We explore the SDLT position in respect of a property development company's purchase of a freehold development site in one of the home counties in England, and consider whether steps could be taken to mitigate its SDLT charge on the transaction.
The recent paper from the Department for Communities and Local Government calling for evidence on the residential conveyancing process heralds the possible reform and review of the home buying process.
In the ordinary ebb and flow of business, documenting the terms on which deals are struck is not always at the forefront of the minds of those involved: precisely documented terms are, after all, not the main object of the deal and can even be viewed with suspicion (as preventing business, rather than helping it).
This update comments on latest developments including: higher SDLT rates on purchases of additional residential properties: what counts as a “major interest”? and residential property: whether land which adjoins a dwelling forms part of its “grounds”.
Articles of Association (“Articles”) are rarely considered as the contract between a company and its shareholder(s) or the basic manual for the operation of that company, but this is exactly what they are.