Buy to Let Partnership LLP Deed of Trust

Fixed Fee only £299 inc VAT

Fast, Effective Delivery

What is a Buy to Let Partnership LLP Deed of Trust

You can move your buy to let property into a Limited Liability Partnership using our specially drafted LLP Deed of Trust.

What is a partnership?

Under the Partnership Act 1890 a partnership is defined as the ‘relationship which exists between persons carrying on a business in common with a view to profit’. The partnership must be for some kind of business and in the case of this article, a buy to let property.

An LLP is a type of partnership and stands for a limited liability partnership. This means that each partner has limited personal liability for debts or claims of the partnership. Partners of an LLP cannot be held responsible for the acts of other partners.

What is the most common buy to let partnership?

The most common form of a buy to let partnership is between a husband and a wife. Where such a partnership exists, and property income is shared unequally and both names are stated as legal owners, then the husband and wife need to:

Buy to Let Partnership LLP Deed of Trust Cost

Our Fixed Fee for an LLP Deed of Trust is £299 INC VAT for your first property and then £150 INC VAT for any property after that**.

How do I draft a buy to let partnership deed?

The process for drafting your Buy to Let Partnership Deed of Trust is in 4 simple steps.

    1
    Complete the online intentions form
    2
    We draft your deed within 2 - 3 working days of receipt of your completed instruction
    3
    You review first draft, and once agreed, the final draft is issued
    4
    You sign the deed in front of witnesses and date. From this date the property is held in the partnership.
 
Complete our LLP Deed of Trust Online Instruction

Use our online form to provide us with all the information our solicitor needs to draft you a deed of trust to transfer your buy to let property into a partnership.

We draft your deed within 2 - 3 working days of receipt of your completed instruction

Transaction reference:
(If you are already a Parachute Law client you must use your quote reference to sync your details to your account)
Transaction Reference:
(If you are already a Parachute Law client you must use your client reference to sync your details to this form, it'll save you filling your details in again)
Security Code
Details of parties to the deed
Title
First name
Middle name/s
Last name
Mobile number
Home Postcode
Flat No:
First line
Second line
Town/City
County
Are you a legal owner of the property?
A legal owner is named on the title at the Land Registry.
Are you a beneficial owner of the property?
A beneficial owner does not need to be a legal owner.

How do you want to share any gain or loss in the property?
You can choose from:
  • Fixed Shares - this is a fixed percentage that doesn't change.
  • Return initial deposit and share any gain or loss by a fixed percentage - this is where you return the deposit/current equity in the property as at the date of signing the deed and then return any gain or loss by a fixed percentage.
  • Floating Shares - floating or variable shares change over time based on your financial contributions toward the property. This form should not be used for floating deeds, so please fill out this form.
  • 100% as Joint Tenants - this is for owners changing from Tenants in Common to Joint Tenants.

What is your beneficial interest split? (%)

What is your initial deposit? (£)
Add a party to the deed ( Same Home )
Property details your deed relates to
Postcode of property
Flat No:
First line
Second line
Town
County

What was the purchase date?
If you've not completed the purchase yet, please give your estimated completion date.

What did the owner pay for the property?
How much the owner paid toward the cost of purchase.

What is the property's current price?
If you are buying the property this is the price you are paying. If you already own the property this is the estimated current market value as at today's date.

What is the outstanding finance?
What is left of the original mortgage plus any additional debt secured against the property.
Attach Documents
You can attach a scan .PDF or a .JPEG. There is a free to use App called TurboScan for Android or IOS phones which converts a photo to .PDF on your mobile.

    1
    Proof of Photo ID
Attach a copy of your current valid passport or driving licence for all parties.
    2
    Proof of Address
Attach 2 scan copies of your home address (you can't use the same company twice for different months. You can use a utility/mobile bill, formal notice like HMRC letter or council tax or bank statement no older than 3 months).
Parachute Law Solicitors
21 Silwood Road
Ascot
Berkshire
SL5 0PY
T: 0207 183 4547
F: 0207 183 2973
ParachuteLawSolicitors.png
 
 

CLIENT CARE AND TERMS OF ENGAGEMENT IN RESPECT OF: Declaration of No Interest
 
These terms set out some important information about our professional relationship with you as well as our terms and conditions. It is vital that you read the information carefully. Please note that we only act for the addressee(s) of this letter. We will not correspond with any other parties about your file without your express written permission.
 

Responsibility for your case

The person responsible for all of the work on your matter is Claudine Boast. She is assisted by Ashlee High who will also be working on your matter under Claudine’s supervision.
 

Legal Fees

You have instructed based on a fixed fee for a specific scope of work. In the event further work is needed to be undertaken then our legal fees are calculated by reference to the time spent by our fee earners in respect of any work which they do on your behalf unless a further fixed fee is agreed at the outset in respect of a specific scope of work.
 

Billing Arrangements

We charge £300 INC VAT per hour for legal work. We charge in 15 minute units, rounding to the nearest 15 minutes. Our hourly rates are reviewed every year to reflect increases in overhead costs and inflation.
 
Normally the rates are reviewed with effect from 1 January each year.
 
For work that falls outside the scope of the fixed fee, then in accordance with our usual practice in long running cases, we shall deliver bills to you at regular intervals for work carried out during the conduct of this matter.
 

Cancellation Policy

You may cancel the instruction at any time and ask for a refund. We will keep what’s necessary to cover the cost of services provided up until you cancelled. For document and deed drafting services, the fee you have have paid is broken down as follows: 75% for production of the first draft, 25% for finalising and circulating the final version. Therefore, if you cancel having received the first draft, you will be entitled to receive 25% of your fee.
 

Service Levels

We will update you by telephone or by email with progress on your matter following receipt of important information about your matter or when any important event occurs in your matter.
 
We will communicate with you in plain language. Our preferred manner of communication is email. We do not normally send letters in the post, if you prefer another method of communication such as post or fax you should tell us. We will explain to you by telephone or by email the legal work required as your matter progresses.
 

Liability

If we fail to comply with these terms, we are responsible for loss or damage you suffer that is a foreseeable result of our breaking this contract or our failing to use reasonable care and skill but we are not responsible for any loss or damage that is not foreseeable. Loss or damage is foreseeable if either it is obvious that it will happen or if, at the time the contract was made, both we and you knew it might happen, for example, if you discussed it with us.
 
We do not exclude or limit in any way our liability to you where it would be unlawful to do so. This includes liability for the negligence of our employees, agents or subcontractors; for fraud or fraudulent misrepresentation; for breach of your legal rights in relation to the services including the right to receive services which are as described and supplied with reasonable skill and care.
 

Referral Arrangements

If your instructions have been passed to us by SAM Conveyancing a trading name of Share a Mortgage Ltd. then we must comply with Chapter 9 of the Solicitors' Regulation Authority Code of Conduct. We advise that we have a commercial arrangement with SAM Conveyancing relating to their introduction of clients to us. We believe that this relationship is of benefit to you, enhancing the delivery of our services. Upon completion of this matter, we will make a referral payment to them. To be clear, this payment is made by us and is not an additional payment that we require from you.
 
By signing the Acceptance Form, you confirm that you are giving us permission to disclose information relating to your matter to SAM Conveyancing. If you do not agree that we may do so, please advise us in writing. If at any time we feel that a conflict of interest may arise as a result of our relationship with SAM Conveyancing we will cease acting.
 

Our Standard of Care

The legal services that we provide are authorised and regulated by the Solicitors Regulation Authority whose rules can be inspected at www.sra.org.uk. Our registration number with the Solicitors Regulation Authority is 646947. These terms and conditions are set out to comply with certain legal requirements in part and the professional requirements and advice of the Solicitors Regulation Authority and the Law Society. Their other purpose is to indicate to clients as clearly as possible the standard of service that they can expect from us, the amounts that we will charge for the work that we do and our methods of charging.
 
These terms and conditions do not affect statutory and common law rules that govern solicitors’ business.
However, if there is a conflict between the terms and conditions and such rules, the terms and conditions will prevail so far as it is possible for them to do so.
 
When the words ‘we’ and ‘us’ are used in these terms and conditions, they mean Parachute Law Solicitors.
 
Your responsibilities include the following:
  1. You will provide us with clear, timely and accurate information.
  2. You will inform us of any changes in your circumstances or awareness which may affect your file.
  3. You will provide all documentation required to progress matters in a timely manner.
 

Complaints

We are committed to high quality legal advice and client care. If you are unhappy about any aspect of the service you have received or about the bill, please contact Parachute Law on 0207 183 4547, claudine@parachutelaw.co.uk or by post to our office.
 
We have eight weeks to consider your complaint. If we have not resolved it within this time you may complain to the Legal Ombudsman. If you are not satisfied with our handling of your complaint you can ask the Legal Ombudsman at PO Box 6806, Wolverhampton, WV1 9WJ to consider the complaint.
 
Normally, you will need to bring a complaint to the Legal Ombudsman within six months of receiving a final written response from us about your complaint or within six years of the act or omission about which you are complaining occurring (or if outside of this period, within three years of when you should reasonably have been aware of it).
 

Complaints about our bills

If you are not satisfied about our bill you are entitled to challenge or make a complaint about that bill. You may also apply to the court for an assessment of our bill under Part III of the Solicitors Act 1974.
 

Interest on Unpaid Bills

If all or part of the bill remains unpaid, we may be entitled to charge interest.
 

Professional Indemnity Insurance

We have Professional Indemnity Insurance to cover work undertaken by us in England and Wales. Our insurers are:
Travelers Insurance Company Limited
61-63 London Road
Redhill
Surrey
RH1 1NA
 

Data Protection

The way in which we use your personal data is regulated by data protection legislation in addition to our professional duty of confidentiality. Our up-to-date privacy notice is available on our website (www.parachutelaw.co.uk). We may amend our privacy notice periodically to ensure it is operating effectively and complies with relevant laws and regulations. Where you provide any personal data to us (including that of third parties involved in the matter), you are responsible for ensuring that disclosure by you or on your behalf to us for use by us in the provision of our services complies with the requirements of data protection legislation.
 
You have the sole responsibility for the accuracy, quality and legality of the personal data you provide to us.
 

Storage of Documents

After completing the work, we will be entitled to keep all your papers and documents while there is still money owed to us for fees and expenses. We will keep our file of your papers for up to 6 years. We keep files on the understanding that we can destroy them 6 years after the date of the final bill. We do not offer the service of storing documents in safe custody.
 

Notice of right to Cancel

The Consumer Contracts (Information, Cancellation and Additional Charges) Regulations 2013 give you the right to cancel your agreement with us, without giving any reason, at any time during the 14 days immediately following the day that you return the copy of this letter (the "cooling off period"). Rather than our waiting for the cooling off period to expire before starting work on your file, at your election, we can start work for you right away however you will then lose your right to cancel and you will be responsible for the fees incurred by us for the work that we have undertaken for you. If you would like us to commence work before the end of the cancellation period, please tick the box indicating your Agreement to Commence Work, when signing and returning the copy of this letter of engagement or later, if appropriate. This may mean that you lose the right to cancel.
 
You will be required to pay for the services provided to you, with your agreement, before the end of the cancellation period. Please note that under the firm's terms of engagement you have the right to instruct us to stop work at any time (whether during or after the cancellation period).
 
We reserve the right to destroy all paper documents and to store an electronic copy only.
If you want us to return any paper documents to you at the end of a case you must inform us in writing. If we take papers or documents out of storage in relation to continuing or new instructions to act for you, we will not normally charge for such retrieval.
 
However we may charge you both for:
  1. time spent producing stored papers that are requested
  2. reading, correspondence or other work necessary to comply with your instructions in relation to the retrieved papers
 

Cancellation Policy

You may cancel the instruction at any time and ask for a refund. We will keep what’s necessary to cover the cost of services provided up until you cancelled. For document and deed drafting services, the fee you have have paid is broken down as follows: 75% for production of the first draft, 25% for finalising and circulating the final version. Therefore, if you cancel having received the first draft, you will be entitled to receive 25% of your fee.
 

Outsourcing

Sometimes we ask other companies or people to do typing/photocopying/other work on our files to ensure this is done promptly. We will always seek a confidentiality agreement with these outsourced providers. If you do not want your file to be outsourced, please tell us as soon as possible.
 

Auditing and Vetting of Files

External firms or organisations may conduct audit or quality checks on our practice. These external firms or organisations are required to maintain confidentiality in relation to your files.
 

Terminating this Retainer

You may end your instructions to us in writing at any time, but we can keep all your papers and documents while there is still money owed to us for fees and expenses. We may decide to stop acting for you only with good reason. We must give you reasonable notice that we will stop acting for you.
 
If you or we decide that we should stop acting for you, you will pay our charges up until that point. These are calculated on an hourly basis plus expenses or by proportion of the agreed fee as set out in these terms and conditions depending on the whether you have paid a fixed fee or are paying for our services at an hourly rate.
 

Disclosure

We are professionally and legally obliged to keep your affairs confidential. However, solicitors may be required by statute to make a disclosure to the Serious Organised Crime Agency where they know or suspect that a transaction may involve money laundering or terrorist financing. If we make a disclosure in relation to your matter, we may not be able to tell you that a disclosure has been made. We may have to stop working on your matter for a period of time and may not be able to tell you why.
 

Distance Selling Regulations

If we have not met with you in person then Consumer Protection (Distance Selling) Regulations 2000 apply to this work. This means you have the right to cancel your instructions to us within seven working days of receiving this letter. You can cancel your instructions by contacting us by post or email to this office. Once we have started work on your file, you will be charged for the work that we have done if you then cancel your instructions.
 

Cash Payment to Third Parties

We confirm that we will carry out the necessary checks in order to verify the identity of our client for the delivery of the Service. If you are required by your conveyancing solicitor or a mortgage lender to obtain certified ID then you can do so by:
 
  • Click here to book and pay for an appointment to certify your ID via video conference. This service is not included within your original fee as it is not required to provide independent legal advice. Book a meeting to certify documents.
  • Find a solicitor local to you to certify your ID via video conference.
 

Accepting our Terms of Business

 
By ticking the button online "I Agree to the Terms & Conditions" in this form you are accepting these terms of service. If terms received by email then please email thelegalteam@parachutelaw.co.uk stating "I Agree to the Terms & Conditions".
 
Last updated: 24th February 2022
Fixed Solicitor Fee
LLP Deed of Trust

£0.00
Loading....
Have you already paid?
Type payment code from email here:
Deed of Trust Order Confirmation

What happens next?

    1
    We review your intentions our solicitor reviews your intentions and the Land Registry title ownership and asks for clarification on any points they deem necessary.
    2
    First Draft our solicitor drafts your deed and this is sent to you for your review. You have one free revision built into the quote you have paid for. We aim to deliver your first draft within 2 to 3 working days.
    3
    Final Deed the final deed is sent to you to execute and send onto your conveyancing solicitor if you are getting the deed registered. If we are registering the deed for you then we will guide you through what happens next in our email.


Available to book Next Day
Fast, Effective
Delivery
Buy to Let Partnership Solicitor with a deed
Straight Talking
Friendly Solicitors
Rated Excellent on Trustpilot
Rated Excellent
on Trustpilot
 
 
 
 

* We draft your deed within 2 - 3 working days of receipt of your completed instruction

** The deed must be the same type of deed. If you want a different type of deed then our normal fee will apply.

*** We do not provide any tax advice, however we can introduce you to a tax accountant. Please ask if you want us to refer you to an accountant.

 

You may also be interested in...

How To Calculate Buying Someone Out Of A House by Parachute Law

How To Calculate Buying Someone Out Of A House

We explain how to calculate buying someone out of a house and mortgage, how the transfer of equity and remortgage process works and what to do if you don't agree.
29/04/2021
48,312
buying a property through a limited company from Parachute Law. A couple and a tall estate agent look out of a glass wall in a modern high rise apartment building

Buying a Property Through a Limited Company

We compare the pros and cons of buying property through a company, including tax considerations to be aware of.
18/05/2021
47,369
Landlord statutory declaration

landlord statutory declaration

Has your tenant ignored your claim for deductions? We offer landlord statutory declaration for deposit protection schemes. Do it from your own home. Low Cost.
24/08/2022
449