Fladgate is an advanced, commercially astute international law firm serving a wide range of corporate, institutional and private clients. From our base in London, we help our clients to realise their goals, close deals, and protect and preserve their assets.
Real estate forms a core element of Fladgate’s business. Our real estate team is equipped with a broad spectrum of technical skills to complement our clients’ business activities.
We advise on major retail, office and residential developments, large scale city centre developments, industrial parks and the management of substantial property portfolios, together with acquisitions, lettings and disposals for occupiers, investors and funds.
We have a dedicated residential team able to deal with the full suite of residential transactions, from single unit acquisitions to portfolio acquisitions. The Chambers and Legal 500 legal directories consistently recommend Fladgate across the full range of property-related transactions.
Partners within the tax team work closely with our property colleagues to provide innovative solutions which take account of the context in which tax advice is provided.
And our corporate team provides the support required to deliver commercial solutions for clients whether in relation to funding, structuring or advice on the use of offshore vehicles as a means of holding UK real estate.
You will need to consider how the transaction is to be funded, who the purchasing entity will be, whether the transaction is to be structured as a “direct” or “indirect” deal, and the tax implications of the transaction, in particular Stamp Duty Land Tax.
As soon as terms between the buyer and the seller are to be agreed.
• Identify the property or properties to purchase.
• Make an offer to the seller.
• Negotiate and agree Heads of Terms.
• Appoint lawyers.
• Carry out due diligence, including legal and physical surveys.
• Lawyer to prepare and negotiate transaction documents including the sale contract and transfer document.
• Lawyer to report on the transaction.
• Legal documentation is signed, deposit paid and contracts exchanged.
• Completion of the transaction.
• Payment of Stamp Duty Land Tax and registration at the Land Registry.
Your bank, assuming you are borrowing to undertake the purchase, will typically require a survey to have been conducted to assess the property value.
This will vary across transactions. The buyer will need to confirm warranty terms with the seller.
Your lawyer will be able to advise you on the most appropriate structure, including whether to undertake a direct property purchase or an indirect purchase.
You may also wish to set up an alternative investment vehicle or Special Purpose Vehicle (SPV) for the purpose of closing the transaction.
Tax will be a key consideration in determining the structure, including understanding the overall Stamp Duty Land Tax liability that will become payable.
Your lawyer will be able to advise you. Common considerations include whether your property is leasehold or freehold, and whether you will be renting your properties out following completion of the acquisition.
If you would like to obtain legal advice or support for a real estate
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