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Transfer Of Equity
Transfer of equity is an English legal term for the process where the ownership of a share or interest in a property is transferred from one entity to another, a partial conveyance. Transfers of equity can take place for multiple reasons. Examples include: * Marriage or living together: When people marry they often transfer the property into the names of both parties. * Divorce or separation: When a couple divorce or separate, property is typically transferred, sometime with compensation. Restructuring a joint mortgage requires the mortgage company's consent. * Tax planning: Property owners may transfer equity to their children or other family members to manage their tax liabilities. Transferring equity can be complex, involving land registry applications and stamp duty land tax A land value tax (LVT) is a levy on the value of land without regard to buildings, personal property and other improvements upon it. Some economists favor LVT, arguing it does not cause economic ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Law Of England And Wales
English law is the common law legal system of England and Wales, comprising mainly criminal law and civil law, each branch having its own courts and procedures. The judiciary is independent, and legal principles like fairness, equality before the law, and the right to a fair trial are foundational to the system. Principal elements Although the common law has, historically, been the foundation and prime source of English law, the most authoritative law is statutory legislation, which comprises Acts of Parliament, regulations and by-laws. In the absence of any statutory law, the common law with its principle of '' stare decisis'' forms the residual source of law, based on judicial decisions, custom, and usage. Common law is made by sitting judges who apply both statutory law and established principles which are derived from the reasoning from earlier decisions. Equity is the other historic source of judge-made law. Common law can be amended or repealed by Parliament ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Conveyancing
In law, conveyancing is the transfer of legal title of real property from one person to another, or the granting of an encumbrance such as a mortgage or a lien. A typical conveyancing transaction has two major phases: the exchange of contracts (when equitable interests are created) and completion (also called settlement, when legal title passes and equitable rights merge with the legal title). The sale of land is governed by the laws and practices of the jurisdiction in which the land is located. It is a legal requirement in all jurisdictions that contracts for the sale of land be in writing. An exchange of contracts involves two copies of a contract of sale being signed, one copy of which is retained by each party. When the parties are together, both would usually sign both copies, one copy of which being retained by each party, sometimes with a formal handing over of a copy from one party to the other. However, it is usually sufficient that only the copy retained by each p ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Tax Planning
Tax avoidance is the legal usage of the tax regime in a single territory to one's own advantage to reduce the amount of tax that is payable. A tax shelter is one type of tax avoidance, and tax havens are jurisdictions that facilitate reduced taxes. Tax avoidance should not be confused with tax evasion, which is illegal. Forms of tax avoidance that use legal tax laws in ways not necessarily intended by the government are often criticized in the court of public opinion and by journalists. Many businesses pay little or no tax, and some experience a backlash when their tax avoidance becomes known to the public. Conversely, benefiting from tax laws in ways that were intended by governments is sometimes referred to as tax planning. The World Bank's World Development Report 2019 on the future of work supports increased government efforts to curb tax avoidance as part of a new social contract focused on human capital investments and expanded social protection. "Tax mitigation", "tax ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
HM Land Registry
His Majesty's Land Registry is a non-ministerial department of His Majesty's Government, created in 1862 to register the ownership of land and property in England and Wales. It reports to the Ministry of Housing, Communities and Local Government(MHCLG). The land register contains information on 87% (by area) of the freehold land in England and Wales as of 2019. While HM Land Registry reports to MHCLG, it is operationally independent. The fees it charges for the registration and information services it provides are returned to HM Treasury. The current Chief Land Registrar (and CEO) is Simon Hayes. The equivalent office in Scotland is the Registers of Scotland. Land and Property Services maintain records for Northern Ireland. Purpose HM Land Registry registers the ownership of property, as well as noting other interests in registered land. It is one of the largest property databases in Europe. At the peak of the property boom in 2007, £1 million worth of property was proces ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Stamp Duty
Stamp duty is a tax that is levied on single property purchases or documents (including, historically, the majority of legal documents such as cheques, receipts, military commissions, marriage licences and land transactions). Historically, a physical revenue stamp had to be attached to or impressed upon the document to show that stamp duty had been paid before the document was legally effective. More modern versions of the tax no longer require an actual stamp. The duty is thought to have originated in Venice in 1604, being introduced (or re-invented) in Spain in the 1610s, the Spanish Netherlands in the 1620s, France in 1651, and England in 1694. German economist Silvio Gesell proposed in 1891 that demurrage currency could be enabled by stamp duties, which would in turn stimulate economic growth. Gesell referred to this monetary policy as Freigeld. Usage by country Australia The Australian Federal Government does not levy stamp duty. However, stamp duties are levied ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Land Tax
A land value tax (LVT) is a levy on the value of land without regard to buildings, personal property and other improvements upon it. Some economists favor LVT, arguing it does not cause economic inefficiency, and helps reduce economic inequality. A land value tax is a progressive tax, in that the tax burden falls on land owners, because land ownership is correlated with wealth and income. The land value tax has been referred to as "the perfect tax" and the economic efficiency of a land value tax has been accepted since the eighteenth century. Economists since Adam Smith and David Ricardo have advocated this tax because it does not hurt economic activity, and encourages development without subsidies. LVT is associated with Henry George, whose ideology became known as Georgism. George argued that taxing the land value is the most logical source of public revenue because the supply of land is fixed and because public infrastructure improvements would be reflected in (and thus pai ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Council Of Mortgage Lenders
The Council of Mortgage Lenders was an industry body representing mortgage lenders in the United Kingdom. Its members consisted of banks, building societies and specialist lenders and represented 95% of mortgage lending in the UK. In November 2015 it was confirmed that the Council of Mortgage Lenders would be merged with the British Bankers' Association, Payments UK, the UK Cards Association and the Asset Based Finance Association, following a review into financial trade bodies. It became part of the newly established UK Finance in July 2017. The CML's ''Lenders' Handbook for England and Wales'' (or "the CML Handbook) was used to direct how solicitors and conveyancers handled their role in arranging mortgages and completing sales of property. For example, the Handbook required solicitors and conveyancers to ensure that they held a signed Mortgage Loan Agreement to the full value of the advance before completion of a sale, and they were to hold the loan on trust for the lender u ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
English Property Law
English property law is the law of acquisition, sharing and protection of valuable assets in England and Wales. While part of the United Kingdom, many elements of Scots property law are different. In England, property law encompasses four main topics: * English land law, or the law of "real property" *English trusts law * English personal property law * United Kingdom intellectual property law Property in land is the domain of the law of real property. The law of personal property is particularly important for commercial law and insolvency. Trusts affect everything in English property law. Intellectual property is also an important branch of the law of property. For unregistered land see Unregistered land in English law. Real property Land law, or the law of "real" property, is the most significant area of property law that is typically compulsory on university courses. Although capital, often held in corporations and trusts, has displaced land as the dominant repository ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
