Innovative partnership helps grandparents use taxing times to invest in next generation

January 19th, 2012

Lupton Fawcett inheritance tax planningAN innovative partnership has been launched to support families with pupils at a West Yorkshire independent school while enabling their grandparents to reduce their inheritance tax liability.

Integrated commercial law firm, Lupton Fawcett, Leeds, and The Grammar School at Leeds (GSAL), where fees are £10,000 a year have created the partnership to help grandparents of pupils to use equity from their homes to pay their grandchildren’s fees at the 2,200-pupil school and cut the inheritance tax payable by their own children when they die.

The initiative, devised by wills and trusts specialists at Lupton Fawcett LLP, East Parade, as part of its Law of Advantage approach, is one of the first of its kind in Yorkshire and aims to help families who may need additional support with school fees while the economic recovery remains slow and unemployment is rising.

Director  and head of  Lupton Fawcett’s Wills, Trusts and Estates Department, Duncan Milwain, says; “The timing of the economic crash after 15 years’ growth means that some retired people are comparatively well off while their adult children are struggling with rising inflation, pay cuts and, in some cases, short-time working.

“The threat of redundancy is also a very real one for many people. This can put significant pressure on parents who are planning to send their children to an independent fee-paying school.

“A generational chasm is developing between that generation and the better-off retired who have equity in their homes and may also have sizeable pension pots.  For these people inheritance tax can be a headache – an individual’s threshold is £325,000 – over this figure tax is payable at 40 per cent.  There are large parts of West Yorkshire where simply owning a property can put people over this threshold and into the tax regime.

“Some grandparents are already stepping in to narrow this chasm by helping their family meet costs such as holidays and providing or supplementing deposits for home-buying.

“This tax-efficient initiative reflects a further way in which grandparents can offer practical financial support to their families now and to significantly reduce the inheritance tax payable when they die. Many will no doubt feel that it is an extremely worthwhile investment.

“It is however important that any planning carried out by a family is not dealt with in a vacuum – it should take place in the context of all the family circumstances.”

GSAL financial director, David Naylor, says: “We recognise that school fees are a significant financial commitment and are constantly looking for ways to help families fund their children’s education. This partnership with Lupton Fawcett is an example of two leading institutions working together to support families across the region.”

Commercial and family law firm, Lupton Fawcett, which has been practising law for more than 100 years and also has an office in Sheffield, launched its Law of Advantage approach to deliver innovative and practical, game-changing legal work to its clients.

As always, Lupton Fawcett is on hand to offer further advice, so please contact Duncan Milwain on 0113 2802097 or e-mail Duncan.milwain@luptonfawcett.com

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LCF strengthens Leeds team

January 18th, 2012

Last Cawthra Feather SolicitorsAward winning law firm, Last Cawthra Feather (LCF) has appointed solicitor Jackie Hixon as an Associate to its LEGAL 500 rated Litigation team in its expanding Leeds Office.

Based at LCF’s Leeds Office on Sovereign Street, Jackie has been appointed to handle and head up Insolvency work and to advise on a broad range of dispute resolution matters.

Jackie joins the firm from Irwin Mitchell in Leeds where she has spent the last 9 years of her career.

Jackie has experience in all aspects of commercial dispute resolution with particular expertise in corporate recovery, insolvency law, restructuring, asset tracing and recovery, directors’ disqualifications and business/asset transfers.

Commenting on her recent appointment, Jackie says: “It’s an exciting time for LCF and I’m pleased to be part of the award winning team.

Jackie Hixon joins Last Cawthra Feather to head Insolvency work and advise on dispute resolution

The firm is going from strength to strength, as are the firm’s areas of expertise and service offerings. I am excited about the opportunities going forward with LCF and in particular expanding the insolvency work undertaken by LCF.”

Managing partner of LCF, Simon Stell adds: “We’re delighted to welcome Jackie to the team. The move marks a growth in our areas of expertise. We’re thrilled to have both Jackie on board to extend our reach and capabilities and also to make such a positive start to 2012.”

The firm was awarded the 2011 Law Society Excellence Award for Innovation.

LCF has also recently been appointed to the regional legal panel of Yorkshire Bank, which is part of the National Australia Group Europe Ltd.

Last Cawthra Feather is a leading law firm with offices throughout Yorkshire.  It now has 13 partners and 100 employees. Visit www.lcf.co.uk for more information.

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Retail Royalty attend Austin Reed flagship store launch

January 18th, 2012

Lupton Fawcett Commercial property Lupton Fawcett LLP, the Leeds and Sheffield based commercial law firm, has advised client, the Austin Reed Group, on the acquisition of a new flagship store.  Austin Reed’s move to 100 Regent Street allowed it to transfer its old store at 103-113 Regent Street to new owners, whilst remaining on Regent Street, its spiritual home.

David Bowden, Lead Director at Lupton Fawcett for the Austin Reed Group, was instructed to assign the lease of its old flagship store to Superdry and to take an assignment of the Aquascutum Store lease which is almost directly opposite the new store on Regent Street.

The new Regent Street store will allow the Austin Reed Group to present the Austin Reed and Viyella range in two separate flagship premises.

Timing was key to this move to ensure continuity of trade. Consents from the Landlord including Great Portland Estates and the Crown were obtained as well as additional timing issues including a rapid move to exchange of contracts within 14 days from initial instruction.  The transactions involved the highest premiums ever paid for the assignment of commercial leases with open market rents. The Austin Reed Group was given £15 million by Supergroup for the old premises commercial lease and paid £5 million to acquire the new 100 Regent Street property.

Lupton Fawcett Director David Bowden advised the Austin Reed Group on flagship Regent Street store acquisition

Colin Horsley, Property Consultant at Austin Reed comments: “Lupton Fawcett continues to provide exceptionally high quality legal advice whilst ensuring that we continue to meet our business objectives.  The recent acquisition of a new flagship store was significantly assisted by the firm’s excellent team work, our ability to have direct access to David and his team, and their concise, accurate advice given even on a very tight timescale.”

Commenting on the Group’s growth plans, David said: “Austin Reed has been synonymous with Regent Street since 1926 since its move from Fenchurch Street. The new Austin Reed Regent Street flagship store reignites the spirit of British heritage tailoring, transforming the retail landscape on Regent Street and consolidates the brand’s profile for the future. I continue to be extremely excited to be part of the Group’s strategic acquisitions and remain committed to ensuring that Lupton Fawcett contributes to Austin Reed’s achievement of their business objectives”

The new store launch was attended by Sir Phillip Green and Sir Stuart Rose who turned up to lend their support to Nick Hollingworth, the Austin Reed Group’s C.E.O.

Lupton Fawcett has offices in Leeds and Sheffield. It employs over 240 staff, of which around 120 are fee earners, making it one of the ten largest law firms in Yorkshire. For further information about the services provided by Lupton Fawcett, please visit www.luptonfawcett.com or call the Leeds office on 0113 280 2000 or Sheffield 0114 2766607

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Lupton Fawcett makes senior Commercial Property appointment

January 12th, 2012

Lupton Fawcett Commercial law firm Leeds and SheffieldLupton Fawcett, the Leeds and Sheffield based commercial law firm, announces the appointment of a new Consultant to its Commercial Property department.

Rodney Dalton, who was a senior figure at Brooke North for the last 16 years, specialises in all forms of commercial property with particular expertise in leases (offices, industrial units and retail units).  Rodney has dealt with a number of City Centre and out of town office blocks including Minerva House, Capitol House, Goodbard House, Friden House and Lawnswood Business Park.

Lupton Fawcett’s Managing Director, Richard Marshall, comments: “Rodney is noted as being a well known and long standing doyen of the Yorkshire property world and his expertise extends the services we are able to offer our own client base as well as introducing us to some very interesting and diverse contacts, which Rodney has made and retained over his working career.  We very much welcome Rodney into the Lupton Fawcett fold.”

Rodney Dalton joins Lupton Fawcett as a Consultant to the Commercial Property department
Rodney comments:  “As has already been commented about, the last few years have had a great impact on the economy and in particular the legal services sector.  Choosing Lupton Fawcett was the obvious choice, as they are moving forward in this tough market and provide a very good fit for my client base and for me.  The firm is focussed in its approach to client service excellence together with having a vast array of niche services that can only help me to serve my clients better.”

For further information about Lupton Fawcett please visit www.luptonfawcett.com or call the Leeds office on 0113 2802000.

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Lupton Fawcett makes senior tax appointment

January 12th, 2012

Lupton Fawcett Commercial law firm Leeds and SheffieldLupton Fawcett, the Leeds and Sheffield based commercial law firm, announces the appointment of a new Director to head its Tax division – as part of its ambitious plans to increase its client base over the next three years.  Michael’s recruitment is the latest in a long line of lateral hires.

Michael Hunter, who joins from Pinsent Masons, specialises in corporate and property tax particularly in all areas of mergers and acquisitions, corporate restructuring, property tax (particularly Stamp Duty Land Tax and VAT), private equity, tax disputes and investigations, employment tax and share schemes.

Corporate and property tax specialist Michael Hunter joins Lupton Fawcett as Director and Head of the Tax Division

Bob Harrap, head of Corporate Finance, comments: “Between us, Michael and I have set bold but realistic growth targets for the next three years based on the strength of demand.  With efficient tax solutions moving up the corporate agenda, Michael is extremely valuable to our plans to expand in this area and, with his exceptional abilities, this is the reason why we have recruited him.”

Michael comments:  “With the ever changing tax regulations and the challenges that places on Yorkshire businesses, my appointment will hopefully add a distinct dimension to the services I can offer Lupton Fawcett and its clients.

For further information about Lupton Fawcett please visit www.luptonfawcett.com or call the Leeds office on 0113 2802000.

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The role of the legal adviser when selling a business

December 7th, 2011

Last Cawthra Feather Solicitors What steps should you take to prepare your business for sale (i.e. contracts, leases, outstanding disputes), what role will your solicitor take in selling your business and what skills should a company look for when choosing a solicitor?

Selling your business can be one of the most important decisions you ever make. Having invested considerable time and effort in building your business, its sale may hold the key to a secure and comfortable future.

Prior to a sale it is important to take a critical look at your business and identify any areas of weakness: dealing with these or simply being aware of them in advance can enhance your chances of a smooth process.

A buyer is likely to undertake extensive review of commercial, financial and legal aspects of the business (known as due diligence). Legal due diligence will include a review of all material contracts, employees, title to assets, intellectual property used by the business and any outstanding or threatened litigation.

Your solicitor’s assistance is vital as you will be expected to enter into a sale contract containing extensive contractual promises in respect of all such matters. Sound legal advice can reduce any potential liability under such contract and give you peace of mind that you are not going to be asked to repay part of the purchase price at some point in the future.

Your solicitor should understand your requirements and aims. He should communicate clearly and act pro-actively applying a sound mix of legal expertise and commercial acumen in order to meet your objectives cost effectively. As the sale process will often be both emotionally demanding and stressful you need a solicitor who can provide a personable and user friendly service.

Susan Clark is a partner and Head of Last Cawthra Feather’s Corporate Department. Susan’s expertise in the field of acquisitions and mergers is acknowledged by her inclusion in the authoritative Legal500.

Last Cawthra Feather LLP (LCF) a leading and an award winning law firm. The firm has offices throughout Yorkshire.  It now has 12 partners and 115 employees. Visit www.lcf.co.uk for more information.

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EPC required to market commercial property

December 5th, 2011

Last Cawthra Feather Solicitors Commercial PropertyFollowing the Department for Communities and Local Government’s announcement in April 2011 of its intentions to amend the Energy Performance Certificates: Energy Performance of Buildings (Certificates and Inspections) (England and Wales) Regulations 2007 (“Regulations”) new regulations have been published widening the existing requirements for an Energy Performance Certificate (“EPC”) to be commissioned before marketing a property.    The regulations will come into force on 6 April 2012.

At the moment the regulations place an obligation on a seller to obtain an EPC only before marketing a residential property for sale.  However, from 6 April 2012 the regulations will apply to the marketing of all buildings whether for sale or for rent in England and Wales.

Julie Evans - Commercial property solicitor at Last Cawthra Feather

There will be an obligation for any person relevant to the sale or letting of a building (or anyone acting for such relevant person) to use all reasonable efforts to secure that a valid EPC is obtained for the building before the end of a period of 7 days starting with the day on which the building is first put on the market.  If the relevant person has used all reasonable efforts to secure that an EPC is obtained by this date but has been unable to do so, there is a grace period of 21 days immediately following the 7 day period.

There will also be a requirement to include a full copy of the EPC with the agent’s particulars for the sale or rent of all buildings.  It will no longer be possible to simply include the asset rating.

Julie Evans is a Commercial Property Solicitor based at Last Cawthra Feather’s Leeds Office.

Last Cawthra Feather LLP (LCF) is a leading and an award winning law firm. The firm has offices throughout Yorkshire.  It now has 12 partners and 115 employees. Visit www.lcf.co.uk for more information or call 01274 848800.

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A solution for first time buyers – Buy with a friend?

November 28th, 2011

LCF Residential property solicitorsMortgage advisors and estate agents report seeing an increasing number of instances where individual first time buyers are linking with a friend to get on the property ladder.  Difficulties in raising a 25% deposit or satisfying the borrowing criteria of the mortgage lenders is increasingly bringing friends together to pool their resources and borrowing abilities to get on the property ladder.  But how is their relationship regulated?  What happens if they fall out or one of them wants to sell?  It’s important to consider these issues at the time of the purchase and they can be embodied in a legal and binding document in the hope of avoiding problems in the future.

Simone Robinson a senior property solicitor at LCF Residential says “It is simple to put in place the appropriate binding agreement or  “Declaration of Trust” which will set out in what proportion the friends have contributed to the purchase and what each is to receive upon a subsequent sale whether it would be a refund of their initial investment and an equal share of any surplus profit or loss or whether they are to share the property in different proportions based upon their initial capital contributions towards the deposit”

An agreement can regulate how the outgoings of the property, including mortgage payments are to be made and how a decision by one or both to sell is to be put into effect.

“The agreement can regulate the terms of ownership and mutual and respective responsibilities” adds Simone.

There are of course many people who will not have considered such agreements at the time of their purchase and are now considering how best to get out of an arrangement that has not worked out as planned.

The law provides that where one of two joint owners requires to terminate the relationship or realise their share in the property, the other part is obliged either to agree to the sale or alternatively reach a mutual agreement with the other as to the purchase of their interest.

If the joint owner who wants to leave meets with lack of cooperation an application can be made to the County Court for an order for sale and directions as to how that sale can and will be effected including the appointments of appropriate valuers to determine the price at which the property will be offered on the market and to conduct the sale. “Court proceedings should if possible be avoided and be a last resort as they will be a drain on savings” cautions Simone.

“Where one party or both have decided that the arrangement has not proved successful it is obviously in the interests of both to be realistic as to their expected outcomes in the current market and to limit the need to resort to incurring legal costs.”

Simone Robinson is a Conveyancing Solicitor in at Last Cawthra Feather’s Ilkley Office. Simone has over 10 years experience in dealing with the complexities of conveyancing law. Call 08456 800 277 or email enquiries@lcf.co.uk

LCF Residential is part of Last Cawthra Feather LLP (LCF) a leading and an award winning law firm. The firm has offices throughout Yorkshire.  It now has 12 partners and 115 employees. Visit www.lcf.co.uk for more information.

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Which advisers are best for my needs ?

November 25th, 2011

Last Cawthra Feather Solicitors for businessHow can advisers help me in the final stages of a deal and how do I choose which advisers are best for my needs?

Chris Blantern, company commercial solicitor of Last Cawthra Feather LLP, gives his thoughts on how advisers can help in the final stages of a deal and how to choose advisers which are best for your needs.

Selling or buying a business could be one of the most important decisions you ever make. For most business owners it is likely to be the first and only time that you sell a business and having invested considerable time and effort in building your business, its sale may hold the key to a secure and comfortable future.

If you are a potential purchaser of a business it is likely you have spent a considerable amount of time and effort analysing if the business will be a strategic fit with your existing business and whether it will help your existing business go from strength to strength.

You will obviously have done your research in respect of which firm you instruct and they are likely to have impeccable credentials, an excellent reputation and a track record of advising on the sale or acquisition of similar businesses.

However it is just as important that you warm to the individuals you will be working closely with as you need a lawyer you can develop a rapport with and someone who can provide a personable and user-friendly service.

Your lawyer should have an appreciation and understanding of your objectives, as no matter how well planned issues often arise, usually in the final stages of a transaction. It is imperative you are confident they can see through these issues to help you reach a suitable compromise in order to get the deal done and ensure you achieve your commercial objectives.

In summary you should: -

• Research your proposed legal adviser. Do they come recommended?

• Consider whether you will be able to develop a rapport with the lawyer and work together.

• Be comfortable that your proposed lawyer understands your commercial objectives and can see “the bigger picture”

• Get a commitment as to the extent of the fees involved.

Chris Blantern is an Associate in the Corporate Department at LCF.  Chris has acted for public and private companies, advising on a wide range of transactions including mergers and acquisitions, flotations, private equity transactions, joint ventures, shareholder and partnership agreements, refinancing and reorganisations as well as providing general corporate advice”.

Last Cawthra Feather LLP (LCF) a leading and an award winning law firm. The firm has offices throughout Yorkshire.  It now has 12 partners and 115 employees. Visit www.lcf.co.uk for more information or call 01274 848800.

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Another Associate Joins Clarion’s Corporate Team

November 22nd, 2011

Clarion Solicitors LeedsClarion’s growing corporate team has welcomed another new member, Helen Young who has joined as associate.

Helen qualified in the corporate finance team of Hammonds (now Squire, Sanders & Dempsey) in 2008 and worked there as an associate for the last three years.  She has experience of acting on a variety of corporate transactional work including M&A and Private Equity (PE) transactions, acting for buyers, sellers, management teams and PE houses.

Helen’s appointment to the ten-strong Clarion corporate team follows the recent addition of Rachel Neems as consultant and the promotion of Jonathan Simms to senior associate.

Helen Young, associate in Clarion’s corporate team

Helen comments, “Joining a modern, ambitious team like Clarion is a great opportunity to build on the solid grounding I have gained in corporate law.  With its strong reputation in this specialist area, the firm’s expertise and straight-forward approach is winning clients from many of the national firms.”

Richard Moran, who heads Clarion’s corporate and commercial practice, said: “Growing and developing our team, particularly by nurturing the most talented young lawyers, will be key to our continued success.  We’re looking forward to Helen’s contribution to our fast-expanding practice. ”

For further information about Clarion’s corporate and commercial practice please visit www.clarionsolicitors.com or call 0113 246 0622

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