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International Real Estate - England

posted 11 months ago

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Mr Idnan Liaqat

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Our Real Estate department has shown vast growth and change from its birth. From a team of 3 to a team of over 200 personnel. Whether it be assisting first time buyers with selling/buying their homes, which is likely to be one of the most important decisions they are to make, to assisting vast developers and high net worth clientele with their wide-ranging explorations.

 

Our clients not only rely on our legal and negotiating skills but also our deep wealth in knowledge of the different Real Estate areas nationwide, a pride that will always be present across the Real Estate team and the firm.

 

We act on behalf of a wide variety of transaction that extend beyond a simple facilitation of conveying, but intrinsic details of complicated matters too.

 

Our personal touch, whilst also attending to all client’s needs, yet maintaining a swift approach, is what differs from all.

Our advice is tailored to the clients we deal with and the matters we are conducting. We understand the need for differing advice to a first-time buyer compared to an international investor. There are elements that need to be tailored to meet the various mindsets of investors nationally or internationally and we ensure that we adapt to such needs.

 

A transactional sale is likely to be more a personal touch, with detailed information along the way. This would usually (but not always) whilst an internal scale are likely to involve large scale investors whom require a swift, satisfying, sharp conclusion to their matter.

 

We strive and ensure that each attitude is tailored and intrinsically concentrated to allow each transaction and client to feel completely within their comfort.

There has been a vast increase in residential developments across the country, with apartments becoming a hub for many first-time buyers, notwithstanding the removal of the Help to Buy scheme by the authorities. This pro-active approach by many developers is seeing a surge of buyers, which in turn help maintain the potential resilience of such asset classes and the Real Estate sector as a whole.

In a wider manner, developments of proptech are expanding vastly. Many aspects of everyday Real Estate are handed assistance with the introduction of proptech, when assisting solicitors in a purchase or sale (or other related Real Estate matters), this has streamlined and allowed a much more efficient and immediate turnaround to matters. Whilst many may have a potential concern of a rapid (too rapid) of turnaround (no doubt we have to ensure all regulations and rules are still being attended to), proptech offers a great way to keep up with the development of the modern world without leaving the Real Estate sector behind.

The importance of climate change brings attention also to the legal world and especially the Real Estate sector. This encompasses solicitor’s 1) duty of care 2) duty to warn on potential risks by pointing out risks of kind that are apparent from documents received 3) duty to disclose such risks that are visible. As such, whilst developments and increased focus on ESG, this too provides a need for an increased focus of the legal duty as solicitors and advice within such developments too.

We have acted in a transaction which forms part of a wider corporate matter.

 

This involved involves acting on a transaction worth over £100,000,000.00. Our due diligence required to review a large site development which was sub-divided into various allocated transfers and plots of land. The various plots of land included various licences and obligations. Each respective land was tied into complex rights, covenants and obligations that would potentially fall on the purchaser. The various aspects of the matter included advising on grounds of a hotel, restaurants, car parks, tenancies and sub-tenancies, commercial replies to enquiries amongst many other aspects. There was an excess of 200 documents to review to ensure the root of the title of the vast various plots of land were of an adequate nature and would not in turn cause issues and long-term hindrance to our client. Our investigations and exquisite comprehensive appraisal of the ongoing takeover to establish the assets and liabilities provided a coherent and clear evaluation for our client.

 

The need of coherent yet swift steps to turnaround the matter within 4 weeks (noting considerable time pressure) of entering the contract, was required, which was successfully achieved. To provide a sufficient deliverance of the proposed dates, various wide meetings and discussions were held amongst the boards and legal teams hand in hand to seek clarity on the complex integrations and directions of the interlinked documentation on the plots of land for the site.

 

A unique team coupled with a consistent strive of reaching the end line, turned this into a success.

Indeed, the recent Building Safety Act 2022 (and Leasehold Reform (Ground Rent) Act 2022, which require very careful monitoring of development on case law and flexibility into adapting as to how to satisfy lenders and ensuring compliance of the reforms that have been introduced.

 

This reform in law is application to leases that are granted before the 14th February 2022, where the building is a mid or high rise (minimum 5 storeys or 11 meters). Therefore, quick adaptation and fulfilment of ensuring the parties have complied with such regulations (whether that be acting for a tenant or landlord) is of upmost importance.

 

Such development is complex, and it is important to mainlining constant tailoring or our work to such developments.

We are constantly ensuring that our teams are attending conferences to allow knowledge and understanding for any form of development that mat arise of other jurisdictions that will in turn have an impact of the work we conduct, especially within the Real Estate sector. It is of vital important and especially from an Anti-Money Laundering regulations perspective, as ensuring such jurisdictions are met, in a full manner whilst also balancing the expectations of clients and matters within operations in such jurisdictions, are met in a swift and timely manner, without any form of complications.

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