In some parts of Scotland "solicitors," who usually get the conveyance work after selling a home can keep their sales commissions down between 1 and 1.5%, and further dominate the housing industry by in some parts of Scotland, preventing "estate agents" from advertising.
The Royal Institution of Chartered Surveyors (RICS)
12 Great George Street
Parliament Square
London
SW1P 3AD
United Kingdom
Phone : +44 870 3331600
Fax : +44 20 7334 3811
e-mail : abarr@rics.org.uk
Web : www.rics.org
With 110 000 members in 120 countries, RICS is the world's leading professional body addressing all aspects of land, property, construction and the associated environmental issues. An independent, not-for-profit organization, RICS acts in the public interest, upholding standards of competence and integrity among its members and providing impartial, authoritative advice on major issues affecting business and society worldwide.
National Association of Estate Agents (NAEA)
Arbon House
21 Jury Street
Warwick
CV34 4EH
United Kingdom
Phone : +44 1926 496 800
Fax : +44 1926 407 484
e-mail : info@naea.co.uk
Web : www.naea.co.uk
Over nearly 40 years the National Association of Estate Agents has become the UK’s leading professional body for residential estate agency. It represents estate agents and property professionals throughout the UK and has actively campaigned on behalf of the property industry and house buyers and sellers.
Concurrence - tenancy in common: Rights of tenancy were secured by the crofters Act of 1886.
Title & Contracts in United Kingdom
Writing is required on obligations relative to land, conveyances, and leases for more than one year. Grantor must sign before two witness (Conveyance Act, Scotland 1924).
Curtesy abolished October 9, 1964 with Succession Act (1964). Prior rights created created to replace curtesy and do not distinguish between husband and wife and cannot supersede will of the deceased.
"There are no provisions as to exemption of property except of trifling extent in House Letting Acts."
System of registration of all conveyances in central record office. The Land Registration Act of 1979 proposes new system of registration of title to land. Land may be conveyed to trustees. No restriction on number of individuals who hold land.
Elements of a contract: Obligation arises from consent. Consideration is not necessary.
Breach - causes and remedies: Contract may be rendered void or voidable where consent is obtained by improper means, or given under false facts. Made under stress or threat and the contracting of an illegal activity. Sometimes the impossibility of performance, but not always.
Listing/sales contracts: The offer to purchase property is binding with the exchange of signed contracts and verbal agreement.
Property Taxes:
There is no tax based on the value of property commonly known as property tax. However, there is a Capital Gains tax within the United Kingdom which is usually the excess of the sale proceeds over the original cost plus any qualifying capital expenditures and taxed at the normal corporation tax rate of 33% for all corporations. Capital gains are normally levied on nonresidents for gains on the sell of assets situated and used in a trade carried on by a branch or agency in the UK.
In addition to their corporate tax structure, Scotland embraces the value-added tax where any supply of goods or services, other than an exempt supply, made in the UK by a taxable person in the course of business is taxable at 8 or 17.5 % (and if exceeding 47,000 pounds). Social security tax is also collected on employees salaries and wages by employers (0 to 10.2%) and employees (2%-on first 61 pounds/week or 10.2%-on next 394 pounds/week).
The private Financing Initiative (PFI) is being encouraged by the UK government for the private financing of traditionally public sector funded capital assets.
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