Leasehold Extension on Your Flat

By Tim Bishop

You have enjoyed living in a leasehold property for the last 2 years, what's next? Leasehold extension is next sensible move - but don't panic and let it spoil your fun.
Well, I'll move out then and find somewhere else to live for a couple of years, you tell yourself.

Stop! It's not because you have lived in your flat for over two years that means you now must extend the lease nor is there any law that stipulates this.

Ask yourself: do you know how many years are left on your lease? If not, then find out. Has it dropped below 80 years? This is where your difficulty lies.

I'm not going to stay here for another 80 years, you protest. Who bothers with a leasehold extension? I probably won't live that long!

No, but your flat will and someone will want to buy it, whether that happens in one year or ten, twenty or thirty.

So let them buy it, let them extend the lease, what's the problem?

The problem is that your flat will have lost value and potential buyers will not only be put off by a short lease, but it is unlikely they will be able to secure a loan to purchase it -as mortgage companies really don't like lending on properties with short leases.

Oh.

Precisely. You understand what lies ahead if you don't apply now to extend your lease.

Ok then, so how do I do this and what does it involve?

Step One: by doing some simple research, you can read all about the process yourself and what it involves. When you know more on the topic you are able to discover exactly what your rights are and what are the responsibilities of your landlord.

And that's it? I just fill in a few forms, sign, send away and hey, I've extended the lease. Oh, and any big costs involved? Just a tiny administrative charge I guess?

No quite. Step Two: speak to a lawyer who specialises in leasehold extension. You will need the guidance of a professional to see you through any loopholes, clauses, discrepancies and agreements. The process of extending your lease is not difficult but it does sit in the legal sphere - and that means correct and professional experience and handling.

Two straightforward steps this is all?

Exactly.

Wey, hey...I can continue to enjoy my little pad. I'm off now to extend my lease!

READ MORE - Leasehold Extension on Your Flat

Bulls in the Real Estate Market - The Fundamental Concept

By Colin Scott

In this particular type of market the notion of buying is a very good one, the reason for the great benefits is because of the large amount of property inventory made accessible because of quick fire sales and home foreclosures. However there are also the responsibilities which come along with this venture as there will be homeowner insurance, monthly mortgages also the homeowner's tax and the maintenance of the property.

A very important thing for a buyer to know is all of the short fall and gains of this particular venture, because if you are a renter you will only be required to pay the monthly rent and nothing more. To be qualified for ownership requires you the candidate to have a steady paying job and a good down payment, and the advantages for investing right away is because of the low interest rates, a tax break on your income and also the advantage of first time buyer incentives.

As a homebuyer you will need to have information on all of the major Californian cities, as the median income for the household in Berkeley was about $59,335 against that of $70,079 in the county of Alameda and also $61,154 in the state of California. The median age in California was 36 years, compared to 34 years in Berkeley and 37 years in Alameda. Also as a home buyer you will need to go online and find a site that gives information about all the major cities and all places of interest like schools, latest demographics plus economic indicators.

READ MORE - Bulls in the Real Estate Market - The Fundamental Concept

Facts About California State Taxes

By Colin Scott

The taxes of California fall in three different categories such as taxes on property, taxes on income and taxes on sales. The first one to be put in focus is the income tax as is paid on personal income and varies depending on the size of property. There are six different tax bands and for the first $6,622 dollars of income one percent of tax will be deducted, and this rate

goes up by about two percent when the new tax bands are between $6,000 and $15,000 dollars.

The third due bracket is the one that is in the range of $15,000 to $24,000 dollars and the rate for this is four percent. And as the brackets go up so does the percentage by two percent and when it reaches about nine to ten percent it is then payable. For the incomes which are over a million dollars a surcharge of one percent is applied, thus making the highest income margin tax rate in the state of California? The submission of your tax returns should be done by April fifteen each year, they should be made on these following forms form 540A, form 540, form 540EZ and also form 540-ADS.

If couples are going to file there due returns together the levy brackets will be doubled, the issue of sales tax is very different throughout California. In the year 2002 the rate was about 7.24 percent and it included state taxes, local taxes and also county taxes, and the state component is roughly 6.25 percent and can vary depending on the state.

READ MORE - Facts About California State Taxes

The Backbone of the CEQA Process

By Trevor Street

The Initial Study Checklist will determine what type of CEQA document will be required for a project, whether it be a Negative Declaration, a Mitigated Negative Declaration, or an Environmental Impact Report. The questions posed in the Initial Study Checklist can also serve as significance threshold in the preparation of an Environmental Impact Report.

The determination of what type of CEQA document is required for a project is based on the responses to 89 questions covering 18 environmental issues contained in Appendix G of the Guidelines to the California Environmental Quality Act, prepared by the California Natural Resources Agency.

According to the California Natural Resources Agency, Appendix G is a sample form that may be modified as necessary to suit the lead agency and to address the particular circumstances of the project under consideration. In addition, the Third District Court of Appeal recently issued an opinion that clarified that all substantial evidence regarding potential impacts of a project must be considered, even if the particular potential impact is not listed in Appendix G. (Protect the Historic Amador Waterways, supra, 116 Cal.App.4th at 1109.)

In practice, Appendix G serves as the basis for the majority of Initial Study Checklists prepared by a lead agency. Even if a lead agency uses a modified form, the information contained in the Guide to the CEQA Initial Study Checklist 2010 can be useful.

Each of the 18 environmental issues described in Appendix G are covered in standalone chapters for easy reference. The CEQA document preparer can select what environmental issue they are interested in and find all of the information in that chapter.

This is not a book that has to be read cover to cover to be understood, but instead can be used as a quick reference source for whatever environmental topic the Initial Study Checklist preparer is interested in.

READ MORE - The Backbone of the CEQA Process