New FBT

[tim@marford]

Anyone care to point up potential legal issues in using template documentation without full professional advice?
A trawl through earlier threads has not cleared uncertainties on agreements of more than 3 years or the relevance of whether the document is a lease or a deed!
Retired farmer, looking for IHT mitigation (before someone cares to point a finger) 50 acres or so permanent pasture, land only, Tenant needing more than 3 years for grant aided investment.

 

[Brisel]

Whose template?

Why penny pinch??????

 

[tim@marford]

Whose template?

Pass! Supplied by tenant. Looks comprehensive.

Why penny pinch??????

Timing issue. This is already 2 months beyond agreed start date. When did you last meet with a solicitor/agent?

 

[Brisel]

Ha ha! Fair point. They are slow enough anyway. Still worth passing one under an agent's nose so you are aware of what you're granting. CAAV have a good template but you have to get it from a member i.e. an agent! Do the NFU have a template?

 

[tim@marford]

Ha ha! Fair point. They are slow enough anyway. Still worth passing one under an agent's nose so you are aware of what you're granting. CAAV have a good template but you have to get it from a member i.e. an agent! Do the NFU have a template?

I ran it by a friendly agent who incorporated some changes for a modest fee.

He pointed up duration issues and that the original format was written as a deed. Also that an exchange of letters has to happen prior to the agreement being signed.
None of this is obvious to an ex-electrical engineer hence my search for other *gotchas* to catch the unwary.

I guess the CLA might help but their site is very light on FBT legal advice.

 

[midlandslad]

How long have you owned the land?

 

[tim@marford]

How long have you owned the land?

26 years but my father was an AHA tenant (1938) with my sister as a secure co-tenant.