Full advisory on property search and structuring.
Our client came to us set on a particular address – one of the most prestigious garden squares in Belgravia. He was more
than happy to renovate.
- Properties come up rarely on this square and vary noticeably in terms of their width.
- Unusually he wanted only a house on the square; he was not interested in a connected mews house.
We gained access to a particularly wide house offering potential to extend (via a sub basement). In need of total renovation, this house came with a connected mews house (with basement planning permission in place). Despite the investment potential, our client stood firm – he did not want the mews.
Both properties were held under the same title by an offshore SPV. Through purchasing this SPV, our client stood to save circa £950k of SDLT but clearly he required comfort that the mews could be extracted and that he would not inherit any issues.
We worked alongside a leading UK law firm and local counsel to outline the optimal acquisition structure for our client (taking into account IHT, CGT, SDLT and ATED).
The deal we negotiated included pre-emption rights over the mews; a personal guarantee from the vendor that the SPV had no liabilities; and the right to adjust the purchase price if the house’s GIA had been overstated. Meanwhile we engaged planning specialists to protect our client’s position regarding Westminster and the Grosvenor Estate’s stance on basements and any future conjoining of the house and mews.