When buying a home it’s important that the right survey is carried out. There are different types of surveys, including a condition report, a home buyer report and a structural survey.
Our property law experts here at Ferbrache & Farrell LLP have put together a handy downloadable guide to ease you through the process.
Click here to read or download.
More than four-and-a-half years after the tragic Grenfell Tower fire, many leaseholders of flats in England are still living in unsafe buildings and paying increasing insurance costs and service charges. This is in addition to the great difficulties such owners have in trying to sell their homes.
Costs of remediation work to remove and replace unsafe cladding can reach into the millions. An analysis by The Building Cost Information Service, (BCIS) can be found here: https://www.rics.org/uk/products/data-products/insights/cladding-remediation-costs/
In March 2020, the Government committed to provide financial support to remediate unsafe cladding on residential buildings over 18 metres tall or more than 6 storeys in height by creating The Building Safety Fund. In February 2021, the amount for this fund was increased and the Government also announced a loan scheme for leaseholders in flats between 11-18 metres in height. The loan scheme offered long term, low interest loans ensuring leaseholders’ repayments would not be higher than £50 a month.
However, 9 months later in November 2021, the scheme was paused by Mr Gove, Head of the Department for Levelling up, Housing and Communities, who was generally opposed to the principle of leaseholders having to pay anything towards the remediation costs. On 10 January 2022, Mr Gove announced that this cost will now become developers’ responsibility and is expected to be in the region of some £4 billion.
Mr Gove has given developers until early March 2022 to agree a plan of action that will fully fund the remediation of unsafe cladding on buildings between 11-18 metres in height. The Government wants an open and co-operative meeting with the largest members of the industry, trade bodies and leaseholders to discuss the safest and quickest solutions to moving forward with remediation work so that all buildings are safe.
If developers do not co-operate, Mr Gove has indicated that the Government will take action to fulfil this, suggesting the introduction of some tough measures including restricting developers in relation to access to government funding and future procurements, a potential windfall tax, the use of planning regulations and even bringing developers to court. Further measures will include passing laws and establishing a regulatory framework to enforce it.
Whilst this is a step in the right direction for many leaseholders, there are still concerns over the voluntary nature of the contributions from developers, and the length of time it may take to enforce and secure these contributions. It is likely that the process will take years, rather than months.
Additionally, with indications that it may take until the end of 2024 to remove cladding from buildings over 18 metres, there is still no relief on the financial burden for leaseholders of associated costs until the cladding is remediated.
There is, however, a body of opinion that indicates that this step is better than taking no step at all.
For more information see: https://www.gov.uk/government/news/government-forces-developers-to-fix-cladding-crisis
Our UK Real Estate team is always on hand and ready to help you with any enquiries you may have, so if you have any questions or require legal advice or assistance in connection with English property conveyancing, please do not hesitate to contact us.
Law firm Ferbrache & Farrell LLP is celebrating its five-year anniversary.
Opening in November 2016 with just nine people, the team now numbers more than 30, with an increasing local and international client base.
With core offerings in corporate law, dispute resolution and private client (including both Guernsey and English residential and commercial real estate and property), its client base ranges from local individuals through to well-known international institutions, for all their Guernsey legal requirements.
Managing Partner, Alastair Hargreaves, said of the anniversary: ‘It has been a privilege to work alongside such talented people in Ferbrache & Farrell and to see our business develop in the way it has. We are committed to providing a first class legal service and to helping our clients with innovative, timely and cost effective solutions. We thank all of our clients and intermediaries for the invaluable support, trust and confidence they place in us and we look forward to the next five years.’
In its relatively short growth phase, the firm and its lawyers have been recognised on several occasions in professional rankings and directories, and have been shortlisted on multiple occasions for industry awards on both team levels and for the firm overall.
Although based in Guernsey, the firm works closely alongside a number of well-known law firms, financial and other institutions in other jurisdictions on cross border matters, and particularly so in the corporate team.
Corporate Partner, Gavin Farrell, an industry leader, added: ‘It has been a privilege to be a part of what has now become the only Guernsey-based full service commercial law firm instructed by both local and international client bases and competing with the Guernsey offices of the major global international offshore law firms.’
With all of the challenges facing business and individuals at the present time, the firm is keen to recognise the importance of collaboration and flexibility and to structuring its offerings in a helpful way. With energy and enthusiasm the Ferbrache & Farrell team is actively exploring new opportunities and are looking forward to the coming years ahead.
Our UK Real Estate team specialises in advising on all aspects of security work for private offshore banks and individual investors in the refinance of English property portfolios and any associated advice relating to residential English property, including investment buy-to-let property, new build developments, new lease work and work to rectify and extend old leases.
The team has created a practical guide to English residential conveyancing.
Click here to read or download.
Ferbrache & Farrell continues to increase its recognition as a Guernsey law firm in the legal directories.
All departments or leading Advocates of Ferbrache & Farrell have been recognised in the 2022 edition of Chambers UK. The highly respected legal directory ranks law firms and their lawyers based purely on client feedback.
Ferbrache & Farrell’s dispute resolution department is highlighted in the guide for its expertise in a range of dispute areas, in particular commercial and trusts litigation. Clients described the department as ‘personable’ and having good communication. One source noted: ‘They have quality people on the team who are thorough, professional and approachable.’
Ranked individuals in the firm include Advocate Gavin Farrell, who remains one of the only two Guernsey lawyers who achieved the top tier ranking for corporate & finance including investment funds. Advocate Farrell is also the only ranked lawyer in the corporate rankings who is from a Guernsey-only practice and not from the Guernsey office of a global offshore law firm. The guide describes Advocate Farrell as being ‘highly regarded for his extensive funds knowledge. He advises clients on a wide variety of matters including fund formation, investments and operational issues.’
‘It is particularly pleasing to be the only Guernsey corporate lawyer and department to achieve this from a single-office, independent firm. Our ranking is however a reflection of the entire firm’s collective work and effort. It is not down to individuals,’ said Advocate Farrell.
Advocate Hargreaves, who is also the firm’s managing partner, leads the property and private client department. He is ranked band 2 for property and is described as being well respected for his broad practice advising on both residential and commercial property matters. His areas of work also include development issues and acquisitions. One client noted: ‘He has an ability to make all clients feel at ease, and his advice is concise, accurate and commercial.’
Advocate Hargreaves added: ‘I’m delighted with our continuing success and market recognition – a testament to our team and our commitment to our clients.’
Ferbrache & Farrell was established in 2016 and consists of highly respected individuals with decades of experience and who are all recognised locally and internationally for their levels of expertise in commercial law, property law, private client and dispute resolution.
Last month the firm was recommended across four practice areas in The Legal 500 2022 UK rankings.
For more information about our rankings in Chambers UK 2022, click here.
Ferbrache & Farrell LLP has been recommended in four practice areas in Guernsey in the Legal 500 United Kingdom 2022 rankings, reflecting the excellent quality of their legal services, testimony of their clients and the top lawyers they have in these fields.
One of the leading directories for the legal industry, the Legal 500 has ranked the firm in Commercial Property, Corporate and M&A, Dispute Resolution and Investment Funds. The firm has nine lawyers from all departments named in the guide, with two recognised as leading individuals, one in the next generation lawyers group and one rising star.
The Legal 500 named Advocates Alastair Hargreaves and Gavin Farrell Leading Individuals, respectively for Commercial Property and Corporate and M&A. Advocate Farrell is also the only Guernsey lawyer to remain in both of the publication’s Halls of Fame – for Banking & Finance and for Investment Funds.
The firm’s commercial property team retained its listing in Tier 2, as a premier property practice, headed Advocate Hargreaves, with Anna Douglass, solicitor & counsel, being a key lawyer.
The firm’s corporate team, headed by Advocate Farrell, with key lawyer & counsel Helen McGeoch, has also received an outstanding Tier 3 result. A separate Tier 3 ranking was also awarded to the firm’s corporate team in the practice area of investment funds.
The dispute resolution team has also received a Tier 3 rating.
‘The 2022 UK Legal 500 results are tremendous and reflect the hard work of the team and our commitment to a first class client service experience,’ said Advocate Hargreaves.
‘It also reflects the cross-jurisdictional knowledge and recognition of our team members, which is very impressive for a boutique medium size firm approaching its sixth year in operation. Our firm is very proud to be amongst most, if not all, firms which are long-established global offshore practices. We are extremely proud of these achievements, both at firm and individuals’ levels, and will continue to work together to best help our clients.’
The Legal 500 UK ranks law firms after a thorough and independent research process, which includes testimonials from clients, as well as information provided by the firms themselves.
To view Ferbrache & Farrell LLP’s rankings, click here.
From the 1st October 2021 stamp duty rates are due to return to the levels which were in place prior to 8th July 2020.
You can check the rates using the HMRC website https://www.gov.uk/stamp-duty-land-tax/residential-property-rates
The standard rates from 1 October 2021 will apply as follows:
Property or lease premium or transfer value SDLT rate
Up to £125,000 Zero
The next £125,000 (the portion from £125,001 to £250,000) 2%
The next £675,000 (the portion from £250,001 to £925,000) 5%
The next £575,000 (the portion from £925,001 to £1.5 million) 10%
The remaining amount (the portion above £1.5 million) 12%
It should also be noted, depending on your circumstances and specific transactional details, that the following may apply in addition to the standard rates:
· Higher rates for additional properties – you’ll usually have to pay 3% on top of SDLT rates if buying a new residential property means you’ll own more than one.
· Rates if you’re not a UK resident – if you’re not present in the UK for at least 183 days (6 months) during the 12 months before your purchase you are ‘not a UK resident’ for the purposes of SDLT. You’ll usually pay a 2% surcharge if you’re buying a residential property in England which completes on or after 1 April 2021.
· Special rates – there are different SDLT rules and rate calculations for corporate bodies, people buying 6 or more residential properties in one transaction, shared ownership properties, linked or multiple purchases, purchases that mean you own more than one property and companies and trusts buying residential property.
Find out what more we can do in residential English real estate by contacting one of our team.
The Corporate and Property Departments of Ferbrache & Farrell LLP (F&F) acted for Global Net Lease, Inc. (GNL), the NYSE listed real estate investment trust in its acquisition from Stenprop of the Trafalgar Court office building.
F&F was delighted to be able to provide corporate, banking and property advice with regards to this major acquisition of a landmark building in Guernsey. The F&F team consisted of Alastair Hargreaves, Gavin Farrell and Helen McGeoch, who, between them, provided all legal aspects for this major acquisition.
Gavin and Alastair were delighted to be able to be involved on a F&F multi-disciplinary basis in acting for GNL. Three of the largest law firms in Guernsey were also involved in acting for the lender, the seller and the tenants.
“We were particularly delighted to have worked with these firms in a streamlined and constructive manner in order to ensure that the transaction was completed to the satisfaction of all parties involved.”
Even the best ‘list writer’ can get a little lost when it comes to who you need to notify when you’re moving home.
After spending time finding the perfect property to buy (and selling your own if you’re not a first time buyer), going through the removal process and unpacking at the other end, normally one of the last things on people’s minds is remembering who they should tell about their change of address. That’s why the property team from Ferbrache & Farrell has created a handy checklist for you.
Click here to download and print one off.
Despite the government withdrawing the incentives, as we emerge from the pandemic, the English residential property market’s activity and growth are sustainable.
The extended SDLT holiday (till the end of June 2021) and the staggered return approach to SDLT rates (over the period from 1 July 2021 till end of September 2021) shall still remain a powerful catalyst, convincing prospective buyers to buy. And looking ahead into Q3, as the SDLT returns to standard pre-pandemic rates, we should expect the positive market trends to continue which will no doubt aid the period of gentle easing into normality.
Click here to read our insight paper.
Ferbrache & Farrell LLP is a limited liability partnership authorised and regulated by the Solicitors Regulation Authority (SRA ID 822659) to provide English & Welsh property law advice, to include conveyancing, which is registered in Guernsey (LLP registration number 64) with registered head office address at Somers House, Rue du Pre, St Peter Port, GY1 1LU and a UK office address at Octagon Point, St Paul's, 5 Cheapside, London, EC2V 6AA.
