TAKING STOCK

AND MOVING FORWARD

It’s positive to see life beginning to move forward again after slowing down, or in many cases, coming to a halt as the coronavirus pandemic gripped the UK. Ian Liddle, Partner at Farleys Solicitors explains how this has affected people both personally and professionally

Things have undoubtedly been tough, but the lockdown has given us an opportunity to take stock and reassess where we are and where we are going.

At Farleys we have seen a change of perspective from many of our clients on both an individual and business basis.

Despite the initial shock to the residential property market, three months at home has led many homeowners to reconsider their property needs, with many concluding that they are ready for a change. The increase in home working has also given others the push to finally make that move out to the countryside, with less need to be in the office full-time.

A lot of people have also decided that now is a good time to invest in property, with bricks and mortar often considered to be a safer asset class in unstable times.

It is also a sad fact that many months in isolation with significant others have pushed some couples to breaking point, considering divorce and separation. Issues which may have been bubbling under the surface have been exacerbated by the stress and uncertainty of the lockdown. Moving forward, however, this could be viewed as a fresh start, whether through mediation, finding a way to work through these issues, or through separation – potentially being the best solution for the family in the long run.

Prior to the pandemic, over half of adults in the UK didn’t have a valid Will, meaning, should the worst happen, their families may not be provided for in the way they would have wished. Lockdown has given many people time to take stock and assess things which have perhaps been neglected in the past, including the drafting of Wills. Whether you haven’t got round to writing a Will or your circumstances have changed since you last had one written – for example, you may have got married or had children, so now is a good time to make sure these things are up to date.

For household finances, you may be unexpectedly impacted by job losses or wage reductions. It is important that you don’t bury your head in the sand – seek professional advice if debts are getting too much to manage. There is help out there, don’t be reluctant to take advantage of it.

From a business perspective, there are many things business owners will need to consider in the coming months, from employment matters with regards to staff returning from furlough, to commercial contracts and disputes arising as a result of the pandemic. There will also be opportunities for business owners to refocus where necessary with consideration being given to restructuring and future-proofing.

As a full-service law firm, our teams at Farleys can help with the scenarios mentioned above and more. We have been supporting the Lancashire community for over 60 years and have continued to do so safely throughout the pandemic.

To speak to an expert today call 01254 368040 email: info@farleys.com or visit: farleys.com

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