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Do You Want to Buy a Home That You Can Resell Later On?

Joel Mayer
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Do You Want to Buy a Home That You Can Resell Later On?

There are two sides to any real estate story. The first is buying a home so that you can sit back and enjoy the comfort of it. There isn’t anything that can come close to the benefits of home ownership and the freedom that goes along with it. The other side of the story involves the equity that you are building up in a home. You can either decide to stay in the home virtually forever and use it as your retirement home or you can use the equity to upgrade in the near future.

If you’re planning on buying a home and then reselling it within the next 5 to 10 years, there are certain things that you should keep in mind. While you’ll want to find a home that you love and gives you a cozy comfy feel, you’ll also need to look for one that will be appealing to buyers later. To help you find this perfect combination of warm and appealing while having it resalable later on, here are some home buying tips you’ll want to follow:

1. The crime level in the area

Look for a home that is located in a low crime area. You can find out the crime statistics on most local police sites and you can also discuss this issue with your real estate agent. You’ll want to live in a safe neighborhood and be able to resell the home based on its location in a low crime area.

2. Future development planning

Find out what types of development plans are in the works for the area in the upcoming 5 to 10 years. New schools, residential homes and shopping complexes can all add to the value of your home in the future.

3. Minimum square feet

The houses you look at should have at least 1200 ft.² of livable area. When a home has less square footage, it can be more difficult to sell.

4. Two-story or bungalow

Two-story homes are often more appealing to young families with children but bungalows are more marketable to people that are settling down for their retirement years. If you are planning on staying in the home into your retirement you’d be best off looking at a bungalow so you don’t have any stairs to manage during your golden years. As far as reselling the home in the future goes, both bungalows and two stories sell equally well.

5. Skip the backyard pool

Homes that come with extra special features such as a pool can be more difficult to sell later on. Although you made love the idea of having a pool in your backyard, if you’re only in this house temporarily and are looking at its resale value you may want to skip getting a pool this time around and get one later when you upgrade.

It can become a fine balancing act trying to find the perfect home to live in and one that will be easy to resell later on. You need to make sure to discuss your long-term and short-term housing goals with your real estate agent. This way, you can end up with a home that you love to come home to every night after work and a home that rises in value and is easy to resell later on down the line.

Featured image source flickr.com/photos/remodeleze/3663490596/

Rules & regulations of personal bankruptcy in different countries

Muzahed I.
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Rules & regulations of personal bankruptcy in different countries

Involuntary bankruptcy

This means that the person you owe money to; the creditor, will be able to take you to court in order for them to claim back the same amount. However, depending on the country, there are different rules and regulations attached:

In Australia the process of bankruptcy happens in a federal circuit court. A person who claims to be your creditor can ask this court to declare you bankrupt.

In the USA the creditor must present the debtor with a statement saying they are being taken to court. The debtor has 20 days to respond. If they do not respond then the debtor has no other option but to be taken to court.

In Canada a creditor may file a bankruptcy application which states that the debtor owes 1,000 dollars or more, and the act of bankruptcy must have happened within the previous six months.

In England, before a creditor presents a petition to the court, they have to serve the debtor with a demand stating that the outstanding sum of 75 pounds or more must be paid within 21 days

How much does it cost?

Every country has a charge that you will need to incorporate into your debt amount. Each country’s fees vary:

In Australia there are many fees to take into consideration such as: Advertising, inspection, notices, agreements, and other services which all have a different price attached.

In the USA there are different chapters of bankruptcy which all have a different fee ranging from $246 to $1,300 depending on your situation.

In Canada you will need to pay a minimum amount for every month you are bankrupt to help with filing costs. This will be anywhere from 200 to 250 per month and you will also lose any money won at the time of the bankruptcy process.

In England there are set fees: £175 for court costs and £525 for management of your bankruptcy process.

Can I be rejected for bankruptcy?

There will be a number of things that will have to be carried out appropriately and correctly in order for you to be able to file for bankruptcy. If you do something wrong, you could be rejected for filing altogether, but again, the rules depend on the country you are living in.

In Australia a petition for bankruptcy can be rejected if the person is unwilling to pay their debts, they have been bankrupt three times previously, or once within the previous five years.

In the USA, mistakes or omissions in paperwork may be a cause for rejection, absences from a creditors meeting may be another one. Typically, some types of bankruptcy will not be allowed a repetition if it was filed for in the previous eight years, however, some might. The number of times you can file are case dependant.

In Canada you will be rejected if you have filed for bankruptcy in the previous seven years or if you have enough assets to cover your debts.

In the UK you must fill in all of the forms correctly and disclose everything in order for your petition to be accepted.

Restrictions while filing for bankruptcy

During and after the bankruptcy process every debtor has to face and of course follow certain restrictions:

In Australia written permission from your trustee must be granted in order for you to travel overseas while bankrupt.

In the USA, unless you get written permission to travel overseas, your passport will be taken from you during the process and there might be a bank status of ‘bankrupt’ for up to three years, depending on which state you reside in.

In Canada you must; keep your trustee informed as to where you are living, not borrow more than 500 dollars without full disclosure of your situation and at all times respond to your trustee’s requests.

In the UK during bankruptcy you are unable to: act as a company director, borrow more than £500 without disclosing bankruptcy to the lender, manage a business without full disclosure, or work as a debt specialist. These restrictions last 12 months, starting from the moment you were made bankrupt.

Featured image source flickr.com/photos/lendingmemo/11702998186/

How to find suitable premises for your business office

Darya Tokareva
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How to find suitable premises for your business office

When organizing your own business, you will certainly need to rent a commercial real estate property, such as office premises and storage space. Presence of physical address is a mandatory attribute of the enterprise registration. Commercial premises are also needed for equipment placement that is necessary for successful operational process and arrangement of employees’ workplaces.

When looking for real estate to lease in Toronto it is better to contact experts to get some benefits: office rent will cost a little bit cheaper, you will get all the necessary information about real estate and time costs are minimal. Prime locations of company office are central areas of the city as customers will be able find it without any difficulties. It is also important to equip office with Internet access (although today it is the rule rather than the exception) as it is one of the factors of successful business.

Office rental in Toronto has many advantages as office space rent does not require large investments. The money earned from business activity can be invested in further business development. When renting office premises, it is very important to conclude a contract properly that will serve to protect your interests. This document should contain clauses on rental rate and lease terms.

The statistics of Toronto commercial real estate market shows that it is more profitable for businesses to rent or lease an office space in recent years, than to construct a new building or buy it on the secondary market. But you should know the important nuances of the legal procedure to rent office space profitably. This will save nerves and money.

First, you should be aware of all the ads, which describe all available premises for rental in desired locality. The reality is that business premises in the center of Toronto or near historical monuments, large retail centers are leased at much more higher rates than in building located in the outskirts. You should select the best option for office space rental taking into account price and its advantageous location ratio.

Secondly, it is useful to monitor periodically the economic situation in the country and to enter into the rented business premises at the most opportune moment. According to Toronto real estate experts, economic crisis is the most appropriate time for office rental. Rented commercial property has reasonable rates compared to the pre-crisis period.

Third, prior to signing the contract on renting an office space it is important to study the communication system of the building, the availability of telephone and access to the Internet and high-quality security system. All these are necessary components for future effective operation of the company.

Fourth, you should visit a building to explore its interior decoration as modern design of office space as well as high-quality repairs plays an important role in company reputation. Nice view out of the windows is a big plus too. Fifth, you should carefully study and competently conclude a contract before entering into a leased office. Toronto experts advise to opt for a monthly payment of rental rent and to establish it per square meter for a year. This is the most profitable option. Office rent in business center effects positively on creation of business environment. It automatically gives a detailed serious attitude, because your employees will coexist with the employees of other companies, who live and work in accordance with a similar schedule.

Featured image License All rights reserved by twiga_swala

In What Ways Can You Lower Your Insurance Prices?

Laura Donnovan
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Insurance policies are priced in many different ways because each insurer has their own criteria. However, there are standard market rates. You can look for insurance products on the Internet, or you can visit insurance agents to see what is available. In other words, insurance prices for any insurance product will vary depending on how you buy.

Since the direct business and agency business make independent decisions about the expenses they incur and the price of their products, buying direct or through an insurance agent could result in different prices for any progressive policy.

If you buy through an agent or a broker, the price includes the commission paid to the agent for selling the policy. However, going through the agent is perhaps the most viable option for buyers. You can save time and money because it is easier to reach the agent than the company. In any case, you will be supporting their business, won’t you? Insurance brokerage is legal, you know.

Reasons that can keep rates up

Modification

The more value you add to your products the more an insurer will have to pay out if your possessions are stolen or in case of an auto or a bike, they are involved in an accident. Repairing your possessions expensively will only push your insurance premiums up and your total insurance prices will go up. Do not change anything in your insured property, if you change the performance of it, you will need to declare it to your insurance provider. This is because modification will increase the insurance premiums but if you do not declare changes to your insurer then you will not be covered if you suffer any accident or damage.

Where you keep your property

Where you keep your property can make a big difference to an insurer in terms of the likelihood of it being damaged or stolen. Keeping a flashy car in open places increases the risk of it being tampered with by passersby as well as giving an easier opportunity to thieves. Lock it up. You will lower the cost of the premiums.

Marital status

In some companies, marital status does affect the price of the insurance product at hand. They consider your status when giving you a quote. Insurance providers find singles very careless and indeed they may be, since they have no spouses or children to worry about. This is a proven fact even in the psychological field. It is not that a single person will set out deliberately to be reckless, but it just happens. If you are single, prepare to pay more in premiums.

Specialist courses

Specialist courses in driving are good in improving your skills on the road. If you take part in an advanced course in driving, and there are many such, you could save money on the premiums that you pay every month. Should you take such a course, you should let the insurance agent know so that you can get your well-earned discount. In this economy, you should do everything you can to save money.

Handling you products

It is good to handle you property with care. This will convince the insurer that the insured items are not at risk of being stolen or damaged and that they will last long.

Because each insurer makes different decisions about their business, it results in different prices. You will not know which company provides the lowest insurance prices until you compare several.

3 Ways to prevent insurance companies from cheating you

Laura Donnovan
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3 Ways to prevent insurance companies from cheating you

How often have we heard the cry – “My insurance agent is a fraud”? For me, it is a cry I have heard time and time again. More often than not, I have heard my friends and relatives say this sentence when they tried to claim the money due to them. I have heard and read stories where the insurance money was not released due to a minor technicality. Yet, the one thing that baffles me is that we are still gullible enough to keep falling for their false promises.

So today, I am going to share with you three surefire ways to ensure that insurance companies do not cheat you of what is rightfully yours.

1. Get a written information on the terms of rejection

Whenever an insurance agent approaches us or we seek out a company to avail of insurance, the overall focus is on the positives of the policy. The agent/company will gloss over what the benefits provided to you via the policy are. They will come up with elaborate equations to show how you are saving money via the policy. However, they will never talk about the conditions for rejecting a claim. So once they have glossed over the positives, ask them to list out all these conditions separately.

Do not fall for the common refrain – these are listed in the terms and conditions. If the agent of the company is not ready to list these conditions separately, you know that there is a high chance that they may deny your claim in the future.

2. Ask for the documentation necessary to file a claim

The technicality under which most claims are rejected is that the correct documentation was not received. This is because most of us never pay attention to this aspect. We go under the assumption that the insurance companies will inform us if any document is improper or missing. After all, this is what they promised in the beginning. However, what we do not realize is that every claim is a payout from the company’s pocket.

So how can you protect yourself? Whenever you need to file a claim, contact the insurance company and request for a list of the documents to be provided. This will help you be prepared when it comes to submitting the claim. If a company tells you “Pease refer to the agreement”, it should set out alarm bells that they could hide behind incomplete paperwork. Keep following up until you get a proper list of the documentation required by them.

3. Ask for the parameters used to decide the claim amount

One of the biggest hurdles consumers face with insurance companies is that there is no clear explanation on how they arrive at the claim payout. They are hit with sentences like “As per the agreement”, “Our terms and conditions”, ”Our investigators have helped us”.

Ask the insurance company to spell out the parameters. Spend an entire day with the officer if necessary. During your interaction, question every single parameter and ask him or her to explain how that was applied to your claim. Ensure that you have a copy of the documentation provided by you. Point out the discrepancies and have the officer sign on them. If needed, schedule a second appointment in order to get a resolution to all your questions and any discrepancies pointed out by you.

Remember, insurance companies are not in the business to pay out claims. Share this article with others and help educate the general public.

Featured image License All rights reserved by Freeway Insurance Services Inc

How to Draft the Perfect Prenup

Deborah.Nguyen
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How to Draft the Perfect Prenup

It’s a sad fact of life that nearly half of all marriages end in divorce. Because of this, many couples are protecting themselves by using prenuptial agreements, better known as “prenups.” Though it may seem like a fairly unromantic idea when thinking of your future wedded bliss, it never hurts to be prepared, particularly if you have items you don’t want to lose, important assets or larger savings accounts. By outlining how a divorce will go should it happen, you can actually end up saving quite a bit of heartache down the line.

Where Do You Start?

You may be asking yourself, “Why do I need a prenup?” It’s a popular misconception that only celebrities or the extremely wealthy need one. The simple fact is, a prenuptial can protect both of you in the event that your marriage breaks down. It can be as simple as outlining who will get what in the event of a divorce, or it can also outline expected responsibilities during the marriage that must be adhered to.

Essentially, look at it as a contract for your entire marriage. When both parties know what is expected of them in the relationship, it makes it easier to adhere to those expectations, therefore making the relationship run smoothly. There are no disappointments and nobody’s feelings get hurt. When you draw up a fair agreement, it also instills trust in your partner.

1) Draw up a list of assets you both have prior to getting married.

Getting a list together of important assets that are not shared in the relationship is an important factor in starting the prenuptial process. Think about things that you would not be comfortable with losing, for example, family heirlooms, your 401K plan, or art or record collections. No matter how small, be sure to get it down in a list. Ask your fiance to do the same. This will provide a guideline for division of assets should a divorce occur.

2) List out your responsibilities…and consequences for not adhering to them.

When you get married, you obviously would like your partner to stay true and not cheat on you. You may also want them to contribute to half of the expenses for both home and family, or even keep their fitness level up. All of these issues can be outlined in the agreement. Discuss what the consequences will be should your future partner not hold up their end of the bargain. Does cheating mean an immediate divorce, or would you go to counseling first? Knowing this in advance can save questions down the road.

3) Be honest in your discussions.

It’s no small fact that these conversations are going to be slightly uncomfortable at times. While getting married is full of romance and promise of a new life together, a contract deals with the possibility of a split, making it a subject no one wants to discuss. No matter how hard, be honest with each other and with yourself. Failing to say what you mean will only end in you not protecting important assets and ending up ultimately unhappy should the unforeseeable occur.

4) Hire an attorney.

While you can attempt to do a prenuptial agreement on your own, involving an attorney can ensure you don’t miss anything important and also make sure everything you’re asking for is legal. Laws can vary from state to state, so what’s okay in Orlando, FL may not work in New York City. One Orlando divorce lawyer’s website states that ”a divorce may mark the end of a marriage but it’s also the beginning of a new life.” To make sure the new life you have after divorce is happy and fulfilling, make sure you also take into account any future possibilities such as children, joint accounts and job loss in your prenuptial.

Keep the romance in your relationship by impressing in your guy that you can approach such a sensitive issue with a fair and clear head. Stress to him that your wish to draw up a marriage contract is not because you have any doubts in your love and relationship but because you are confident that your future relationship will be blessed with longevity and stability.

What the Mortgage Loan Market in Store in 2014?

Muzahed I.
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What the Mortgage Loan Market in Store in 2014?

It goes without saying that buying a home is one of the major decisions of our lives. For us home is more than just a piece of shelter; it is all about home in where the heart is – a place where we create treasured memories. Not only so, it is also about the reflection of our personalities.

And dealing with home loans is definitely not an easy task. In 2014 with mortgage rates going up considerably, things are expected to tighten up all the more. According to experts, mortgage loans are expected to increase by 9% this year. So, as there are numerous buyers, but despite that why is the mortgage industry tightening up so much; now one of the main causes for tightening up of the markets are a shortage of homeowners.

Mortgage Loan Market in 2014

However, it is not only the marketplace circumstances that will have a marvelous impact on the mortgage business, 2014 is bound to record a higher percentage on interest rates and even more rigid credentials for those who wish to apply for mortgages.

Experts from the industry opine that, changes in policies will make the mortgage market more rigid and one of the biggest constraints would be the 43 per cent rule. But refinances are expected to be more affected than any other segment.

Not only so, buyers will encounter a lot many changes in mortgages this 2014; one of the major changes being the Convention Qualified Mortgage Rule. This particular rule is known as the QM rule in the industry. This happens to be an underwriting protection for lenders who intend to follow some more strict guidelines. The fees that these lenders charge may not exceed beyond 3 percent of the entire sum of the Qualified Mortgage. Some are of the opinion that depending upon the structure of the fees, choices of consumers might be limited. However, it is good to keep in mind that mortgage interests might raise to at least 5 per cent by capping fees.

Changes in the 2014 Mortgage Market

2014 is predicted to be an outlandish year especially for the mortgage industry and appears to be full of contradictions; but some of the basics of economics are at play—demand, supply and regulation.

If there is a lower housing inventory, the complete amount of dollar of mortgages might decrease, but this does not imply the same for mortgage rates.

Private lenders are expected to return to the real estate market and as mortgage numbers increase, rates are also expected to rise. 5 percent is still considered a low rate and might not be luring enough to keep up buyers’ interest. Homeowners strictly holding on to their property can choose to sell off their properties as the market prices increase.

Lenders are expected to carefully counter mortgage documents that will enable them to insure that they follow proper lending practices. Verification of income and reliable sources of down payment are also scrutinized.

Mortgage Tips for 2014

While new introductory rules are being introduced, they are expected to make things a little more difficult for potential borrowers; now borrowers who are of the low-income group are likely to face some more tribulations. But as there are tough times coming up, there are chances of regulating and managing well with the tough situation. Some of the significant tips to consider as major mortgage tips for 2014 are:

  • Do some proper shopping for your mortgage
  • Get in touch with a mortgage broker or realtor for some good recommendations
  • Do a proper research work, prepare your documentation before you apply—have all your tax returns, payroll standards, bank statements.

Mortgage loan is a commonly borrowed loan and will continue to be in as much demand in 2014.

Featured image License All rights reserved by davewesterhouse

The Top 10 Property Investment Mistakes

Simon Barnett
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1
The Top 10 Property Investment Mistakes

A property investment can seem like your path to riches and there’s absolutely no doubt that many successful property investors have been able to make large sums of money via such activity. For those starting out, however, there may be a number of issues that can restrict returns.

This guest post looks at 10 of the most common mistakes that investors tend to make. If you’re able to learn from problems that have thwarted others, then I believe that you are on course for success.

1. Getting your timing wrong

Some people would suggest that investing at the wrong time is purely down to bad luck, but I would say that this is actually part of the art of property investment. You need to take a look at the market and to assess whether values are going to continue to rise, or whether there might be problems ahead.

If you fail to make the correct assessment, then it’s clear to me that you leave yourself open to the possibility of making a substantial loss.

2. Failing to understand the finances

I guess that I always feel that I am in tune with the financial side of life. I have spent many years working at Egopay and have noted that some people are very casual about the way that they deal with money.

To me, this is a real problem in the world of property. You need to do your sums and to be sure that you have the capital that you need. If you’ll be looking to borrow money, then it’s absolutely critical that you should have an understanding of the associated repayments.

3. Relying too heavily on tenants

The idea of buying a house and then using rental income from tenants to make your mortgage repayments may sound like a great idea, in theory. If you make the mistake of assuming that tenants will pay up on time, however, then you are set for problems.

4. Ignoring maintenance costs

When you are working out how much money you need to raise and the likely repayments on any loans, it’s all too easy to forget the fact that any property needs to be maintained. If you fail to carry out suitable maintenance work, then you can expect the value of the property to fall. You may also struggle to attract tenants.

Take a realistic view on maintenance costs and don’t assume that tenants will be able to carry out tasks, even if they appear to you to be relatively simply.

5. Not having suitable legal agreements in place

I’ve seen some wonderful property investment companies fail, typically when the owners fall out and fail to reach an agreement on how things should proceed. Such difficulties are easily avoided, as long as you have the right legal agreements in place.

The same is true when dealing with tenants, maintenance providers and other professionals.

6. Failing to deal with problems quickly

A simple problem can soon escalate into something much larger. To take an example, a basic issue with the plumbing in a property can soon lead to serious water damage, with the costs rising all the time.

As you build your investment portfolio, you may struggle to keep up with everything that needs to be done. If you don’t take action immediately, however, you may discover that things quickly get worse.

7. Having no budget for contingencies

Things go wrong: that’s just a fact associated with investing in property. Rather than making the mistake that you will lead a charmless life, it makes much more sense to put some money aside, in case you do run into difficulties.

8. Being unsure about the location

Whether you are buying a house to live in, or an apartment as an investment, it’s vital that you should have a thorough understanding of the location. You need to understand whether you are selecting somewhere that’s desirable. If a particular property appears to be too cheap, then there may be a reason for that price tag.

9. Concentrating on a single location

If it’s your intention to buy multiple properties, then you may feel that it makes sense to concentrate your purchases within a single area. This would allow you to know the area where and to make informed decisions.

However, it also exposes you to an increased level of risk. What happens if an event causes property prices to plummet? A better tactic would involve spreading the risk and looking at different areas.

10. A lack of communication skills

It often strikes me that the best investors often have great communication skills. In your case, you’ll want to think about how you communicate with others, given that such actions can have a direct impact on income levels.

A great example of this would be remembering that retaining tenants is often easier that constantly having to find replacements to live in your properties. Keep your existing tenants happy and you will reap the financial rewards.

Featured image License Some rights reserved by lumaxart

Canadian housing market trends

Darya Tokareva
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Canadian housing market trends

By tradition, the New Year is a time to sum up the results of the past and build the future projections. In this article we will try to give the view of what happened on Canadian real estate market in 2013, and share conclusions about the direction of its development in 2013.

If we talk about 2013, it was a difficult year for housing market in Canada, and Toronto in particular. Although the real estate market state almost always depends on many factors, which in 2013 were more than enough to make a significant impact on it. Last year is marked by one important feature – namely, the government took cooling course and adopted a series of measures that influenced housing market development. As a result, the real estate market was under additional pressure. Nevertheless, it stood up the challenges and now demonstrates quite interesting results. They consist in the fact that Toronto real estate market went into a state of compressed spring, which can deploy in 2014.

Why I am speaking about Toronto housing market in particular? Toronto is Canada’s largest metropolis, which territory is home to nearly a quarter of the total population, making its housing market the most important player of Canadian economy. At the same time it dominates not only over the real estate markets of other Canadian cities, in many cases it outweighs the value of the real estate markets of entire provinces. Therefore, if to analyze some regional market, it undoubtedly should be the real estate market of Toronto.

If we talk about statistics, at first glance it seems that if housing market cools you should expect deflation of the bubble. In particular, market activity and number of transactions has decreased significantly. For example, the number of apartments in condominiums sales in 2013 was down 7 % compared with the annual average of the previous years, and more than 50% lower than in 2011. If we talk about detached houses and townhouses, the number of transactions was also by 38 % lower compared with the annual average. That is, all indicators suggest that the market has cooled and you need to wait for lower prices. However, not everything is as simple as it seems. It always happens with statistical information, if it is taken out of context. In general, the picture is much more complex and leads to completely different conclusions.

In particular, property prices in Toronto not have declined by the end of the year, but have grown substantially. For example, the price of detached houses and townhouses increased by 17 % per year. And for experienced realtors this price increase along with number of transactions reduction is not a surprise. On the contrary, this is what you should expect. If we talk about the condominium market, the prices of apartments were different – they have grown considerably in good houses, while in homes that originally had flaws prices have lowered. But in general, prices for condominiums in Toronto rose that year. Another interesting fact that has long-term consequences was the increase in condominiums apartments’ rental rates. And it is not just a simple increasing, but a significant jump – up to 20% in some cases.

To summarize: we believe that in 2014 we are waiting for a significant price increasing on Canadian housing market.

Featured image License All rights reserved by majornagra

The Employment Laws Of 2013/2014

Muzahed I.
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The Employment Laws Of 2013/2014

The Employment Laws That Shaped 2013

During 2013 the UK’s employment laws changed dramatically. Various new terms have been introduced that have overturned the previous rules considerably. This has included several changes in employment tribunals that saw new settlement treaties being introduced to replace now defunct compromise agreements. Another significant change is the introduction of a new two-year time period being required for launching unfair dismissal cases. Here is a general description of the laws recently passed and the affect they will have on UK law.

 1.      The Elimination of third party harassment

The third party harassment act was established as part of the 2010 Equality Act, which states that an employer is legally accountable if their employees are working in conditions in which they may be on the receiving end of harassment by a third party. If such an incident should occur on two or more occasions, an employee has the right to sue. There are many professions in which such incidents can occur, such as bar and nightclub employees being subjected to abuse by inebriated customers. The recent change of legislation has relaxed much of the pressure that these requirements have on employers, however, these changes are by no means an indication that employers should not stay vigilant against scenarios in which their employees feel threatened or are placed in danger. Third-party harassment should always be one of an employer’s greatest concerns.

 2.      The End of the Agricultural Minimum Wage

The abolition of the Agricultural minimum wage has definitely been a long overdue development in the world of employment law, having finally been removed in October 2013. This brought separate working laws for employees in the agricultural and horticultural sectors to an end after years of union calls to do so. Now that both the National Minimum Wage and Working Time Regulations apply to these sectors, the quality of life for thousands of UK citizens will improve significantly.

 3.      Increasing the National Minimum Wage

Speaking of the UK’s national minimum wage, the adult hourly pay rate has increased this year, now standing at £6.31. There is also an increase for 18 – 20 year old workers who will now receive a new hourly rate of £5.03. For employees under 18, wages will increase to £3.72 per hour and for apprentices the wage will become £2.68.

TUPE Changes for 2014

A series of further changes will implemented in 2014, beginning in January with alterations being made to the TUPE (Transfer of Undertakings & Protection of Employment) regulations of 2006.

The changes that have been projected towards TUPE include:

  • The rejection of the proposed abolishment of Regulation 3(1)(b) and the ‘service provision change’. This is a decision that follows the government’s taking into account the concerns of employers who claimed that any changes would result in great uncertainty and create redundancy liabilities for employers.
  • The projected repeal of employee liability information under the guidelines of Regulations 10 and 11 has also been dropped. Although employee liability information must instead be provided within 28 days of all transfers rather than the current 14 day period required.
  • Plans to allow TUPE consultations involving more than 20 redundancies to also satisfy the requirements for consultation on collective redundancies where the two can run parallel.
  • Allowing micro-businesses with ten or less employees to inform and consult directly with employees as opposed to employee representatives.
  • Amendments to ‘entailing changes in the workforce’ definition so that TUPE dismissals involving a change in the place of work will now not be automatically unfair

How do you feel about the employment law changes made in 2013? Are you concerned about the proposed changes to TUPE in 2014? Comment and have your say.

Featured image License All rights reserved by pchurch92

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