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Peter Brown likes Guinness

Over the last three years Peter Brown & Co, Solicitors LLP acted, initially on the acquisition but more recently on a sale of land with planning consent for 407 new homes at Imperial Street in Bromley-by-Bow, with a built-out value of approximately £200m. Peter Brown acted on the sale of this opportunity to a housing provider, The Guinness Partnership. The acquisition, procurement of planning, and, sale of the canal-side project was master minded by one of Peter Brown & Co’s longest standing clients, the landowner and property development specialists, Lindhill Properties Ltd.

Peter Brown of Peter Brown & Co, commented:

“The scheme hit numerous obstacles. There were challenges and complexities that required careful drafting and solutions. It was a bonus to have been involved from inception to conclusion”.

See article in the Estates Gazette

 

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First time buyer’s relief

Before introduction 22 November 2017 Onwards
£200,000.00 £1,500.00 £0.00
£300,000.00 £5,000.00 £0.00
£400,000.00 £10,000.00 £5,000.00
£500,000.00 £15,000.00 £10,000.00
Above £500,000.00 SDLT due is unchanged on purchases above £500,000.00

In order to be eligible for the relief, buyers will have to meet the definition of a first-time buyer. HM Treasury have confirmed that a first-time buyer will be someone “who has never owned freehold or leasehold interest in a dwelling before and who is purchasing their only or main residence. Residential property anywhere in the world is counted when determining whether someone is a first-time buyer. Where there are joint purchasers, all purchasers would need to be first-time buyers”.

From the guidance currently given, the relief would still apply where a person’s spouse or civil partner owns a property, but the buyer does not – provided their spouse or civil partner keeps their name off the title of the property. This is in stark contrast to the provisions surrounding the 3% SDLT surcharge on the purchase of additional properties, where your spouse or civil partner is treated as a joint purchaser when buying the property for SDLT reasons, even if they are not going on the title.

Please note that you will not be eligible for the relief if you have owned any property at any time anywhere in the world.

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Acting on development sale

We recently acted on the sale of large scale premises in Banbury that had been converted from offices to residential pursuant to permitted development.

Initially, acting on the grant of a long lease to provide residential accommodation and then the subsequent sale of the premises in Banbury to an institutional investor.

Paul Braham commented that “having seen the premises being developed, and negotiating and granting the long lease then dealing with the sale this was an exciting transaction development transaction to be involved and working with Brickmort group of companies”

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Sale of a large freehold building

PB & Co. advised Crown House Banbury Limited on the sale of a large freehold building in Banbury which will allow over 51 new apartments in the town centre as well as a ground floor commercial unit for a coffee shop.

 

Paul Braham said about the deal that “we were absolutely delighted to work on the sale of this substantial Property development”

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Stamp Duty changes

At PB & CO whilst our clients are concerned about the stamp duty changes which are well documented in this article we are still seeing a lot of movement particularly in North London Property.

 

Paul Braham