If you are thinking of making your will now is an ideal time to consider making an LPA.  This is a document that appoints someone you trust, or several people, to deal with your property and affairs in the event you become physically or mentally disabled.  We do advise people of retirement age to consider this, but the truth is that any one of us could become incapable through illness or accident.  The time to act is now before anything happens.  If there is no LPA in place then a deputy will be appointed by the Court of Protection to deal with the affairs of the incapable person.  This is an expensive and time consuming process.  Please contact us for more information.

In this “credit crunch” climate we are being asked by clients who have agreed to purchase properties which were in the course of being built when they exchanged contracts whether they can pull out of their purchase and get their deposit back.

The reasons for their change of mind may be that they now consider that the price they agreed to pay is too high given the reduction in property prices or that the cost of their mortgage has increased.

Usually a 10% deposit will have been paid.  So if you do not complete the purchase then under the usual conditions the builder can cancel the contract and retain the deposit.  This is in addition to his other rights and remedies.

If you are in this position think carefully and take legal advice before making your decision.