Property/Real Estate

Legal Services
We offer legal advice in the following areas:

- finding the optimum investment structure;
- buying and selling property;
- development, planning, and construction;
- landlord and tenant issues; and
- reducing your tax burden.

Finding the Optimum Investment Structure
Investment in real property is increasingly dependent on the use of innovative, flexible, and tax-efficient investment structures. Such structures enable property managers and investors to raise finance from traditional and new investment sources while offering investors greater liquidity and diversification for their property investment portfolios.

We create and advise on investment vehicles such as limited partnerships, offshore trusts, and investment trusts and joint ventures, as well as on the use of innovative non-recourse borrowing, hybrid lease, and securitization structures.

We work closely with you to identify and develop the optimum structures and to resolve successfully all relevant legal, regulatory, and tax issues.

Buying and Selling Property
For clients who are acquiring a site, we will examine the title, the history, and any leases the property may be subject to. We check the planning and trading status of the property, advise on any environmental issues you may need to be aware of, and negotiate contracts with the seller.

For clients who are selling property, we will negotiate your sales contract, securing overage for you where appropriate. We will deal with all purchaser inquiries and try to ensure you are released from any continuing liability.

If you are buying a company with property assets, we advise on whether a title investigation is necessary or whether it may be appropriate to rely on warranties or certificates of title. We also advise you generally on what protection you will need from any other liabilities of the company.

After you have acquired an investment, we make sure your deeds are properly indexed and scheduled so we are in a position to respond quickly and effectively to new lettings or any disposal instructions.

Development, Planning, and Construction
Because we act for a wide range of developers, we understand the issues involved in assembling a development site and securing the necessary consents to develop. For any form of development--retail, commercial, housing or leisure--we can assist with:

-- the negotiation of land assembly and development agreements (including company structure and tax)

-- sensitive site issues -- conservation areas, listed buildings, tree preservation orders, nature and landscape designations

-- contaminated land issues

-- strategic and detailed advice on planning and development opportunities

-- the preparation, submission and conduct to decision of planning applications including for EIA development

-- the conduct of planning appeals by any method

-- the drafting and negotiation of planning and highway agreements

-- compulsory purchase and compensation

-- the promotion of land through regional, sub-regional and local planning policy and proposal formulation.

Once the client has acquired the site and obtained planning consent, we can advise on:

-- preparation of tender procedures

-- the drafting and negotiation of building contracts, novation agreements, bonds, guarantees and collateral warranties

-- insurance and professional indemnity insurance matters

-- handling construction disputes through negotiation, arbitration, or litigation

Landlord and Tenant Issues
We advise landlords and tenants in the following areas:

Leases - We help negotiate lease and sublet agreements; consents to assign, alter, and use; and lease renewals.

Rent Review - We advise landlords and tenants in connection with rent levels and rent reviews and frequently represent them in litigation and arbitration generated by disputes about rent levels.

Disputes - They commonly arise between landlords and tenants. We understand the commercial priorities that must be considered in finding a solution. We advise on real property and landlord and tenant disputes, arbitration, and self-help remedies.

Security of Tenure - We advise landlords how to avoid such security arising and, if it does arise, their ability to obtain possession. We assist tenants on making protective applications to safeguard their rights of occupation and compensation.

Financing the Deal
Whatever transaction you are considering, how you finance and structure the deal is crucial. You may be getting your finance through equity and/or debt injections into a privately owned joint venture company or partnership. That finance may come from you, or a consortium of other private individuals or companies, or institutional or venture capital investors. We set up the owning vehicle and advise on any contractual relationships, documentation, and loan agreements. We can also help you save money by ensuring that your transactions are structured efficiently for tax purposes.

We advise on:

- raising finance through equity, debt, and securitization, including innovation, non-recourse borrowing, and hybrid lease structures;
- raising funds on various stock exchanges through flotations, placings, offers, and IPOs;
- financing and structuring of management buyouts or buyins of public or privately owned property vehicles, including venture-capital raising aspects; and
- stamp duty avoidance, VAT mitigation, and all available tax exemptions.

The Client Relationship
Property is more than just bricks and mortar - it's about relationships between people. Our approach recognizes the importance of understanding your commercial objectives and the wider market in which you operate. We get to know your business so we can present you with new ideas and solutions to help you attain your business objectives.

Our Experience
Our experience covers shopping centers, retail parks, offices, business parks, city center redevelopment and refurbishment, leisure, residential development, factory outlets, and industrial developments.

Some Facts About Us
Dechert's Property and Real Estate group includes more than 100 lawyers and other professionals in the United Kingdom and the United States. Our lawyers are leaders in important real estate industry initiatives such as the Commercial Mortgage Securities Association (CMSA), the Mortgage Bankers Association of America, the National Real Estate Roundtable, Pension Real Estate Investment Association and others.

Dechert is also one of the leading legal firms for the U.K. property sector, according to independent guides Chambers and Partners and The Legal 500. The UK Property 500 2001 Edition places Dechert at the top of its list of highly recommended firms for landlord and tenant and property tax.

In addition, we have one of the largest property litigation teams in the United Kingdom and are the authors of the highly regarded Landlord and Tenant Factbook, one of the leading reference works on the subject.