What we achieved
- helped a farming client acquire the freehold of a farm that had been occupied by their family for several generations
- co-ordinated a series of linked transactions completed simultaneously with the purchase
- enabled parts of the property to pass to close family members while protecting the client’s long-term interests
The challenge
This was a high-value and legally complex agricultural property transaction. The farm was held across six complete registered titles and parts of two further titles, each requiring careful investigation. Some areas were subject to mines and minerals rights and the purchase was also subject to overage provisions.
The transaction involved bank funding, an Agricultural Holdings Act tenancy and a Farm Business Tenancy that both needed to be surrendered, and several connected sub-sales. Different parts of the land were to be sub-sold on different terms, including one outright sale and one transfer of a 50% interest into co-ownership. The parties also wanted rights of first refusal to apply to certain parcels.
Our approach
We carried out a detailed review of all eight registered titles and advised the client on the rights, restrictions, covenants, searches and replies to enquiries affecting the property. Where the mines and minerals position could have affected future residential development, we worked with specialist Counsel to obtain a formal opinion.
We negotiated the main transfer and the overage deed, liaised with the lender’s solicitors and responded to their enquiries. We also negotiated separate deeds to surrender the existing agricultural tenancies.
For the linked family transactions, we drafted and negotiated the relevant sub-sale contracts and transfers. We also prepared pre-emption agreements to give the client rights of first refusal and a deed of covenant to ensure that the overage obligations continued to bind the co-owned land.
The outcome
The client completed the multi-million-pound farm acquisition and the related family transfers as one co-ordinated sequence. The structure kept the farm within the family, put the agreed ownership arrangements in place and preserved the client’s ability to re-acquire specified land if it is offered for sale in the future.
The client also received clear advice on the title, funding, tenancy, overage and development issues, allowing them to proceed with a full understanding of the property’s legal position.
How Tees helped
Tees provided a single, co-ordinated legal service across the acquisition, lending requirements, agricultural tenancy surrenders, overage arrangements and connected disposals. By managing the interdependent documents and liaising with the various legal and professional advisers, we helped the client complete a complicated transaction efficiently while protecting both their immediate objectives and longer-term family plans.
