By Kerry Blackhurst (Head of Private Client Team)

Coronavirus has brought many issues into sharp focus, and in the midst of the pandemic you may find yourself thinking about your personal affairs and how you should now put these in order whilst you have a little more time on your hands to do so.

Most of us recognise that managing issues relating to our estate and end of life is important but we do have a tendency to leave these matters to another day because we are so busy living our lives. Whilst matters are on a “temporary” hold this may be the very best time to put in place the appropriate safeguards for the benefit of your family in the future.

As a firm we have always focused on our clients’ needs and at a time like this we want to reassure you that our Private Client Team is still fully available to assist with whatever you need including advice on:

Wills

Wills are vital to ensuring that your assets pass in accordance with your wishes. Our team can draft bespoke Wills to suit your requirements. Although we usually prefer to see our clients on a face to face basis, we are able to offer alternative solutions to accommodate current social distancing requirements.

Dying without a Will means that you die intestate. There are strict rules to dictate who inherits from an intestate estate which may produce an outcome you would not want. Those you care about, particularly vulnerable persons, unmarried couples and step-children can experience significant difficulty from an intestacy.

Even if you have a will in place already, you want to consider if now is a suitable time to update a previous Will.

Lasting Power of Attorney

A Lasting Power of Attorney (‘LPA’) is a vital document in the event you become incapacitated. An LPA is a legal document that allows you to appoint people to help you make decisions, or make decisions on your behalf. There are two different LPAs: Property & Finance and Health & Welfare.

A Property & Finance LPA allows you to appoint trusted people (your ‘Attorneys’) to deal with your property, bank accounts, investments and similar assets when you are unable to do so. Your Attorneys will also be able to manage direct debits, pensions and apply for benefits on your behalf.

A Health & Welfare LPA allows your Attorneys to make decisions about your healthcare and everyday life when you are unable to do so yourself.

LPAs must be registered by The Office of the Public Guardian (‘OPG’) in order to be effective. The OPG is still registering LPAs at this time, although it may take slightly longer that the usual 10 – 12 weeks registration period.

General Powers of Attorney

A General Power of Attorney (‘GPA’) can be effective immediately and temporarily enables an Attorney to make certain decisions on your behalf regarding your property and finances. A GPA does not have to be registered by the OPG and can only be used for as long as the person who made it has capacity.

Advance Directive 

Also known as an ‘Advance Decision’ or ‘Living Will’ this is a legally binding document that allows you to make decisions about your future care, specifically the circumstances in which you would wish to refuse clinical treatment.

Advance Directives help communicate your preferences with your loved ones and clinicians when you are no longer able to do so.

Care

If you have a family member requiring care at home or care in a residential setting, we can provide you with advice and assistance to help you understand how this can be funded, whether privately or with financial contribution from your Council or NHS. Arranging care for a loved one can be a stressful and complex issue and we can provide you with straightforward advice to help you make the right decisions.

 

For Further Information: If you require any advice, please do not hesitate to contact our Private Client Team on 0161 832 2500 or kerry@bbslaw.co.uk

 

By Daniel Berger

“BBS Law’s service to help landlords struggling with their rent recovery so that they obtain the best possible support from their lenders”

The day before the March 2020 quarter day I wrote an article about how to try and deal with mass non-payment of rent. Since then Landlords have many stories to dine out on (if you could go to a Restaurant) about which tenants have asked for the more outrageous rent concessions.

Clearly all parts of the economy have suffered under the handbrake that has been yanked on by global lockdown, and there are many tenants that deserve sympathy, others less so. We are now mid-way through the quarter and Landlords are looking to the June quarter day with trepidation.

“It is likely that even fewer tenants will pay rent on the June quarter day as the Government has given more green lights to them to stop paying rent.”

The extended measures to protect tenants beyond the three month moratorium brought in during late March include:

  • Before any winding-up petition is made based on claims that the tenant is unable to pay its debts, must first be reviewed by the Court to determine why. The law will not permit petitions to be presented, or winding-up orders made, where the tenant’s inability to pay is the result of COVID-19. Which landlord fancies spending time and money getting to the Court to explain that one !
  • Legislation will also be brought forward to prevent landlords using commercial rent arrears recovery (CRAR) unless 90 days or more of unpaid rent is owed
  • The new legislation to protect tenants will be in force until 30 June, and can be extended in line with the moratorium on commercial lease forfeiture. In all likelihood it will be extended

A link to the full Government release is here: https://www.gov.uk/government/news/new-measures-to-protect-uk-high-street-from-aggressive-rent-collection-and-closure

So here you are 7 weeks into lockdown and looking at a significant arrears schedule that is likely to get substantially worse come the end of June. Most commercial landlords will have some loans secured on the now non-income producing property, and whether capital and interest, interest-only, quarterly or monthly it is now impossible to avoid a repayment date passing without having had the rent hit the bank account. Prudent landlords may have left sufficient funds in the rent receivable to service the loans for a few months. It would be rare to find such accounts bulging though.

So you look around and see the Government policy seemingly stacked against landlords and other policies and generous financial help for tenants in terms of furlough for non-working staff, rates relief, business grants and loans on generous terms. Where can the landlord seek help. So far, we can’t find any. Landlords are being encouraged to “talk to your tenants”, “be reasonable”; Communities Secretary, Robert Jenrick, says: “We understand that landlords are facing their own very serious pressures and are concerned about their position with lenders. We are working with banks and investors to seek ways to address these issues and guide the whole sector through the pandemic.”

It seems the only help the landlords are getting is at the discretion of the lenders. When speaking to many commercial property clients we are seeing very mixed responses. Interest holidays are simply not available. Capital repayments can be suspended for 3 or even 6 months if you are with certain banks and you fit their “criteria”. We are seeing some banks giving no leeway at all, and that old phrase of “selling umbrellas when the sun is shining” seems apt.

The retail banking industry providing residential mortgages has given 2 million mortgage holidays providing some temporary relief to squeezed and worried householders. We are not seeing this on the commercial side at all.

BBS Law Ltd can help you in reviewing your banking documentation and assisting you with documenting any arrangements you come to with your lenders. We also feel we are well placed to assist you in direct negotiations with banks, helping you present your position in the most favourable of manners and being able to advise what concessions more helpful and flexible lenders are providing.

Our  commercial property, commercial and secured lending teams at BBS Law Ltd for advice on your situation and how we can help you at this most challenging of times.

Please contact Daniel Berger, Dov Black or Avi Barr if you would like further assistance.

BBS Law are delighted to announce the opening of their London office which will be headed by Avi Barr and his team from City firm Lawrence Stephens.

Avi is joined by Craig Mullen (senior associate), Safiyah Bhaiyat (Associate), and Rachel Coulthard (Associate). 

The London office which will be based in the City will focus primarily on commercial property and secured lending complementing the team’s existing client base and bolstering those practice areas within the existing office in Manchester.

Managing Partner Dov Black said, “We see the London office as a very exciting yet natural growth step for BBS Law reflecting our national client base which spreads far beyond Manchester. Our London office will help us build upon our growing reputation”.

Avi Barr commented, “Notwithstanding the challenging time we face at the moment, BBS with its strong values and its emphasis on loyalty is excellently placed to provide the high levels of service our existing client base is used to.  We look forward to seeing the London office thrive in the coming years”.

The proposed merger between popular food retailers Sainsbury and Asda was announced in April 2018 and has been headline news in the press since. The deal was to supposedly result in a guaranteed 10% cut in food prices, greater efficiency and an improved level of customer services.

Commercial property in the north west has been performing above and beyond expectations in recent years with a 46% increase in investment activity to over 4 billion in 2017. During 2018, there were a total of 31 schemes completed in Manchester, compromising a mix of residential developments, offices, hotels and educational facilities.

It has now been over a year since the introduction of the dreaded GDPR. In the months preceding its incorporation, board and meeting rooms were awash with worried mummers and apocalyptic prophecies – but what has actually been the effect of GDPR?