documents. Ensuring you have the right paperwork in place will streamline the process. Aston Bond’s Residential Conveyancing team have put together a checklist of key documents you’ll need to buy your house:

1. ID & Proof of Address

To comply with anti-money laundering regulations, you’ll need:

  • A valid passport or driver’s license
  • A recent utility bill or bank statement (dated within the last three months)

This is to prove who you are and where your money comes from.

2. Proof of Funds

If you’re a cash buyer or paying a deposit, you must provide bank statements or a letter from your solicitor confirming the source of your funds.

3. Mortgage Agreement in Principle (AIP)

If you’re using a mortgage, your lender will provide an AIP, which shows how much they’re willing to lend you. This helps sellers take your offer more seriously.

4. Property Searches and Survey Reports

Your solicitor will conduct searches (e.g., local authority search, environmental search, water search) to uncover any legal or environmental issues. A surveyor may also assess the property’s condition.

5. Memorandum of Sale

Once an offer is accepted, the estate agent issues a Memorandum of Sale, outlining the agreed price and parties involved.

6. Draft Contract and Title Deeds

The seller’s solicitor prepares a draft contract, including key property details. The title deeds confirm the seller’s legal ownership.

7. Mortgage Offer and Insurance Details

Your mortgage lender will issue a formal offer, which you’ll need to review and sign. You may also need buildings insurance before exchanging contracts.

8. Exchange and Completion Documents

Once all legal checks are complete, you’ll exchange contracts, making the purchase legally binding. On completion day, you’ll receive the transfer deed and other relevant documents.

9. Stamp Duty Land Tax Receipt

A SDLT receipt provides proof that you have paid the necessary tax to HM Revenue & Customs (HMRC)

10. Energy Performance Certificate

An EPC shows how energy-efficient a property is. It must be included in a property sale by law.

11. Copy of the Lease

This is crucial for leasehold properties. A copy of the lease outlines the terms of the lease agreement, such as rent.

12. Property Information Form (TA6)

This is a document that sellers complete to provide buyers with important information about a property.

Having these documents ready will make the whole process smoother and help prevent delays. Working with a good conveyancing solicitor is also key to ensuring everything is in order, so don’t hesitate to contact our experienced team on 01753 486 777!

Welcome the Year of the Snake: Chinese New Year 2025

Chinese New Year, also know as Lunar New Year, is set to begin on 29th January 2025, ushering in the Year of the Snake according to the Chinese zodiac. This centuries-old festival is one of the most important celebrations in Chinese culture, marked by traditions that emphasise family, renewal, and good fortune.

The snake is the sixth sign in the 12-year Chinese zodiac cycle and symbolises wisdom, growth, intuition, and transformation. In 2025, the Snake year will inspire reflection, adaptability, and creativity, making it a time for personal growth and strategic planning.

As the Year of the Snake unfolds, it’s an ideal time to embrace change, make thoughtful decisions, and reconnect with loved ones. Whether you celebrate with a feast, fireworks, or quiet reflection, the Chinese New Year offers a universal reminder to honour the past and welcome the possibilities of the future.

Wishing you a happy Chinese New Year from Aston Bond!

Understanding No-Fault Divorces: A Guide for 2025

Divorce is never an easy decision, but recent changes to Family Law in the UK have made the process more straightforward. Since the introduction of no-fault divorces in April 2022, couples seeking to end their marriages can now do so without placing blame on either party. At Aston Bond, we understand how significant the changes are for families navigating this challenging time. Here’s a comprehensive guide to understanding no-fault divorces and how they work.

A no-fault divorce allows couples to divorce without having to prove that one partner was at fault due to reasons such as adultery or unreasonable behaviour. This is designed to reduce conflict between both parties, making the process less stressful.

Key Features of a No-Fault Divorce

  • No need to assign blame
  • Couples can apply for divorce together with joint applications, reflecting mutual agreement or one party may make an application.
  • The legal jargon has been simplified to make the process more accessible. For instance, “decree nisi” is now called “conditional order”.  The final order which

was previously called decree absolute is called “final order”.

  • A minimum of 20 weeks is required between the application and the conditional order and an additional 6 weeks must pass before the final order is granted to ensure couples have enough time reflect on their decision.    Obtaining a conditional order and final order is not automatic.    After receiving a notification from the Court for both orders the parties need to apply to the Court

for the orders to be made.    Otherwise, there may be delays.   Also, they may be

advised that they should not apply for a final order until a financial settlement

has been agreed.   

How Does the No-Fault Divorce Process Work?

  1. Either one or both parties file an application online or through the family court, citing the irretrievable breakdown of the marriage.
  2. The 20-week period (or Reflection Period) takes place and provides time to consider the effects of the divorce and allows preparation for any financial and childcare arrangements.        However, although the Divorce process is usually

much quicker as mentioned above, if one party disagrees, especially in respect of children and financial matters the process can be longer.

Financial and Child Arrangements

A no-fault divorce only deals with the legal end of the marriage. Financial settlements and child arrangements must be addressed separately.  Finances are either agreed by a consent order through the court or by a financial order made by the court after proceedings.   It is essential where possible that the parties obtain a clean break so that they cannot make claims against each other in the future.  Parties are encouraged to agree child arrangements where possible but if arrangements cannot be agreed it will be necessary for the party who disagrees to make an application to court under the Children Act 1989 for a child arrangements order.  Aston Bond’s experienced Family Law Solicitor, Lynette A’Court, can guide you through the necessary steps to ensure a fair outcome in respect of all aspects of your case.

Benefits of No-Fault Divorce

  • By removing the blame, couples can focus on resolving practical matters.
  • The simplified process can save time, allowing couples to move on more quickly.
  • Reduced conflict between parents creates a more stable environment for children during a challenging time.

The introduction of no-fault divorces marks an important step forward in making divorce more accessible and less contentious. By prioritising respect and mutual understanding, it allows couples to transition to the next chapter of their lives with dignity.

If you’re considering a divorce or need advice on related matters, contact Aston Bond’s Family Law Solicitor, Lynette A’Court, on lacourt@astonbond.co.uk, or call our office on 01753 486 777.

Stamp Duty Land Tax Changes in 2025: What Homebuyers and Sellers Need to Know

Significant changes to Stamp Duty Land Tax (SDLT) are set to take effect on 1st April 2025, affecting residential property transactions. These adjustments will impact first-time buyers, home movers, and investors. Whether you’re looking to buy your perfect home or considering selling, it’s crucial to understand the impact these changes are going to have. Here’s a breakdown of what’s changing and how you can prepare:

Reduction in Nil-Rate Band for Main Residences

Currently, no SDLT is payable on main residence purchases up to £250,000, but this threshold is going to decrease to £125,000, meaning that properties priced between £125,001 and £250,000 will have a 2% SDLT rate. Consequently, more buyers will have to pay SDLT, even on lower-priced homes. This change could make moving more expensive, especially for those with mid-range budgets.

Changes for First-Time Buyers

First-time buyers currently benefit from SDLT relief on properties up to £425,000, with a maximum property value of £625,000 to qualify for this relief. From April, the relief threshold will decrease to £300,000, and the maximum property value eligible for relief will decrease to £500,000. This means there’ll be a sharp rise in costs for first-time buyers purchasing properties above £300,000 and they will face higher SDLT liabilities. If you’re saving for your first home, it’s worth factoring in this cost.

Increased Rates for Additional Property Purchases

Investors and individuals purchasing additional properties used to pay a 3% surcharge on top of standard SDLT rates, which increased to 5% on 31 October 2024. From April 2025, the rates for additional properties will be:

  • Properties up to £125,000 = 5% surcharge
  • £125,001 to £250,000 = 7% surcharge
  • £250,001 to £925,000 = 10% surcharge
  • £925,001 to £1.5 million = 15% surcharge
  • Above £1.5 million = 17% surcharge

Investors will need to carefully weigh the higher costs against potential rental returns.

What Does This Mean for You?

These changes are expected to influence buyer behaviour, potentially leading to a surge in property transactions before the April 2025 implementation date as buyers aim to avoid higher SDLT costs. First-time buyers and investors may expedite purchases to benefit from the current SDLT rates.

Considerations

If you’re buying, consider accelerating your purchase to avoid the higher SDLT rates. Consult a conveyancing solicitor to help you fast-track your transaction.

If you’re selling, early 2025 could be a good time to list your property. Increased buyer activity could drive up competition, and potentially prices.

In you’re an investor, consider reassessing your portfolio. The higher SDLT rates could impact your profitability, so factor this into your long-term strategy.

The 2025 SDLT changes are a significant shift, but with careful planning, you can navigate them successfully. Whether you’re buying, selling, or investing, professional advice is essential to help you make informed decisions. Don’t hesitate to contact our experienced Residential Conveyancing team on 01753 486 777.

UK Employment Law Changes in 2025: What you Need to Know

In 2025, the UK is set to carry out significant changes in Employment Law, aiming to enhance workers’ rights. These changes are designed to address modern challenges in Employment Law, enhance financial support for workers, and promote fairness and equality. Here’s a summary of the key changes taking effect this year:

1. Neonatal Care (Leave and Pay) Act 2023

Starting April 2025, new parents whose babes require neonatal care will be entitled to additional statutory leave. Leave will be available from the first day of employment, but to qualify for paid leave, employees must have 26 weeks of constant service and meet a minimum weekly earnings threshold (£123). This law provides crucial support for families during challenging times, aligning workplace policies with modern parental needs.

2. National Minimum Wage Increases

From April 2025, the National Minimum Wage will rise, providing a boost to workers’ earnings:

  • The National Living Wage will increase from £11.44 to £12.21
  • 18–20-year-olds wages will increase from £8.60 to £10
  • Under 18’s and apprentices wages will increase from £6.40 to £7.55

Employers must review their pay structures to comply with these changes.

3. Changes to National Insurance Contributions

  • Employers NIC rates rise from 13.8% to 15%
  • Secondary Threshold for contributions will be reduced from £9,100 to £5,000
  • Employment Allowances will also increase from £5,000 to £10,500 annually, to ease the stress on small businesses

These adjustments aim to balance fiscal needs with support for small and medium enterprises (SME).

4. Employment (Allocation of Tips) Act 2023

Although this act came into full effect in October 2024, its impact continues in 2025, ensuring that all tips are passed on fully to employees and distributed in a fair, ethical way.

  • Businesses where tips are left on a regular basis must have a tipping policy in place
  • Workers are entitled to request a copy of their tipping record to support a claim in an employment tribunal if they believe they have not received the tips they are due
  • Employers must have regard to the new statutory Code of Practice when allocating tips

The Employment Law changes in 2025 emphasise worker protection and financial support while placing new compliance responsibilities on employers. Businesses should take proactive steps to update policies, payroll systems, and training to adapt to the new regulations. For employees, these changes mean stronger rights and better conditions, reflecting a broader push towards fairer workplaces.

If you need any assistance or advice, don’t hesitate to contact our Employment Solicitor Ilinca Mardarescu on imardarescu@astonbond.co.uk, or call our office on 01753 486 777.

Commercial Law Glossary:

We know that buying or selling a commercial property can be confusing, especially if you don’t understand most of the legal jargon, so we have put together a guide to help you navigate legal language with confidence. Whether you’re reviewing contracts or drafting agreements, use this glossary to simply the complex terminology, making it easier for you to make informed decisions.

Adverse Possession – A legal principle in the UK that allows a person to claim ownership of land they do not legally own by occupying it for a specified period. The claimant must show that they have:

  • Factual possession.
  • Intention to possess.
  • Occupied for the required period.

Articles of Association (AOA) – A set of legally binding rules that govern how a company is run in the UK. They can be agreed by the company’s shareholders, directors, guarantors, and company secretary. They cover a range of topics, including:

  • The company’s purpose.
  • The administrative structure.
  • The powers and duties of directors.
  • How dividends are awarded.
  • How shares are transferred.
  • Fiduciary duties.

Agreement for Lease – A contract entered by a landlord and tenant to confirm that the parties will enter into a formal lease after certain conditions have been completed. These are often used when works are required before occupation, or planning permission is awaited.

Asbestos Survey – A non-intrusive inspection that identifies the location, amount, and condition of asbestos-containing materials (ACMs) in a commercial property.

Assign – Another word used instead of transfer.

Base Rent – The minimum amount of rent payable, usually set at a market rate.

Break Option – A contractual provision that allows a landlord or tenant to end a lease early without penalty.

Certificate of Incorporation – A document that confirms a company’s registration with Companies House and its legal existence.

Community Infrastructure Levy (CIL) – A mandatory, non-negotiable charge on new developments in a local authority area, such as schools and health services. It is calculated based on the size and type of the new development, usually charged per square meter of new floor space.

Completion – The final step in the legal process of transferring ownership of a property. The funds are sent from the buyer or tenant’s solicitors to the seller or landlord’s solicitors, and all signed documents are dated.

Conditional Contract – An agreement between a buyer and seller to complete the purchase of land or a property after certain events have happened.

Contract – A legally binding agreement between two or more parties that outlines the terms and conditions of a commercial deal between two or more parties.

Commercial Property Standard Enquiries (CPSE’s) – A set of questions that help buyers and tenants understand a property and perform due diligence. There are 7 different types of CPSEs, depending on the transaction to be completed, and these provide further detail about the property. They can include enquiries about common transactions, title requisitions, and environmental matters.

Covenant – A restriction / condition affecting a property with which all owners must comply. These do not end of a sale of a property.

Deed of Easement – A legal document that grants the right to use someone else’s land for a specific purpose e.g., to grant rights of way, access, or the ability to run pipes or drains over a property and set out the terms on which it may be used

Energy Performance Certificate (EPC) – A rating system that shows how energy efficient a building is. You must provide an EPC for a property that you are selling or granting a lease for in England and Wales. EPCs use a scale from A (the most efficient) to G (the least efficient). The Energy Efficiency (Private Rented Property) (England and Wales) Regulations 2015 mean that, from April 2018, private domestic / non-domestic landlords must ensure that properties they rent in England and Wales reach at least an EPC rating of “E” before granting a Lease.

Exchange – The buyer and seller in a property transaction exchange signed contracts and agree on a completion date. The sale becomes legally binding and both parties become committed to the transaction. The buyer usually pays a deposit to the seller.    

Fire Risk Assessment – Confirms the compliance of a building with fire safety regulations, or areas which need improvement.

Freehold – You own the building and the land.

FRI Lease – The tenant is responsible for all maintenance, repair, and insurance costs.

Forfeiture – A legal process that allows a landlord to end a lease and take back the property if a tenant breaches the terms of the lease.

Full-Service Lease – The tenant pays a fixed rent, and the landlord covers most or all property-related expenses.

Highway Search – Shows rights of access to the property, including public footpaths, random strips, and encroachments.

Independent Legal Advice – Advice given by a solicitor who is not connected to the parties involved in a legal matter.

Lease – A legal contract between a landlord and a business tenant that grants the tenant the right to use a property for commercial purposes in exchange for rent. A lease outlines the rights and responsibilities of both parties.

Leasehold – A property that is leased from a landlord for a set period.

Licence – Permission granted by the owner of a property (the licensor) to a third party (a licensee) to use the property without trespassing. It’s usually short-term and revocable.   

License to Assign – A formal document that grants a landlord’s permission for a tenant (the assignor) to assign their commercial lease to a new tenant (the assignee).

Licence for Works – A document that gives a tenant permission from a landlord to perform work on a property.

Local Authority Search – Provides information about the property and its surroundings, such as planning permissions, building regulations approvals, and environmental notices.

Memorandum of Association – A legal document that records the formation of a company in the UK. It is signed by the initial shareholders or guarantors of the company, agreeing to form it. The MoA includes the registered company name, date of subscription, and the names of the founding members.

Mutual Break Option – This allows either tenant or landlord to end the lease early, provided that certain conditions are met, and proper notice is given.

Option Agreement – Gives the third party the option to buy the land on agreed terms. The third party can serve notice on the landowner to exercise the option, either at an agreed price or based on market value at the time.

Option to Tax – A freehold owner or landlord registers their commercial premises to charge VAT on either the value of the property upon a sale, or on the rent they may charge.

Option Fee – The sum to be paid to a land or property owner on completion of an Option Agreement.

Overage – A legal agreement that allows a seller to receive additional funds from a buyer after a sale has been completed.

Overage Agreement – Confirms the terms of the overage, such as payment terms. 

Percentage Lease – The tenant pays a fixed base rent plus a percentage of their gross income.

Personal Guarantee – An agreement between a business owner / director and a lender that the director will be personally liable for repaying a loan if the business can’t. they can have conditions like only covering part of the loan or apply for a limited time.

Premium – A one-off sum paid by a tenant to a landlord at the beginning of a lease.

Rent – The amount a tenant pays to the landlord in exchange for the use of a property.

Rent Deposit – Money paid by a tenant to a landlord as security for the performance of the lease and payment of rent. The deposit protects the landlord from the risk of the tenant breaching the lease or not paying rent.

Rent Deposit Deed – An agreement that sets out the rules on how the landlord may use and return the rent deposit, and when the tenant may have to top up the rent deposit.

Rent Reviews – A reassessment of rent, often based on the market rent for similar properties.

Searches – Helps identify potential risks and liabilities associated with the properties. This can include:

  • Local authority search.
  • Highways search.
  • Water and drainage search.

Security of Tenure – Allows commercial tenants to remain in their premises after their lease ends and request a new lease on similar terms.

Service Charge – An additional payment due under a lease from a tenant to a landlord, in respect of services provided by the landlord, e.g., heating, security, communal areas, cleaning, etc.

Statutory Declaration – A legal statement sworn in front of a solicitor or commissioner of oaths.

Term – The number of years for which the lease is granted.

Transfer – A legal document which transfers title in the property from buyer to seller.

Use Classes Order – A list that sets our what a property may be used for, depending upon the class of use for which an application has been made to a local council.

VAT – Value Added Tax

Water and Drainage Search – Reveals how foul and surface water drain to a public sewer.

Please do not hesitate to contact our experienced Commercial department on 01753 486 777.  

How to make a Will: A Simple Step-by-Step Guide

Creating a Will ensures your estate is distributed according to your wishes and provides peace of mind for you and your loved ones. Aston Bond’s Private Client team has put together a brief overview of the process:

1. Identify Your Assets

Make a list of your property, bank accounts, investments, and personal possessions to decide what will be included in your Will.

2. Choose an Executor

Select a trusted person or people to manage your estate and ensure your wishes are carried out after your passing.

3. Choose Your Beneficiaries

Decide who will inherit your estate and in what proportions. Also consider any specific gifts you may wish to leave such as specific items or sums of money to people.

4. Consider Guardianship (if applicable)

If you have children under the age of 18, you can in your Will name a guardian to care for them in the event there is no surviving parent.

5. Draft Your Will

Work with Aston Bond’s qualified Private Client team to ensure your Will complies with the law and clearly reflects your wishes. DIY Wills could miss important details and lead to unintended costly complications.

6. Sign and Witness Your Will

Your Will must be signed in the presence of two independent witnesses. Your witnesses cannot be beneficiaries of your Will or married to any potential beneficiaries. This step is essential to make your Will legally valid. When making a Will with Aston Bond you can visit our offices whereby, we can act as your witnesses to ensure it complies with the legal requirements.

7. Store Your Will Safely

Keep your Will in a secure place, such as with your solicitor or in a safe deposit box. You can also let your executors know where it is stored. When making a Will with Aston Bond we offer to store your original documents at our offices at no extra cost.

8. Review and Update Regularly

Life changes, such as marriage, children, or new assets, may require you to update your Will. Regular reviews ensure your Will stays relevant and updated.

We offer a free initial consultation to discuss Wills and prepare Wills on a fixed fee basis. Should you wish to arrange an appointment with a member of the team please do not hesitate to contact us on 01753 486777.