Rishi Sunak is to become Britain’s 57^th Prime Minister after both Boris Johnson and Penny Mordaunt pulled out of the race to be the next Tory leader.

He will be Britain’s first non-white Prime Minister as well as the youngest Prime minister in more than a century.

The ex-chancellor gained the support of well over half of Tory MPs, with Mordaunt struggling to reach the threshold of 100 MPs to get on the ballot.

Ms Mordaunt tweeted ‘This decision is an historic one and shows, once again, the diversity and talent of our party. Rishi has my full support’.

Sunak has vowed to ‘fix the economy’ having previously been critical of Liz Truss’ economic policies.  In a statement made on Sunday, he promised ‘There will be integrity, professionalism and accountability at every level of the government I lead.’

He now has the daunting task of leading the nation through an economic crisis with public finances, high inflation, stretched public services, industrial unrest, soaring energy bills and even the possibility of blackouts in the new year.  But, he is at least familiar to most as the economic face of Covid having been responsible for the Furlough scheme and the “Eat out to Help out” campaign which came later.

The new PM is expected to take office within the next few days now the result of the Tory leadership contest has been confirmed.

We here at Aston Bond welcome our new prime minister and hope he can bring stability to our economy in what has been a turbulent year for the country. 

44 days of chaos, U-turns and an economic vision shattered.

Liz Truss has resigned as prime minister after just 44 days in the office. She will go down in history as the shortest serving prime minister in UK history.

Her time in office has been defined by two major events: the death of Queen Elizabeth II, just two days after Truss entered No 10, and the mini budget delivered by Kwasi Kwarteng.

Entering Downing Street, Liz Truss promised Tory members she would turbocharge the economy with billions of pounds of unfunded tax cuts.

But faced with market turbulence following the “mini-budget” and a an unequivocal lack of confidence, she has now become the shortest-serving prime minister.

The disastrous fallout from her mini-budget (including the Bank of England’s intervention and the steep drop in the value of the GBP) has meant that she has louder and louder calls for her resignation.  Until now, she has resisted but has been unable to hold on any longer in the wake of the public’s regard for her and the Conservative party generally.

On the steps of Downing Street, the PM told the nation that she recognised, ‘Given the situation, I cannot deliver the mandate on which I was elected by the conservative party.’

A leadership contest is now underway to decide the next head of the ruling Conservative Party, who will by default become the next prime minister, and will conclude next week.

We here at Aston Bond are keen to see the economic health of our country return to some semblance of normality in this difficult time hope that our next ruling prime minister is able to effect a positive change.

Lubna Shuja made history on 12^th October when she became the 178^th President of the Law Society of England and Wales.

Lubna is the first Asian, first Muslim and the seventh woman to be president of the Law Society in it’s nearly 200- year history.

Lubna has been a member of the Law Society Council since 2013, currently sitting on the Society’s board and chairing its Strategic Litigation Group.  She previously served as the inaugural Chair of the Law Society’s Membership and Communications Committee (2018-2021).

‘I am honoured to serve as Law Society president. I take on the role at a difficult time for the legal profession’, Lubna said.  ‘The rule of law has been in the spotlight as never before in recent history. The UK’s economy is on a knife- edge and businesses are having to deal with rising interest rates and high inflation’.

In her 30 years as a solicitor, Lubna has witnessed a lot of positive change but recognises the need for further strides to be made to ensure equity for all within the profession.

Lubna will take action to break down barriers that face people across society who are trying to access the profession or further their careers. This includes working with the Solicitor judges’ network to promote alternative career paths.

She will continue to advocate for lawyers at risk overseas. As well as planning to engage with organisations internationally with a focus on exploring new markets and opportunities for Law Society members.                                                                                                                                                                

Having worked in professional discipline and regulation for a long time, ethics is incredibly important to Lubna and will be another key focus of her presidency.

To assist lawyers with this, she plans to launch a ‘ major focus on ethics in the profession to help members navigate this increasingly complex environment and to seek solutions to cope with the constantly changing narrative’.

Lubna is an inspiration for women and ethnic minorities entering and progressing through the legal sector and we at Aston Bond wish her every success in the coming year.

A cohabitation agreement for unmarried partners is where couples who live together but are unmarried set up an arrangement to protect their rights.

This can cover all sorts of things, like what share of the property each party is entitled to, what happens if the relationship ends, and who is responsible for paying bills or the mortgage.

Both you and your partner should seek legal advice for it to be a legal agreement. Having independent legal advice means that the court is more likely to take the agreement seriously if you and your cohabiting partner separate.

A recent study has found that 35% of cohabiting couples think they have the same rights as married couples – going as far as to refer to their cohabitee as their common law wife/husband. However, this is not the case and it is not a legally recognised term.

In order for the law to recognise a Cohabitation Agreement it must be:

1. Executed as a deed
2. Entered freely and voluntarily by both parties
3. Signed by each party

If the court is not satisfied that these conditions have been met, it has the discretion to overrule the agreement and make an order itself.

A cohabitation agreement is not only advisable to save the cost and distress of later dispute but also because it is flexible. Parties do not need the courts approval to change terms of a cohabitation agreement.

A well drafted cohabitation agreement could be a cost-effective measure to ensure all parties are in a better position to receive what they consider to be fair should it become necessary.

At Aston Bond we will be pleased to prepare a Cohabitation Agreement for you.

Please contact Lynette A’Court Head of Family on 01753 486 023 for further enquiries.

The Legal 500 has been the leading ranking publication for law firms in the UK, and indeed worldwide, for over 30 odd years. It carries out independent and detailed analysis of firms’ submissions and conducts thousands of interviews each year drilling down on the capabilities of law firms worldwide.  Its comprehensive research programme is updated every year to bring the most up to date insights to the legal global market. 

Its aim is to assist in-house lawyers, legal teams and clients to find the right advisors through law firm and solicitors rankings.   The rankings are based on a team of researchers bringing together feedback from thousands of in-house peers, general counsel, clients, submissions from law firms and months of interviews to decide which firms have unrivalled experience in the legal market. 

We are very proud that our dispute and resolution team here at Aston Bond has been ranked in the Legal 500 this year.  Our ranking means we have been considered as: 

1. Having a very strong technical ability available for the most complex work
2. Historical track record on top cases
3. Reputation for handling complex, innovation deals
4. Capacity for the biggest transaction cases 

Our listing in the Legal 500 includes the following;

Aston Bond is a new entrant into the boutique commercial litigation category, boosted by the recent acquisition of James Dyche. James Dyche is a very capable and dedicated lawyer with strong client handling skills and a commercially realistic approach.

Stephen Puri leads the team at Aston Bond, where the department handles the spectrum of commercial disputes, with sector expertise in real estate, insolvency, and IP. James Dyche joined the team from Greenwoods Legal in September 2021 and now heads up the Litigation team together with Puri. In addition to the firm’s areas of expertise he handles contentious probates. 

Our team have work extremely hard and always have our clients at the forefront of their minds.  We therefore believe this is a fitting accolade to the team’s hard work and dedication.   We also take this opportunity to thank all those who provided testimonials for us.

Macmillan’s coffee morning is the UK’S biggest fundraising event to support people living with cancer. People all over the UK host their own coffee morning and donations raised on the day are sent to Macmillan.

The charity has always been one close to our heart and we were excited to once again be hosting an in-person coffee morning this year.  We were extremely pleased to have raised £410 for Macmillan!

Our staff members had a bake off in which Kulbir Conner (Head of Conveyancing) won, with her scrumptious Biscoff and Nutella cake. Not only did we raise money through baking, we also hosted a ‘guess who’ game in which everyone had to match our team members up with their very own baby pictures. All in all, the coffee morning was a great success!

 At Aston Bond, we understand how cancer can affect people’s lives and no one should have to go through cancer alone.

Every donation counts. 

Here are some of the moments we captured:

Prime Minister Liz Truss has cut the tax on moving homes in her “mini” budget published today. 

Of great interest in the legal field is the Stamp duty land tax (SDLT).  SDLT is a tax paid to the government by the buyer of a home (or land) over £125,000 or a second home or land over £40,000 in England and Northern Ireland. 

PM Liz Truss is attempting to drive economic growth by enabling more first-time buyers to get on the property ladder and boosting property transactions. She aims to stimulate further growth in the property market and help more young people buy their first home. 

The Prime Minister said: ‘I’ve been very clear that as well as keeping taxes low, we need to put in place measures that are going to drive growth in the economy. And that’s my priority- we’ve had relatively low growth for several decades’.  

However, critics have said that the move would make the housing crisis ‘even worse’.  Former chancellor Rishi Sunak introduced a stamp duty holiday in 2020 in an effort to cushion the property market from the impact of the pandemic. Economists said the policy did more harm than good for buyers.  The coronavirus pandemic and lockdowns also saw homeowners evaluate their living situation and make a move based on their new priorities; whether that’s an extra room for working from home or more outdoor space due to travel no longer being so integral to day-to-day lives. 

However, rising interest rates on mortgages and the cost-of-living crisis generally have led HSBC to warn earlier this month that the UK is on the ‘cusp of a housing downturn’.  Presumably, this is at the forefront of Ms Truss’ mind in rushing through this decision.

Ms Truss has previously said she is willing to be an unpopular prime minister to bring in measures she believes will grow the economy, admitting her tax cuts will disproportionately benefit the rich, and argues she needs to make difficult decisions under her political and economic gamble to focus on growth. 

How much you will now pay depends on whether the land or property is residential use or non-residential, second property or mixed use. But the main change for is for first time buyers and is based on a relief which you can claim.

You can claim a discount (relief) if the property you buy is your first home at the following rate:

• no SDLT up to £425,000; and

• 5% SDLT on the portion from £425,001 to £625,000

You are eligible if you and anyone else you’re buying with are first-time buyers.

As an example, if you’re buying your first home; 

• 0% on the first £425,000 = £0

• 5% on the remaining £75,000 = £3,750

• total SDLT = £3,750 

At Aston Bond, we want to ensure that clients are made aware of the changes and advise accordingly.  The changes are said to mean that some 200,000 people will be lifted from paying SDLT each year.  Currently, these changes are being implemented indefinitely so there is no specific deadline which will cause a conveyancing spike as last year.  However, whether the changes will push property prices even further up remains to be seen.  

For any assistance with conveyancing or any property matters, please contact our team.

The date of the funeral of Her Majesty Queen Elizabeth II has been confirmed as the 19^th September 2022.  A national bank holiday has been set for this date for the UK.  This invariably raises a number of concerns for businesses. 

Yesterday, the Law Society issued new guidance on the impact of the bank holiday for property completions scheduled for Monday. The guidance covers what conveyancers can do if their clients are contractually bound to complete on the 19^th September, as well as recording changed dates and amendments to the contract.

The government have also issued some guidance on the additional bank holiday, which explains that leave arrangements are open to discussions between employers and employees.   The unexpected passing of the Queen has inevitably created difficulties for employers when considering the potential closure of their business for the day, within such a short time frame.

The contract of employment should however be the starting point for these discussions as some contracts specifically allow all bank holidays whilst others specifically exclude them.  Employers are however encouraged to acknowledge that this can be a sensitive time for many individuals.  

School closures on the 19^th of September are also likely to cause employees to encounter difficulties with arranging childcare.  This will also be a factor in helping determine what employers should do in this situation.

Those not working on the day of the funeral, for example, part-time employees, those on long-term sickness or maternity, adoption or shared parental leave, should have the additional day recognised.

Employers have the option of requiring employees to take the day out of their remaining annual leave entitlement. The government guidance makes clear that employers “may include bank holidays as part of a worker’s leave entitlement” and contracts may allow employers to do this.  The short notice period however may prove problematic for some, as would situations when employees have already used their full entitlement.  In any event, it would be wise to communicate as soon as possible with employees and make clear if the day is to be deducted from existing entitlements.