Island Life Magazine Ltd February/March 2010 | Page 16

life

PROPERTY

February/March 2010

LEGAL ISSUES
A new year a
new challenge...

Photo: Mark & Terence Willey

As we greet this New Year, which in our

that Land Registry fees were reduced to

modern language will surely be referred

prevent their profits being too high. As

to as "20-10", we will reflect upon the

and when the property market improves,

appear to stifle recovery from the present

last decade following the Millennium.

as it surely will in due course, the Registry

recession.

For many the recession still continues

will clearly be unable to operate with

to "bite hard" and is not escaping

the efficiency of which it has done so

As I have said previously in articles, it

any of the professions, let alone Local

for many years past particularly with the

will depend on the attitude of business

Authorities and the Service Industries

proposed reduction of Registry offices and

both in the public and private sectors

in general. Cash flow and the ability

staff. Currently a consultation process

as to how they are prepared to meet

to create a successful and profitable

is underway before any final decision

the challenges without damaging the

business becomes increasingly more

is made and naturally there is much

economy and its future. The protection of

difficult.

resistance from both inside and outside

skills and service in the work place is, in

the Registry.

my view, paramount to economic growth

The Land Registry themselves

are setting about a new challenge which

£160,000.00.
On the face of it such issues would

So how do we meet these challenges?

they term "Accelerated Transformation

The Government, as we all know,

Programme" which includes proposals

need to raise taxes either directly or

to close the Portsmouth Land Registry

indirectly to repay the National Debt.

property market will be the key to

who are currently responsible for the Isle

From the 1st January we saw the end of

economic recovery and therefore it must

of Wight. This proposed closure would

the transitional relief on V.A.T. with it

not, in my view, be prejudiced by hasty

involve the loss of over 150 jobs which

returning to 17.5% and Stamp Duty Land

and “short term” solutions.

would be very unfortunate and in my

Tax

view would prejudice the interests of the

which will effectively mean the majority

forecast for 2009 the housing market

Island. The Registry, as an organisation,

of us will be subject to paying Tax on our

remained unpredictable in its mini

has made massive profits for the Treasury

house purchase, with the average price of

recovery and I have every hope that this

on a year on year basis to the degree

a typical U.K. property being in excess of

trend will continue.

and prosperity.
I have always considered that a buoyant

exemptions reduced to £125,000.00

Despite the pessimisms that were

Terence Willey & Company., Lawyers and Commissioners for Oaths
(incorporating Malcolm Daniells & Company and The Bembridge Law Practice)
Telephone contact Terence Willey 01983 875859 or
Mark Willey 01983 611888. www.terencewilley.co.uk
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