The Enterprise Investment Scheme: What tax reliefs are available?
In his latest article, experienced Corporate & Commercial Solicitor Paul Longland answers your questions on EIS tax relief.
Flooding causes concerns to landowners, buyers and tenants alike, even more so now that we are increasingly aware of the impact frequent and deep flooding has on property and the lives of those it affects. "It is therefore vitally important, when purchasing a property, to assess the risk of one or more of the four main types of flooding - river, coastal, ground and surface water," highlights New Homes Partner Clare Hallett. If a property has a high risk of flooding the issues include:
- the increase in property insurance premiums, if not the increasing difficulty to obtain insurance cover in the first place
- the ability to raise funds by way of mortgage to finance the purchase or on remortgage
- the cost and disruption when flooding occurs.
Over and above a thorough review of the property when you view it with the estate agent, the first indication of the risk of flooding to your target property is usually revealed in the Environmental Search which is undertaken at the beginning of the purchase. We recommend that a Flood Search is requested where the Environmental Search shows a medium (between 1 and 3.3%) or high (above 3.3%) risk of flooding each year. If, however, you require further information where the risk is categorised as lower than this you would need to specifically instruct us to request the Flood Search for you.
Flood Searches are still relatively new, first emerging in 2008. The data that underpins them has, along with the profession’s understanding and awareness of them, greatly improved. But there are still limitations to be aware of, especially as many reports are based on information gathered from numerous resources and those who write them may not have visited the location of your target property. Therefore the local knowledge of your estate agent and your solicitor is invaluable in ensuring you are armed with as much information as possible about your possible dream home.
Our Conveyancing Team, based in Christchurch, also cover Bournemouth, Poole and the New Forest. For a free initial chat, please call 01202 499255 and Clare or a member of the team will be happy to discuss any questions that you may have.
