The Telegraph quotes William Marriott on the importance of correctly completing a property information form and the onus placed on sellers
William Marriott
In the Press
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Buying and Selling Legal Services
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.
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If you would like to speak to a member of our Private Wealth team or to find out more about how we work, please get in touch.
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