The Bar Standards Board has just released the results of a survey of the public's attitudes to professionals.  Good news for solicitors who came out top of the poll with 17% of respondents saying they trusted them. Accountants came out at 14% with barristers at 13%.  Journalists did not fare well, scoring only 3% but a percentage point above bankers, and with estate agents and politicians bringing up the rear at 1%.  We must be doing something right!

From the 6th April, the exemption which allows properties to be marketed without a HIP, provided one has been commissioned, is being withdrawn.  From that date a property cannot be marketed until the HIP has actually been prepared although there is a concession that allows the Local Authority search to follow within 28 days.  If you are intending to sell your property in the near future it is vital that you start thinking about the HIP now as otherwise there will be a delay before the estate agent is able to market it.

Also included within the HIP for the first time is a Property Information Questionnaire.

We are firmly of the view that the HIP, being a legal document, should be prepared under the guidance of your solicitors and this is even more true now that a Property Information Questionnaire is being included where your answers may form part of the contract and be legally binding. Talk to us first and we can guide you through the process.

The Employment Act 2008 abolishes the statutory dispute and grievance procedures as from the 6th April.  They are replaced by a new ACAS Code of Practice which Employment Tribunals will take into account when reviewing procedures. There are numerous other provisions which, in the Government's words, "The Employment Act 2008 strengthens, simplifies and clarifies key aspects of UK employment law. The Act brings together both elements of the Government’s employment relations strategy – increasing protection for vulnerable workers and lightening the load for law-abiding business."

It is often overlooked that businesses are allowed to charge interest on debts which remain unpaid after the agreed credit period, usually at a much more generous rate than is usally inserted in terms and conditions.  The statutory rate is 8% over base rate calculated on a daily basis.  The Act only applies to business contracts - not consumer contracts.  It is possible to contract out provided that the contract provides an alternative 'substantial remedy' whci would be 'fair and reasonable' in all the circumstances.

Some buyers in a falling market are very tempted, having exchanged contracts, to fail to complete their purchases, arguing that it is cheaper for them to forfeit their deposits than purchase an overvalued property.  Unfortunately, the contracts will provide that if a buyer fails to complete not only will they lose their deposit (and if they have paid less than 10% they can be immediately sued for the balance), but will also be liable for any loss suffered by the seller.  This will include not only the dimunition in value of the property, but also wasted sales and related legal costs.

The only legitimate reasons a buyer has for failing to complete are if the property has been misdescribed and there is a material difference between what he contracted to buy and what is now being sold, or if there was a misrepresentation which actaully induced him to enter the contract in the first place.