There are many different motives for buying and selling estates, not least because estates come in many different shapes and sizes.
These include heritage property, many of which come with land for agricultural use, forestry, tourism and even vineyards or urban estates in cities or brownfield sites.
If you are buying a rural estate, you may be looking to diversify the asset to realise new revenue potential through renewable energy projects or even visitor attractions and holiday rentals. Such estates are particularly popular with international buyers, as they provide not only a home but also an income stream. There are many opportunities to explore in our diversification section here. No matter how you look to maximise your asset, is it likely that there will be some level of trading activity, be it through a shoot, meat, forestry and so on, so it is important when buying the asset that you consider the appropriate ownership structure to realise the tax benefits of trading such a diverse set of goods. Most estates also have some level of permanent staff, so you should be aware that you will also be purchasing a growing concern, and the various employment related contracts that go with that.
Buying heritage property on its own can also provide useful tax benefits, including where there is a significant art collection. Even if you think you are purchasing a straightforward country house with no land or heritage value, it is important to look out for any listed building consents required.
For those looking to buy an urban estate, the considerations are somewhat different. Sustaining an urban estate typically relies on strong rental streams from commercial leases, which means you may not benefit from certain tax breaks, such as business property relief. In addition, you need to be aware of important planning and rights to light issues, amongst others.
We can assist you with all aspects of buying and selling landed and urban estates. We work across all areas of legal advice, so even if you are buying a rural estate with development opportunities, we are able to take all considerations into account. Equally, if you are looking to develop some property into office or retail outlets, we can apply our commercial property experience to this. There is no one size fits all approach with buying or selling an estate, so our diverse practice will mean we have every eventuality covered, in the most tax efficient way possible. For more information about our private property team, click here.
Our thinking
Young Rural Professionals Networking Evening
Join us and like-minded individuals for our Young Rural Professionals Networking Evening.
Strategic Planning for Modern Landed Estates
The second in our series of articles on succession planning for landed estates covering a wide variety of matters.
Katie Talbot
Succession Planning for Landed Estates
The first in our series of articles on succession planning for landed estates covering a wide variety of matters.
Henry Fea
In conversation with Lady Ashcombe of Sudeley Castle
Watch Henry Fea and Lady Ashcombe in our two part video series.
Hannah Connors
Stewardship: word of the moment, guiding principle for past generations and shining light for the next
If stewardship is an old idea, why are we talking about it now?
Mary Bagnall
Diversification of landed estates – a trade mark lawyer’s advice...
Mary looks at the diversification of landed estates and offers her expert advice from a trade mark perspective
Tim Maxwell
Landed Estates and Historic Properties: Business Interruption
Tim Maxwell and Manoj Veghela discuss the implications of business interruption.
Naomi Nettleton
Naomi Nettleton and Tristram van Lawick quoted by Citywealth on the ways in which landowners are embracing change to sustain and diversify their operations
Naomi Nettleton
Landed Estates and Historic Properties: Staging outdoor events – part 3
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Landed Estates and Historic Properties: Staging outdoor events - part 2
The second part of our series on the various elements to consider when staging outdoor events
Naomi Nettleton
Landed Estates and Historic Properties: Staging outdoor events
Naomi Nettleton discusses the issues with Simon Foster, Director in Tourism, Leisure & Events at Savills.
Tristram van Lawick
Landed Estates: The Whole Estate Plan
How the current market demonstrates the need for a clear whole estate plan rather than approaching each matter in isolation.
Louise Paterson
What should I consider when gifting heritage and farm property assets?
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UK resident non-UK domiciliaries: the remittance basis
Non-domiciliaries planning on becoming resident in the UK ought to be aware of the remittance basis of taxation.
Dominic Lawrance
Non-UK domiciliaries: Inheritance tax issues and opportunities
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29 lawyers ranked in Chambers High Net Worth Guide 2017
We performed extremely well and received some fantastic feedback from clients and contacts.
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New Money Laundering Regulations contain considerable new obligations on trustees and transparency measures to look out for
Succession in UK Family Businesses
If you are a family business owner, now is the time to tackle those difficult questions on succession for the long term benefit.
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The Timing of Financial Orders
Lexis PSL discuss the judgment in K v K (Financial Remedy Final Order prior to Decree Nisi) with Grant Howell.