MCBAINS COOPER FLORIDA FORAY BEARS FRUIT.

MCBAINS COOPER

PROPERTY AND CONSTRUCTION CONSULTANCY

PRESS RELEASE

April 15, 2011.

MCBAINS COOPER FLORIDA FORAY BEARS FRUIT.

UK-based property and construction consultancy McBains Cooper is seeing early fruit from its launch into the USA.

The interdisciplinary consultancy’s Miami team has been appointed as development monitoring surveyors and technical advisors on behalf of Friends First, a subsidiary of the Eureko Group.

The project is the refurbishment of Mizner Court, an existing period apartment building on Sunset Avenue, Palm Beach, Florida.

“We established our office in Miami as both a hub for our growing Latin American contract portfolio, and as a base for opportunities we see developing in the South East USA,” said Santiago Klein, Managing Director of McBains Cooper International.

“UK-sourced professional property and construction experience and expertise is highly rated and highly valued in Latin America where we are providing support for both private and public sector contracts, but our presence and growth in Miami is demonstrating that demand extends to the USA.”

Mizner Court is an apartment building with ground floor retail space located one block away from the beach.

Designed by its namesake, Addison Mizner, a renowned American architect, Mizner Court is distinguishable by his trademark Mediterranean Revival style.

The property is located in Palm Beach, Florida, one of the most affluent

communities in the United States. Located on a 16-mile long barrier island on the

eastern-most point of Florida, Palm Beach serves as the second home location of

choice for the social elite of the major cities in the North east of America.

“Given the building’s enviable location just one block away from the beach and

the limited supply of rental units within the area, the client is in the process of implementing an above-standard unit improvement programme to improve the building’s profile and command superior rents,” said Julian Symons, McBains Cooper director in charge of the project.

Ends

Further information:

Iain Macauley

07788 978800

im@pressrelations.co.uk

www.mcbainscooper.com

Notes.

McBains Cooper

McBains Cooper is an inter-discipline consultancy, specialising in property, infrastructure and construction, offering a wide range of consulting and design services including architectural, aesthetic or technical design, problem solving, budget management, facilities management, health and safety, sustainability consultancy and on-the-ground civil engineering. Driving and supporting projects ranging from minor works to major contracts worth more than £100 million, McBains Cooper operates across a variety of sectors throughout the UK, Europe and Latin America. McBains Cooper is committed to environmental, social and economic sustainable development and their integrated approach means they deliver effective, award-winning solutions to their clients. The Group employs 150 people. McBains Cooper has regional headquarters in London (head office), Birmingham, Glasgow, Leeds, Manchester, Oxford, Windsor, Lima (Peru), Mexico and Miami, with associate offices in Belfast and Dublin. www.mcbainscooper.com

REGIONAL GROWTH FUND ROUND ONE: TOO LITTLE TOO SOON, SAYS REGENERATION EXPERT.

MCBAINS COOPER

PROPERTY & CONSTRUCTION CONSULTANCY

PRESS RELEASE

April 12, 2011.

RGF ROUND ONE: TOO LITTLE TOO SOON, SAYS REGENERATION EXPERT.

Video.

Photo.

Regeneration expert Dr Geoff Seeff says the Government’s flagship growth plan is looking like being too little too soon – and that the Coalition's flagship policy for economic development Regional Growth Fund (“RGF”) has been rushed through.

Dr Seeff, Head of Regeneration at international property and construction consultants McBains Cooper http://www.mcbainscooper.com/, says the imminent announcement of the successful bidders in Round One could expose serious flaws in the much-anticipated economic recovery policy.

“There’s a growing club of us who are forming the opinion that the RGF may flounder on the rocks before it even gets underway,” said Dr Seeff.

“My team and I have been carrying out appraisal and due diligence studies for the past 25 years for projects applying for the various regeneration grants that have been introduced in that time, and, while I think that the RGF is essentially a sound regime, the manner in which it has been implemented seems to me to be seriously flawed.

“Clearly, with the initial focus on deficit reduction, the Government needed to show that it was doing something to cut the bureaucracy of the Regional Development Agencies whilst at the same time encouraging growth.

“Following the completion of consultations in October, prospective bidders for RGF, and private sector organisations alone or in partnership with public sector bodies, were given just a few months to submit their Round One bids.

“Perhaps  the Department of Business Innovations and Skills (“BIS”), regarded Round One as a ‘pathfinder’ and did not expect as many submissions. In fact BIS received 464 bids and they were seeking more than ten times the £250 million allocated".

“It seems to be common knowledge that many of the bids submitted did not meet the eligibility criteria of RGF, or will have fallen foul of the EU state aid rules.

“However, that will still leave a significant number which have met the strategic objectives but which are not worked up to a stage where BIS can be confident about their deliverability, whilst a good number will be rejected simply because others appear to yield better outcomes.

“In short, there will be a lot of disappointed applicants, many of whom may be discouraged from resubmitting in later rounds.”          

Dr Seeff sees further issues at the due diligence stage for those recommended for an award by Lord Heseltine’s Advisory Panel.

“Other than in respect of those projects that have been in the pipeline for many years, are fully worked up and have simply been awaiting the opportunity presented by a suitable grant regime to help them proceed, essentially good projects will still require much design development.

“The appraisal carried out by BIS on the large number of bids can only have been cursory, which means it will be up to the due diligence advisers to identify constraints and risks and help devise solutions if there are problems.

“This will further protract the process of securing Ministerial approvals. If there are to be bidding rounds, and there is a strong argument against them, then in my view it would have been preferable for Government to have allocated a significantly larger fund for Round One and extended the bid period by another six months. This is a case of too little, too soon.”

Ends

Further information:

Iain Macauley

07788 978800 im@pressrelations.co.uk

www.mcbainscooper.com

Notes.

McBains Cooper

McBains Cooper is an inter-discipline consultancy, specialising in property, infrastructure and construction, offering a wide range of consulting and design services including architectural, aesthetic or technical design, problem solving, budget management, facilities management, health and safety, sustainability consultancy and on-the-ground civil engineering. Driving and supporting projects ranging from minor works to major contracts worth more than £100 million, McBains Cooper operates across a variety of sectors throughout the UK, Europe and Latin America. McBains Cooper is committed to environmental, social and economic sustainable development and their integrated approach means they deliver effective, award-winning solutions to their clients. The Group employs 150 people. McBains Cooper has regional headquarters in London (head office), Birmingham, Glasgow, Leeds, Manchester, Oxford, Windsor, Lima (Peru), Miami and Mexico, with associate offices in Belfast and Dublin. www.mcbainscooper.com

VALUE STORES AND MOBILE PHONE SHOPS – THE NEW LOOK POST-BUST BRITISH HIGH STREET.

MCBAINS COOPER

PROPERTY & CONSTRUCTION CONSULTANCY

PRESS RELEASE

March 30, 2011.

VALUE STORES AND MOBILE PHONE SHOPS – THE NEW LOOK POST-BUST BRITISH HIGH STREET.

In the boom years it was big brands, restaurants, hairdressers and estate agents - but as Britain battles out of bust, the signs are the country’s high streets will have soon changed beyond all recognition with “value shops” and mobile phone retailers staking claim to prime shopping strips across the country.

That’s not a prediction, it’s a fact - according to McBains Cooper, the international property and construction consultancy.

“Our building surveying function is carrying out a significantly enhanced – and growing – number of building surveys for ‘value shops’ and mobile phone retailers, which indicate that the high street is going to have a very different look about it by the time the retail economy has settled,” said Allan Davies of McBains Cooper, Birmingham.

“These dual trends started in the South East in 2007, but they’ve gathered a real momentum in the regions – particularly northern towns – providing a much needed re-invigoration of high streets, following the void left by the likes of Woolworths, Adams and Ethel Austin.

“The high street multiples of 2012 and beyond are going to be variations upon the ‘pound shops’, and more, bigger and better mobile phone retailers. We know of two mobile phone retailers who plan to open more than 50 new stores in 2011, most of which are occupying sites previously operated by high street icons.

“Our background research says that the value store chain growth is down to high street shoppers easing away from premium and designer brands, but the quality and range of value store products is so good that there’s a question of whether consumers will ever flex back up to those designer brands.

“The value brands grew from the downturn, and are genetically tuned to managing costs, and developing and deigning stores that pack the maximum retail punch per square foot combined with attractive but no-nonsense design.

“That, combined with tumbling property costs and charges, means they’re perfectly placed to re-shape and re-invigorate the high street.”

Ends

Further information:

Iain Macauley

07788 978800 im@pressrelations.co.uk

www.mcbainscooper.com

Notes.

McBains Cooper

McBains Cooper is an inter-discipline consultancy, specialising in property, infrastructure and construction, offering a wide range of consulting and design services including architectural, aesthetic or technical design, problem solving, budget management, facilities management, health and safety, sustainability consultancy and on-the-ground civil engineering. Driving and supporting projects ranging from minor works to major contracts worth more than £100 million, McBains Cooper operates across a variety of sectors throughout the UK, Europe and Latin America. McBains Cooper is committed to environmental, social and economic sustainable development and their integrated approach means they deliver effective, award-winning solutions to their clients. The Group employs 150 people. McBains Cooper has regional headquarters in London (head office), Birmingham, Glasgow, Leeds, Manchester, Oxford, Windsor, Lima (Peru), Miami and Mexico, with associate offices in Belfast and Dublin. www.mcbainscooper.com

LONDON’S PRIME PROPERTY ASSETS ARE FOREIGN CURRENCY PLAYERS’ TROPHIES.

MCBAINS COOPER

PROPERTY & CONSTRUCTION CONSULTANCY

PRESS RELEASE

March 22, 2011.

LONDON’S PRIME PROPERTY ASSETS ARE FOREIGN CURRENCY PLAYERS’ TROPHIES.

A gilt-framed window of investment opportunity - through which deal-hungry foreign pension funds and investors are piling - is driving a third speed to the property economy in the UK beyond the traditional north-south divide.

McBains Cooper, the international property and construction consultancy, says that while there’s that continuing north-south split in the becalmed UK property market, there’s a distinct ring of bright water in the heart of the central London property pool that sets it massively apart from everywhere else.

“Based on our experience of pre-acquisition work, we’ve noticed a consistent trend in big-ticket residential asset movement and commercial property deals in central London arising from a perfect but very localised combination of cultural, business and economic circumstances – and deep-seated trust in UK business,” said Gareth Hird, a director of McBains Cooper.

“Currency values against sterling mean foreign investors, and wealth and pension funds, are buying up trophy assets, prime London stock, high-end residential properties and commercial sites. This is in the knowledge that not only are they getting a relative currency-value-impacted bargain on restricted-supply property assets, but their currency play means that as soon as UK interest rates start to rise, so too does the value of sterling. It’s a double property investment whammy.

“In troubled times we see a rush to the blue chip shares, and while property investment as a whole across the UK is relatively flat, the ‘old world’ is a stable investment environment and offers the prospect of strong, focussed and localised returns for investors hunting down the trophy assets.

“This is largely driven by London’s unassailable status as a global city – a few square miles of an economy within an economy – and the advantages its cultural diversity bring. Middle Eastern, Far Eastern and Russian investors feel comfortable in London, both in terms of a place to live and a place to do business.

“The key is that there is no dramatic escalation in deals; the environment is of consistency - and has been for many months – with London being perhaps one of a handful of global gilt investment property cities, but which is also impacted and influenced by currency, but, crucially, has a foundation of business integrity that outdates most of the rest of the world’s major localised economies.

“However, rumblings about UK interest rate rises are beginning to instil some cautious urgency.”

McBains Cooper has been involved in due-diligence and pre-acquisition work on a number of deals, but has also been involved in project management of development projects including super-high-end residential properties aimed at the buyers being targeted by the acquiring and investing pension and wealth funds.

“We’ve come to understand the culture and demands of many of the target audiences, and have consequently been involved in some incredibly high-quality developments, some of which are not even obviously marketed because there is such a specific and contained target audience,” said Gareth Hird.

“But what we have noticed is that in many of these high-end properties, especially those which include a number of self-contained residences - there can be a wide array of styles and designs based on very specific demands. While one cultural group will want ultimate ‘traditional palatial’, others will want almost unimaginably cutting-edge technology.

“The common factor is that their background is rarely British or European.”

Ends

Further information:

Iain Macauley

07788 978800 im@pressrelations.co.uk

www.mcbainscooper.com

Notes.

McBains Cooper

McBains Cooper is an inter-discipline consultancy, specialising in property, infrastructure and construction, offering a wide range of consulting and design services including architectural, aesthetic or technical design, problem solving, budget management, facilities management, health and safety, sustainability consultancy and on-the-ground civil engineering. Driving and supporting projects ranging from minor works to major contracts worth more than £100 million, McBains Cooper operates across a variety of sectors throughout the UK, Europe and Latin America. McBains Cooper is committed to environmental, social and economic sustainable development and their integrated approach means they deliver effective, award-winning solutions to their clients. The Group employs 150 people. McBains Cooper has regional headquarters in London (head office), Birmingham, Glasgow, Leeds, Manchester, Oxford, Windsor, Lima (Peru), Miami and Mexico, with associate offices in Belfast and Dublin. www.mcbainscooper.com

MCBAINS COOPER APPOINTED ON ECONOMY-CHANGING SOUTHWARK PROJECT.

MCBAINS COOPER

PROPERTY AND CONSTRUCTION CONSULTANCY

PRESS RELEASE

March 10, 2011.

MCBAINS COOPER APPOINTED ON ECONOMY-CHANGING SOUTHWARK PROJECT.

Property and construction consultancy McBains Cooper has been appointed as interdisciplinary consultants on a scheme which will have a massive positive impact on the local economy in Southwark, Greater London.

McBains Cooper will provide project and cost management, architecture, mechanical and electrical engineering and sustainability advice for Delancey and Oakmayne Properties which has bought Oakmayne Plaza in Elephant and Castle.

The one acre site, which is freehold, is in the heart of the Southwark Regeneration Area, and has planning consent for 390,000 sq ft of private residential, student, leisure and ancillary commercial uses and will provide 373 residential apartments and penthouses, all for private sale.

The £200 million scheme will comprise three towers, rising from 16 to 24 storeys, linked by a three-storey podium.  A multi-screen cinema complex, cafes, restaurants and a supermarket will be developed in the commercial space in the podium supporting the residential towers.

“This is a classic illustration of how McBains Cooper’s interdisciplinary approach to driving a project will come into its own – there are many facets to this development, and our team, including project and cost management, architecture, sustainability and building services, will all be based under one roof: McBains Cooper,” said Mark Leeson of McBains Cooper.

“With the new market square to the south - on the scale of Borough Market - eventually connecting into to the wider master plan being worked up by Lend Lease, the scheme will have a huge positive impact on the local economy in what is set to be one of the most important urban regeneration schemes in the country.”

Ends

Further information:

Iain Macauley

07788 978800

im@pressrelations.co.uk

www.mcbainscooper.com

Notes.

McBains Cooper

McBains Cooper is an inter-discipline consultancy, specialising in property, infrastructure and construction, offering a wide range of consulting and design services including architectural, aesthetic or technical design, problem solving, budget management, facilities management, health and safety, sustainability consultancy and on-the-ground civil engineering. Driving and supporting projects ranging from minor works to major contracts worth more than £100 million, McBains Cooper operates across a variety of sectors throughout the UK, Europe and Latin America. McBains Cooper is committed to environmental, social and economic sustainable development and their integrated approach means they deliver effective, award-winning solutions to their clients. The Group employs 150 people. McBains Cooper has regional headquarters in London (head office), Birmingham, Glasgow, Leeds, Manchester, Oxford, Windsor, Lima (Peru), Mexico and Miami, with associate offices in Belfast and Dublin. www.mcbainscooper.com

BRIBERY ACT COULD BRING DOWN A BUSINESS OR PROPERTY DEAL FOR THE PRICE OF A PINT.

BIRCHAM DYSON BELL LLP,

SOLICITORS

PRESS RELEASE

January 17, 2011.

BRIBERY ACT COULD BRING DOWN A BUSINESS OR DEAL FOR THE PRICE OF A PINT.

The forthcoming Bribery Act 2010, due on the statute books in April 2011, could bring down a property business or deal for the price of a pint.

Michael Parker, Head of Real Estate at law firm Bircham Dyson Bell, says that the range of potential “offences” under the Act is so vast and subjective that it could even generate acts of entrapment between competitors.

Companies, he says, now need to start thinking about “super-pre-emptive governance and training” to prevent exposure to bribery allegation and accusation.

“They will also need to carefully consider joint venture partners on any deal as their activities will also become their responsibility under this Act,” said Michael Parker.

“This is a very difficult scenario for all businesses. There is no escape or excuse for a business unaware of an employee considered to be offering, accepting or soliciting advantage, but then again company policy and culture may mean there is a business development budget employees are encouraged to use in the networking process but which is seen or defined as a bribery budget by another firm, or a competitor.

“The property deal may be worth many millions of pounds with correspondingly high fees, but the Act provides for the offering, promising, giving, requesting, agreeing to receive or accepting an advantage – so even buying somebody a pint or glass or wine might be seen by a malicious deal influencer, a malicious observer or a malicious competitor as an attempt to bribe. Fundamentally, it could create the opportunity for entrapment because the issue is intent.

“The key question is where does hospitality end and bribery begin?

“The property sector thrives on networking; it is so massively competitive, and good deals are so scarce, that networking has always been a crucial element not just in terms of identifying and driving deals, but also driving the UK economy.

“The question is whether buying somebody a pint or glass of wine as part of the networking process might be seen as a bribe; if the relationship is new or strained or there is animosity, then it might be considered offensive; but then not hosting a closing dinner involving partner businesses may be seen as equally offensive. It’s all subjective.

“However, ironically, I would say that next to no property deals are influenced by the simple act of paying for a round of drinks, a dinner, a night out or a day at the races. Deals are started with personal or corporate chemistry, concluded on professional performance, and celebrated vigorously given the highly stressful and challenging nature of driving through sometimes complicated and expensive property deals. At least two of those stages might be construed as being open to influence through the offering or acceptance of advantage.

“The Act says a commercial organisation will be guilty if a person associated with it bribes another person to obtain or retain business or a business advantage for the organisation.

“The offence is a strict liability offence so a company can be guilty even if no-one within the company knew of the ‘bribery’. In addition, senior managers and directors can be held personally liable under the Act for offences committed by the commercial organisation if they are found to have consented to or connived in the commission of a bribery offence.

“So, somebody buys somebody else a drink in the hope of establishing a relationship, a manager signs off the expenses claim, but the ‘somebody else’ takes offence and complains they were subject to a bribery attempt.

“The ‘offence’ could be genuine or trumped up, but the person it is claimed is offering or accepting advantage could find themselves at least suspended – thereby potentially impacting upon the operations of the company as a whole.

“Under the Act the maximum penalty for all the offences except the offence relating to commercial organisations has been increased to 10 years imprisonment and/or an unlimited fine for individuals. Commercial organisations that fail to prevent bribery face an unlimited fine. Apart from the financial penalties, a successful prosecution under the Act could leave a company permanently debarred from tendering for public sector contracts and also with serious reputational damage from the adverse publicity.

“Guidance from the Secretary of State is to be given, but as always it will be the courts who decide if the organisation had adequate procedures in place. More bureaucracy is possible.

“There’s always a tipping point. Could something as mundane as a pint of beer could be it?”

Ends

Further information:

Iain Macauley

07788 978800

im@pressrelations.co.uk

www.bdb-law.co.uk

EUROCODES: PROFESSIONALISM IS “FALLING SHORT” IN UK CONSTRUCTION.

MCBAINS COOPER

PROPERTY & CONSTRUCTION CONSULTANCY

PRESS RELEASE

November 1, 2010.

EUROCODES: PROFESSIONALISM IS “FALLING SHORT” IN UK CONSTRUCTION.

Professionalism is “falling short” in the UK construction industry with a poor understanding of Eurocodes amongst British construction companies. 

The pan-European model building codes developed by the European Committee for Standardisation should have been fully adopted in the UK from April 2, 2010, when British Standard codes for construction stopped being updated.

“This is a potentially massive issue: our research indicates that the vast majority of construction industry professionals are blissfully unaware that Eurocodes are here - and that two-thirds of civil engineers feel uncomfortable with Eurocodes - and that they have been designing and specifying buildings to outdated British Standards since updates stopped,” said Paul Cowton of property and construction consultancy McBains Cooper.

“Only around a third of civil engineers said they’ve received any Eurocodes training. It’s a ticking time bomb, and sooner or later there’s going to be a slip up resulting in litigation at the very least.

“British Standards for building will be withdrawn completely in 2013, and simply aren’t being updated. But so far as we can see, the vast majority of professionals in building design simply don’t know about Eurocodes, but the front-line engineers do.

“We attended a seminar recently, and, anecdotally, literally 90% of the construction professionals in the room had not even heard of Eurocodes.

“So confusion reigns. If something goes wrong, there is huge potential for litigation, because they’re not designing to current best standards or using current best practice. There is a strong potential for legal action under Duty of Care.

“This is about professionalism in the construction sector, and, frankly, it is falling apart when it comes to Eurocodes. But it is a tediously important piece of legislation.

“Back in April we warned that Eurocodes will sneak up and bite any UK construction company or professional services business that does not recognise their importance.

"The EU directive states that national codes were to be withdrawn on 31st March 2010, and the BSI has confirmed they are complying with that directive and will not be supporting changes to British Standards beyond March. The updating of Building Regulations to reflect this directive will not take place until 2013. Many Engineers see this as the point of no return when they must use the Eurocodes.

“The fact is that it is the contracts that will decide when we must change, particularly public contracts which will undoubtedly require the change to take place immediately.”

Ends

Further information:

Iain Macauley

07788 978800

im@pressrelations.co.uk

www.mcbainscooper.com

Notes.

McBains Cooper.

McBains Cooper is an international inter-disciplinary property and construction consultancy, one of the most successful in its sector.

Driving and supporting projects ranging from minor works to major contracts worth more than £100 million, McBains Cooper operates across a variety of sectors throughout the UK, Europe and Latin America.

McBains Cooper is committed to environmental, social and economic sustainable development, and its integrated approach means it can deliver effective, award-winning solutions to its clients.

The business is involved in professional consultancy in property, infrastructure and construction, offering a wide range of consulting and design services including architectural, aesthetic or technical design, problem solving, budget management, facilities management, health and safety, sustainability consultancy and on-the-ground civil engineering.

The group employs 150 people. McBains Cooper has regional headquarters in London (head office), Birmingham, Glasgow, Leeds, Manchester, Oxford, Windsor, Athens (Greece,) Lima (Peru), and Monterrey (Mexico), Mexico City and Miami, with associate offices in Belfast and Dublin. www.mcbainscooper.com

FOREIGN “FORCED HEIRSHIP” LAWS PASS HOLIDAY HOME OWNERS BY.

SAS DANIELS LLP SOLICITORS

PRESS RELEASE

March 29, 2010

FOREIGN “FORCED HEIRSHIP” LAWS PASS HOLIDAY HOME OWNERS BY.

Tens of thousands of over-50s who own a holiday home abroad may end up passing it on - against their will and their dying wishes – to the wrong beneficiary.

Probate lawyers at SAS Daniels LLP, Cheshire’s biggest law firm, say that a recent opt-out by the United Kingdom from European Union laws on succession has highlighted previously barely-known problems disposing of foreign assets on death.

Several European countries have “forced heirship” laws, which say that certain types of assets must be passed, for example, to offspring when the owner dies. These laws are already catching people out.

Ten per cent of over-50s own a holiday home abroad, with 12% of them owning property in France, where forced heirship is becoming a bigger and bigger issue for Brits living abroad.

“Buying property abroad has been largely off the radar during the recession and because of the weakness of the pound against the Euro, but buying is now beginning to make a comeback,” said Pauline Platt of SAS Daniels.

“Although the United Kingdom opted out of the EU Succession laws, many European countries do abide by the forced heirship rules which can and do cause a vast array of problems.

“For instance, how many of us travel in France and see gorgeous but abandoned properties that are screaming out to be bought and turned into holiday homes? Well, the reason they’re empty and unused – and falling apart – can be the forced heirship rule, with properties having as many as 30 owners from an extended family; it would be virtually impossible to trace every one of those owners.

“But not only does that mean it can be difficult to buy, it can also make life very complicated if you own a foreign property, because the rules are generally the same for British ex-pats as they are for locals. If the owner dies, then the property may have to go to the children and you may not be able to leave it wholly to your spouse.

“Lifetime ‘gifts’ of ‘non-moveables’ such as property can also be clawed back to meet France’s heirship rules.

“It’s a classic example of a dream potentially turning into a nightmare – buyers really do need to be aware of these complicated European laws, and they really should consult professional advisers – because the powers of a will may be limited as a consequence, and could well cause massive complications when it comes to assigning the estate.”

SAS Daniels LLP has offices in Stockport, Macclesfield, Chester, Congleton and Bramhall.

Ends

Further information:

Iain Macauley or Megan Codling

07788 978800 / 07795 848586

im@pressrelations.co.uk / mc@pressrelations.co.uk / www.sasdaniels.co.uk

FOREIGN PROPERTY OWNERSHIP LAWS PASS NORTH WEST HOLIDAY HOME OWNERS BY.

SAS DANIELS LLP SOLICITORS

PRESS RELEASE

March 29, 2010

FOREIGN PROPERTY OWNERSHIP LAWS PASS NORTH WEST HOLIDAY HOME OWNERS BY.

Tens of thousands of over-50s in the North West who own a holiday home abroad may end up passing it on - against their will and their dying wishes – to the wrong beneficiary.

Probate lawyers at SAS Daniels LLP, Cheshire’s biggest law firm, say that a recent opt-out by the United Kingdom from European Union laws on succession has highlighted previously barely-known problems disposing of foreign assets on death.

Several European countries have “forced heirship” laws, which say that certain types of assets must be passed, for example, to offspring when the owner dies. These laws are already catching people out.

Ten per cent of North West over-50s own a holiday home abroad, with 12% of them owning property in France, where forced heirship is becoming a bigger and bigger issue for Brits living abroad.

“Buying property abroad has been largely off the radar during the recession and because of the weakness of the pound against the Euro, but buying is now beginning to make a comeback,” said Pauline Platt of SAS Daniels.

“Although the United Kingdom opted out of the EU Succession laws, many European countries do abide by the forced heirship rules which can and do cause a vast array of problems.

“For instance, how many of us travel in France and see gorgeous but abandoned properties that are screaming out to be bought and turned into holiday homes? Well, the reason they’re empty and unused – and falling apart – can be the forced heirship rule, with properties having as many as 30 owners from an extended family; it would be virtually impossible to trace every one of those owners.

“But not only does that mean it can be difficult to buy, it can also make life very complicated if you own a foreign property, because the rules are generally the same for British ex-pats as they are for locals. If the owner dies, then the property may have to go to the children and you may not be able to leave it wholly to your spouse.

“Lifetime ‘gifts’ of  ‘non-moveables’ such as property can also be clawed back to meet France’s heirship rules.

“It’s a classic example of a dream potentially turning into a nightmare – buyers really do need to be aware of these complicated European laws, and they really should consult professional advisers – because the powers of a will may be limited as a consequence, and could well cause massive complications when it comes to assigning the estate.”

SAS Daniels LLP has offices in Stockport, Macclesfield, Chester, Congleton and Bramhall.

Ends

Further information:

Iain Macauley or Megan Codling

07788 978800 / 07795 848586

im@pressrelations.co.uk / mc@pressrelations.co.uk / www.sasdaniels.co.uk