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Buying a property in a luxury new build hotel and branded residences development

Insight

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Every month the Farrer & Co Residential Property partners give us a brief insight into their working lives. This month we provide an overview of a recent buyer panel transaction acting for an international client on their purchase of a property in a luxury new build hotel and branded residences development.

The Brief

We were recently instructed by a non-UK resident client on the purchase of a luxury apartment on the top floor of one of London’s finest new build branded residences. We are buyer panel lawyers for the residences, so this is one of several recent instructions in this development.

Executing the Brief

We already had an excellent working knowledge of the scheme. Our first site visit was during the early stages of construction and our involvement from this stage means that we had run searches, reviewed the sales pack, negotiated the standard form contract and lease into acceptable form and raised enquiries of the developer’s legal team before the first apartment had even launched for sale on the market.

Given our familiarity with the development and the paperwork, our client expected an unrivalled speed and efficiency of service. We were able to work through all documents within hours of receipt to identify points unique to this apartment and to this client and then picked these up on a call with the developer’s lawyers the next morning to settle a route forward.

On this occasion, our client wanted to enter into an arrangement which is distinctive to certain branded residences attached to a hotel where a limited number of apartment owners are allowed to offer their home into the pool of rooms that hotel guests can book to stay in. We explained to our client that this was perfectly possible but planning restrictions in this country mean that they will not be able to rent the property via the hotel (or any other means) for more than 90 days per year. Our client was happy to proceed on this basis. This is a fairly complicated arrangement requiring bespoke documents and careful consideration of the SDLT and planning position, so some detailed drafting needed to be settled before we were comfortable that the arrangement would be watertight from our client’s perspective.

The debrief

Exchange of contracts took place once our client was comfortable with the final agreements. Our client is delighted to have secured such an exceptional London base: a home away from home with all the luxuries and amenities that would usually be exclusive to a stay in a 5* hotel, with the icing on the cake of an income stream for some of the time that the apartment would otherwise be vacant.

We have a vast amount of experience in handling off-plan and new build purchases of properties in London’s most prestigious schemes, many of which are branded residences. Please refer to our New Build brochure for an overview of our services and expertise in this area and our article originally published by Luxury Lifestyle Magazine for some further reading on the rise of luxury branded residences in London.

We are always happy to discuss the conveyancing process and how to manage a transaction.

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About the authors

Hugh Wigzell lawyer photo

Hugh Wigzell

Partner

Hugh is a residential property specialist experienced in high-value conveyancing and acting for both banks and borrowers in secured lending transactions. In particular, Hugh has extensive experience in acting on new-build acquisitions and sales and frequently represents purchasers based outside of the UK.

Hugh is a residential property specialist experienced in high-value conveyancing and acting for both banks and borrowers in secured lending transactions. In particular, Hugh has extensive experience in acting on new-build acquisitions and sales and frequently represents purchasers based outside of the UK.

Email Hugh +44 (0)20 3375 7618
Laura Conduit lawyer photo

Laura Conduit

Partner

Laura is a specialist residential property solicitor, dealing with sale, purchase and mortgage transactions. Laura deals with all types of residential property, whether freehold or leasehold, town or country but she has a great deal of experience in the prime central London market. Laura particularly enjoys a fast paced deal and has an excellent track record for delivering quality advice and exchanging transactions under pressure.

Laura is a specialist residential property solicitor, dealing with sale, purchase and mortgage transactions. Laura deals with all types of residential property, whether freehold or leasehold, town or country but she has a great deal of experience in the prime central London market. Laura particularly enjoys a fast paced deal and has an excellent track record for delivering quality advice and exchanging transactions under pressure.

Email Laura +44 (0)20 3375 7161
Annabel Dean lawyer photo

Annabel Dean

Partner

Annabel advises on all aspects of the acquisition and management of real estate, particularly residential property. Her clients include individuals, trustees and landed estates. Annabel also has a great deal of experience acting for lenders taking security over property.

Annabel advises on all aspects of the acquisition and management of real estate, particularly residential property. Her clients include individuals, trustees and landed estates. Annabel also has a great deal of experience acting for lenders taking security over property.

Email Annabel +44 (0)20 3375 7206
Laurie Horwood lawyer photo

Laurie Horwood

Partner - Board Member

Laurie acts for individuals, institutions, private banks and others on property transactions with a particular focus on high value residential properties. His wide ranging market knowledge ensures he is able to work to achieve a successful transaction. He has acted for many of his clients for many years as their property interests have become more valuable and complex. He has an excellent understanding of the value and importance of relationships within the private wealth world and a desire to work collaboratively with all those involved in a transaction.

Laurie acts for individuals, institutions, private banks and others on property transactions with a particular focus on high value residential properties. His wide ranging market knowledge ensures he is able to work to achieve a successful transaction. He has acted for many of his clients for many years as their property interests have become more valuable and complex. He has an excellent understanding of the value and importance of relationships within the private wealth world and a desire to work collaboratively with all those involved in a transaction.

Email Laurie +44 (0)20 3375 7193
Edmund Featherston-Dilke lawyer photo

Edmund Fetherston-Dilke

Partner

Edmund's practice has grown over many years to include agricultural estates work, residential and commercial property. This breadth of experience benefits clients, many of whom have a wide variety of property interests. His clients vary from institutional land owners, charities, property companies, individuals and farmers. Edmund was appointed the Solicitor to the Duchy of Cornwall in June 2020.

Edmund's practice has grown over many years to include agricultural estates work, residential and commercial property. This breadth of experience benefits clients, many of whom have a wide variety of property interests. His clients vary from institutional land owners, charities, property companies, individuals and farmers. Edmund was appointed the Solicitor to the Duchy of Cornwall in June 2020.

Email Edmund +44 (0)20 3375 7280
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