Tag Archives: property law

ILN Today Post

Duties Client Identification

From Monday 12 December 2011, certain matters lodged with the Office of State Revenue (OSR) for assessment must be lodged with client identification (CI) documents.  Those matters relate to transactions that attract transfer duties.  read more…

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ILN Today Post

Restriction of Sale of Property on Power of Attorney

The Supreme Court of India (“SC”) in a landmark judgment delivered on Wednesday, October 12, 2011, held that the General Power of Attorney (“GPA”) method for sale of immovable property is not a valid form of transfer of property. SC opined that (i) a Power of Attorney is not an instrument of transfer in regard to any right, title or interest in an immovable property; and (ii) property can be lawfully transferred only by way of registered sale deeds.

Reportedly, SC has held that there shall be no mutation of property in revenue and civil records on the basis of Power of Attorney. It is believed that sale of property through GPA result in investment of unaccounted money in real estate business. Property transactions through GPA were evolved, inter alia, to avoid (i) payments of stamp duty and registration charges on sale/conveyance deeds; and (ii) payment of capital gain tax on transfer of capital asset.

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ILN Today Post

Benefits to first home buyers purchasing a newly constructed home

By Ros Forrest and Naomi Rothman of Gadens Lawyers, Sydney

With a focus on boosting new housing construction, the NSW Government recently released its Budget for 2011-2012.  read more…

 

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ILN Today Post

Fladgate advises Esporta on £77m sale to Virgin Active Health

Fladgate LLP has advised on the property aspects of the disposal of the Esporta Health Clubs’ (Esporta) business to Virgin Active Health (Virgin Active) for £77.6m.  The sale is subject to the approval of the Office of Fair Trading.  Following completion of the deal Esporta may seek to sell the freehold racket club sites, which Virgin Active is leasing for £13.1m a year, and which are expected to be worth about £200m.

Fladgate previously advised on Esporta’s disposals to Virgin Active in 2004 and 2005.

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Compulsory Registration of Title (24.2.2011)

By Audrey Healy, Partner, Property Department

Compulsory registration of Title in the Land Registry will be extended to the Counties and Cities of Cork and Dublin from the 1st of June 2011.

This extension means that compulsory first registration will apply to the entire Country from June 2011. Therefore when anybody buys unregistered property in any County in Ireland post 1st of June 2011, it will be compulsory for that property to be registered in the Land Registry. This has cost implications for Vendors in that maps have to be prepared on ordnance survey sheets in relation to all property being sold and it has implications in regard to costs for a purchaser in that there will be a separate application fee to the Land Registry in respect of the application for registration.

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