Private Wealth

Our client wanted to sell a high-value property they had previously co-owned as a joint tenant. However, the co-owner was deceased, and due to the sensitive nature of the death, they wanted to remove the deceased from the property title before selling. 

Our real estate team made an application to Land Registry and asked for an expedited service due to the time-sensitive nature of the sale. The Land Registry quickly raised enquires regarding the death certificate. We also ensured the title was up-to-date and we were able to issue the papers noting only the surviving owner, as requested by our client. 

It was a complex freehold title; the property was on private, countryside land with no public drainage, which meant a number of additional enquires had to be made. Halfway through the transaction, the property’s water tank burst and flooded the property. This resulted in a call to the insurers to assess the damage and advising if they were able to take on the claim. 

Our real estate lawyers advised the client on their options, and found a solution to proceed with the sale despite the flood, on the condition that the insurance claim transferred to the buyer. 

We also advised our client on whether to give the buyer an allowance to account for property damage not covered by the insurance policy (including damage to items such as curtains and carpets), or whether to enter a formal retention agreement.  

As a result, the insurers transferred the claim to the buyer, and our client proceeded with an allowance, rather than retention agreement. Our team was also able to proceed with the transaction to exchange of contracts for a successful sale. 

Our client was approaching retirement age, and wanted to set up a financial plan to receive an income in a tax-efficient manner from their various investments. Alongside this, the plan needed to consider their inheritance tax position. 

The client had a personal pension plan, a workplace pension and a number of cash accounts (including cash ISAs). As they were looking to retire, they wanted to use their portfolio of investments to provide an income throughout their retirement. From this, they wanted to know whether their planned level of income would be sufficient to sustain a comfortable life and pay their expenditures throughout their retirement. 

In addition, they were also keen to ensure that their death benefits were set up to pass on to their beneficiaries in the most tax-efficient way when they pass away. 

After an initial discussion with the client, we created a cash flow modelling plan that highlighted their desired income and expected expenditure. This showed how their portfolio could provide a sustainable, tax-efficient source of income during their retirement. 

This plan also outlined how our client could ensure their death benefits mitigated IHT (Inheritance Tax) as much as possible. 

We moved their pension monies to a drawdown arrangement, where, in combination with their cash accounts would provide them with an income. 

As a result, the client was able to retire, with a financial plan tailored to their income requirements. This plan will be reviewed on an annual basis to ensure it remained on track with the client’s objectives.