About this Practice
Location: NW London
Well run three partner law practice situated in North West London. Practice undertakes a variety of work – all privately paid and to include:
- Residential Conveyancing
- Commercial Conveyancing
- Wills, Trust, Probate and LPA’s
- Landlord & Tenant
Gross Income for the Year Ended 31st August 2020 in the order of £1,100,000.
Brief terms for sale:
- Goodwill premium payable: £1.00.
- Offices are fully furnished. The senior/managing partner invites an Offer for the Sale of Furniture, Fixtures, Fittings, Equipment (to include computers, laptops, screens, keyboards and file server etc) and Library in the law practice.
- The Sale and Payment of Work-In-Progress will be in addition to point-1 above. Debtors to belong to the senior / managing partner.
- Residential Conveyancing: The parties agree in relation to Residential Conveyancing matters comprised within the Work-In-Progress that all fees received in relation to the same shall be divided equally between Seller and Buyer irrespective of the time when the file was opened. All Disbursements paid by the Seller and not yet recovered from clients prior to Conclusion of the Transaction shall be reimbursed to the Seller by the Buyer. All payments will be made to the Seller after the file is completed and full monies received in the Buyer’s offices. The first payment by the Buyer to the Seller in relation to Work-In-Progress and Disbursements recovered shall be made after receipt of payment by the Buyer from a client and then too at the end of the next month following receipt of payment. All future payments by the Buyer on account of Work-In-Progress and Disbursements recovered will be made to the Seller on a similar basis as outlined above, i.e. at the end of the next month following receipt of payments in the Buyer’s offices.
- All other Work Types: In respect of work other than Residential Conveyancing and comprised within the Work-In-Progress, payments to the Seller to include Disbursements will be divided as to work done prior and post the date of Conclusion of the Transaction, i.e: the date on which the new owner takes over. All work done and Disbursements paid by the Seller and not yet recovered from the client prior to Conclusion of the Transaction is due to the Seller. This is payable to the Seller after the file is completed and full monies received. The first payment in relation to Work-In-Progress and Disbursements recovered shall be made after receipt of payment from the client (in the Buyer’s offices) and then too at the end of the next month following receipt of payment. All future payments to the Seller on account of Work-In-Progress and Disbursements recovered will be made to the Seller on a similar basis as outlined above, i.e. at the end of the next month following receipt of payments in the Buyer’s offices.
- Consultancy: Senior / Managing Partner, Ref: A, holds 98% of the equity in the practice – Offers consultancy to assist with the transfer of the business working on a part-time basis, 3- 4 days per week for up to 3-years. Remuneration: to be negotiated.
- Members of staff: Will transfer to the Successor firm in accordance with TUPE Regulations, i.e: on the same terms and conditions they presently enjoy.
- Money held in Office Bank Accounts and Office Debtors do not transfer to the acquirer. Clients’ Accounts, both Current and Deposit will be reconciled and transferred to the acquirer – the cost of such reconciliation will be borne by the vendor. The vendor will discharge all payments to Creditors to include VAT and any practice Overdraft as at date of transfer of the business. Ongoing payments commencing the first day after date of transfer of the business will be discharged by the acquirer of the business. Should there be any on-going payments relating to the acquisition of motor vehicles, this will not transfer to the acquirer and hence will be borne by the senior/managing partner.
An excellent opportunity!