An Introduction to Thomas Carroll Legal Indemnities Benefits of Working with Us
•• Specialist teams able to respond quickly to enquiries, allowing property deals to complete
•• Insurance policies provide financial protection where lack of good title, breach of covenants or Right of Light issues threaten to abort the deal
•• We can expedite property transactions – cover can be arranged in some cases same day, whereas legal remedy could take months
•• Access to a wide range of insurers – giving your
Typical Clients Our clients vary in size and specialism, with any seller, purchaser or refinance of commercial and residential land and properties often requiring specialist advice and cover. Typically, we support:
•• Student housing developers •• Commercial property developers
•• Housing Associations •• House builders
customers choice of market and independent advice on cover requirements, ensuring TCF at all times
•• NHS trusts •• Pension funds •• Investment funds •• Wind and solar farms •• Local Authorities
•• One of the most experienced broking teams in the UK, legally trained – we understand the lawyers and talk their language allowing us to negotiate the most suitable insurance protection
Typical Risks Insured Cover is available for a range of risks, including:
•• Right of Light •• Adverse Possession •• Judicial Review •• Good Leasehold •• Land subject to rights of way •• Environmental Risks
Areas We Can Help
•• Pre-acquisition or sale due diligence, allowing parties in a proposed property transaction to have confidence that insurance protection is available and costs can form part of the deal proposal
•• Sale or purchase where risks are evident •• Refinance, from individual properties to block stock transfers
Thomas Carroll Group plc
www.thomascarroll.co.uk
•• Mines & Minerals •• Restrictive or Positive Covenant
•• Village Greens •• Lack of access or easement for services
•• Lack of local searches
An Introduction to Thomas Carroll Legal Indemnities Case Studies
Contact Our Experts
RIGHT OF LIGHT
Gareth Cotty ACII
We were approached by a large student housing developer who required Right of Light insurance to satisfy their funders and a risk adverse purchaser. This was a challenging site with potential large compensation payable and possible injunctable injuries.
Director t e
Their original terms only covered claims from a selection of injured properties, carrying a premium of £250,000 and a £50,000 claims excess. The limited cover and excess were not acceptable to the purchaser of the site, who were a risk averse pension fund.
Louise Jones LLB (Hons) DipCII Development Executive t
TCLI negotiated with a panel of insurers and placed cover at £180,000 with no excess, covering claims from any property surrounding the development, saving the client significant premium cost and allowing them to complete their sale.
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029 2085 8602 louise.jones@thomas-carroll.co.uk
Cerith Bevan LLB (Hons) CertCII Development Broker
ACCESS RISK
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A property deal had stalled for over 2 years over an access issue, with lawyers acting for the landowner unable to source cover through nonspecialist brokers and direct with their usual insurer. Having met with the lawyer to discuss what TCLI could do, we were presented with the risk with the client looking to accept a reduced offer on the land.
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Within 4 days, we had negotiated an acceptable policy on a pre-planning basis, allowing the owner to retain their desired selling price. Having the comfort of the policy, the deal completed shortly after terms were provided. FREEHOLD RESTRICTIVE COVENANTS We were appointed to act for client on site purchase for development. The title was subject to a number of restrictive covenants and the seller had obtained a post planning draft at £12,000 Our client wanted comfort of pre planning cover and negotiated with the seller agreement to arrange their own cover. We negotiated pre planning policy at £7,000 covering risks to satisfy our client and their lenders Our client negotiated a reduction in purchase price of £12,000 to cover the cost of the policy the sellers were prepared to purchase and arranged own cover at reduced premium
Thomas Carroll Group plc
029 2085 5240 gareth.cotty@thomas-carroll.co.uk
www.thomascarroll.co.uk
029 2085 3763 cerith.bevan@thomas-carroll.co.uk