Farm/Livery Transfers
At Chubb Bulleid, we have extensive expertise in handling agricultural property transactions, including the sale and purchase of fully operational farms as transfers of going concerns (TOGCs). These transactions often involve numerous intricate components that require careful consideration and detailed legal guidance to ensure compliance and a seamless process.
Key Aspects of Agricultural Sales and Purchases:
- Transfer of Assets:
- Stock and Equipment: These transactions often include the transfer of both livestock and deadstock (equipment and machinery), as well as any associated contracts or agreements.
- Subsidies and Entitlements: The sale may involve the transfer of Basic Payment Scheme (BPS) entitlements or other subsidies, which must be managed within regulatory frameworks.
- Livery Properties and Farm Staff:
- When purchasing or selling livery properties, additional complexities can arise, such as the inclusion of relief workers or other staff as part of the business.
- The Transfer of Undertakings (Protection of Employment) Regulations (TUPE) may apply, ensuring employees’ rights are protected during the transaction. Addressing TUPE obligations requires expert legal advice to ensure compliance and avoid disputes.
- Residential Considerations:
- Many agricultural properties include residential dwellings, often subject to agricultural occupancy conditions. These restrictions, if present, can impact the property’s value, future use, and marketability.
- We provide detailed guidance on addressing these restrictions and ensuring compliance with planning and legal obligations.
- Tax and Reliefs:
- Transactions involving large parcels of land may qualify for Stamp Duty Land Tax (SDLT) reliefs, such as Mixed-Use Relief or other exemptions.
- Our team will assess the transaction and provide guidance on minimising SDLT liability, ensuring you maximise available reliefs while adhering to tax regulations.
Our Services Include:
- Comprehensive due diligence and risk assessment for agricultural property transactions.
- Drafting and reviewing sale and purchase agreements, ensuring all aspects (e.g., stock, entitlements, and contracts) are accounted for.
- Guidance on navigating TUPE regulations and addressing employee considerations.
- Advice on agricultural occupancy conditions and planning restrictions.
- Expert support for SDLT calculations and relief applications.
Whether you are buying or selling a working farm or a livery property, our specialist team is here to support you every step of the way. Contact us today to discuss your specific needs and how we can assist in making your transaction as smooth and efficient as possible.
