February 2010

Lease extensions - the Devil is in the detail

Tue, 09/02/2010 - 00:00 — Georgina Smith

Professional advisers have, quite rightly, in the past suggested that if you live in a leasehold property it makes sense to consider applying to lengthen the term of your lease. With property prices having recently fallen the cost of doing this has also reduced so there is every reason to consider such action as a "good investment" for the future.

If you live in a house or maisonette it may be possible to purchase the freehold but as Derek Cook from Sydney Mitchell Solicitors explains, there are potential problems as regards lease extensions.

Sydney Mitchell Threshers out off-licence sales

Tue, 02/02/2010 - 15:29 — Georgina Smith

Sydney Mitchell has been appointed by the administrators of First Quench Retailing Limited to deal with the disposal of properties nationwide.

First Quench, which operated a number of well-known off-licence brands, including Threshers and Wine Rack, went into administration in October 2009. Richard Fleming, Mick McLoughlin and Ian Corfield of KPMG, the appointed administrators, subsequently instructed Sydney Mitchell as one of only two firms to deal with the sale of the First Quench portfolio.

Protecting your family wealth

Mon, 01/02/2010 - 00:00 — Georgina Smith

In an environment of rising taxes, knowing what you can do to protect your assets for your family’s future is essential. One way of doing this is to set up a trust, but what is a trust?

A trust arises where assets are transferred by one party ("the settlor") to other individuals ("the trustees") to hold for the benefit of others ("the beneficiaries"). The trustees owe a duty of care to the beneficiaries when managing the trust assets.