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Abtin Yeganeh comments on the Renters’ Rights Bill capping up-front payments for renters

Posted on: January 13th, 2025 by Natasha Cox

Director and Head of Property Litigation Abtin Yeganeh comments on a new provision of the Renters’ Rights Bill making it illegal to ask tenants to pay more than one month’s rent plus a six-week deposit up front.

Abtin’s comments were published in Metro, 10 January 2025, and can be found here.

Will the new legislation work?

So, why have landlords been allowed to ask for such vast amounts upfront until now?

As Abtin Yeganeh, Director and Head of Real Estate Disputes at Lawrence Stephens tells Metro, landlords often use these hefty deposits for peace of mind when, for example, tenants might not have a UK-based guarantor.

‘In order to tackle issues of bad credit and/or renting to overseas individuals, landlords often seek rent in advance as additional financial security. This can amount to six months’ rent in advance,’ Abtin details.

But as he believes, we’ll have to wait and see how it pans out – and whether landlords listen to the details of enforcement.

‘The outcome of these reforms is that tenants should, in theory, have more options when it comes to securing rental properties as they will not have to compete with prospective tenants who can pay a lump sum in advance. 

‘However, given that landlords have a choice as to who they want to take on as a tenant, it remains to be seen whether the proposed changes have the desired effect.’

For more information on our Real Estate Disputes services, please click here

Emma Cocker comments on managing discrimination and harassment in the workplace

Posted on: January 9th, 2025 by Natasha Cox

Senior Associate Emma Cocker comments on the legal action facing McDonald’s over allegations of widespread harassment and discrimination, and discusses employers’ obligations to protect their staff and workplace.

Emma’s comments were published in Business Matters Magazine, 7 January 2025, and can be found here.

“All employers have duties to protect their staff against discrimination and harassment in the workplace – obligations which apply regardless of whether people are engaged on a full-time, part-time or zero hours basis.

“However, with most McDonald’s workers being engaged on a zero hours basis, individuals will be acutely aware of their employment insecurity. They are also likely fearful of being subjected to detrimental treatment for raising complaints. The abuse which arises from the imbalance of power inherent in these types of workplace relationships can lead to significant liability for businesses, of which employers must be conscious.

“It would appear that McDonald’s still has a long way to go in providing a safe working environment free from discrimination and harassment. How they handle these claims will likely be carefully scrutinised. The longer businesses allow this kind of behaviour to persist, the longer the list of grievances and legal claims they will face.”

For more information on our Employment services, click here

Lawrence Stephens appoints specialist immigration lawyer to head new department

Posted on: January 7th, 2025 by Natasha Cox

Leading full-service law firm Lawrence Stephens is pleased to announce the appointment of specialist immigration lawyer Skylar McKeith, who will head the firm’s new Immigration practice.

Skylar provides strategic advice to both corporate and private clients, and represents high-net-worth individuals and celebrities, high-profile business professionals, and companies.

Highlights of her work include securing a Global Talent visa for an Emmy Award-winning American actor, successfully obtaining Skilled Worker visas for employees of a renowned art gallery and securing a sponsor licence for a professional women’s football club – enabling the recruitment of international talent.

Skylar’s appointment also marks the launch of Lawrence Stephens’ new Immigration practice. Complementing the firm’s existing suite of services, the launch of this new department will allow Lawrence Stephens to continue to provide its wide range of clients with the very best in integrated legal advice.

Skylar is an active member of the Immigration Law Practitioners’ Association and a regular commentator in the national press and across radio and television, contributing to media discussions around hot-button immigration issues.

Commenting on her appointment, Skylar said: “Lawrence Stephens is a dynamic firm which has grown significantly over the past few years, and I am delighted to join such a vibrant and acknowledged team of legal experts.

“I look forward to working closely with the firm’s existing departments to provide clients with a full suite of services.”

Steven Bernstein, Managing Director at Lawrence Stephens, commented: “We are excited to announce Skylar’s appointment and the formation of our new Immigration department, with her at its core.

 “It is a pleasure to welcome Skylar to the Lawrence Stephens team. Her combination of legal expertise with commercial advice and strategy will enable us to provide a more dynamic offering to clients.”

For more information on Lawrence Stephen’s Immigration practice, please click here

Lawrence Stephens expands its Real Estate Disputes team with appointment of Senior Associate Roberto Francis

Posted on: January 6th, 2025 by Natasha Cox

Leading dispute resolution firm, Lawrence Stephens, is pleased to announce the appointment of Roberto Francis as Senior Associate to its Real Estate Disputes team.

Roberto joins the firm with extensive experience acting for bridging and alternative lenders with a primary focus on secured and unsecured recoveries, which includes but is not limited to possession claims, receivership, insolvency and professional negligence.

Head of Real Estate Disputes, Abtin Yeganeh said “We’re delighted to welcome Roberto to our team. We’re certain that the breadth of his experience will enhance our service offering and enable us to continue delivering commercially focused, marketing-leading legal advice.”

William Bowyer comments on the significance of McLaren Racing’s $30m claim against Alex Palou 

Posted on: January 2nd, 2025 by Hugh Dineen-Lees

Associate and sports law specialist William Bowyer comments on how McLaren’s claim against Palou will likely set a precedent for similar F1 contract disputes going forward – it will either enable racing drivers to have greater choice with respect to moving teams, or discourage them from moving whilst still under contract.

William’s comments were published in City AM, 24 December 2024, and can be found here. 

“Given the value of the claim, the current profile of F1, the nature of a driver’s role within a race team and McLaren’s position in the sport, this is a hugely important sports law case and will likely set a precedent for similar F1 contract disputes going forward.

“Given the nature of this case, it will be interesting to see what the court considers – or does not consider – to be caused by Palou’s breach of contract and/or what is reasonably foreseeable regarding the losses claimed by McLaren. McLaren will be pushing for a wide range of losses to be considered from livery changes, new marketing spend, unforeseen spend on new drivers and loss of sponsorships.

“When a party breaches a contract, the “innocent” party (in this case McLaren) often has a right to an award of damages if they have come into loss as result of the breach. It is important to remember that the purpose of damages (from an English Law perspective) is to put the innocent party in the same position as if the contract had not been breached. Therefore, McLaren can only be awarded as much as the court considers necessary to reach that position. We often see scenarios where parties attempt to recover beyond what is necessary to place them back in that position.

 “Should the court side with McLaren, drivers would be discouraged from moving teams whilst still under contract based on their perceived chances of success, and help ensure that race teams hold the power.

“However, should the court consider the damages to be far lower than McLaren claims, racing drivers will likely breathe a sigh of relief. Whilst they would still have to pay damages for breaching a driving contract, it may enable them to have greater choice to choose teams based on the opportunities presented to them – if they consider the pros of switching teams whilst still under contract to be greater than the costs they may incur.

 “Importantly, McLaren’s dispute with Palou highlights the importance of drivers seeking tailored and sports-specific legal advice before signing any ‘seat deal’ – especially before a decision as big as changing teams.”

Lawrence Stephens advises Blue Shield Capital on their largest deal to date

Posted on: December 24th, 2024 by Hugh Dineen-Lees

Lawrence Stephens has advised Blue Shield Capital on an £18 million loan for a UK-based landlord and build-to-rent operator focused on city-centre rental properties. The loan was for their flagship property, a 119-unit BTR scheme in Liverpool City Centre, completed in 2023.

The 12-month facility, set at 69% LTV, is designed to assist the borrower in refinancing their existing debt and optimising their portfolio structure. This deal is the largest they have completed to date and is the latest in a number of fast-moving deals they have undertaken supported by our team.

Blue Shield Capital is a fast-growing property lending firm who provides flexible financing solutions for property owners and investors.

The team was led by Director and Head of Banking Ajoy Bose-Mallick, with support from Directors Ann Ebberson and Alex Edwards.

Ajoy commented: “We are delighted to have supported Blue Shield on their largest deals to date. We are pleased to have played our part in enabling Blue Shield to exceed its targets for 2024”.

Lawrence Stephens advises The Cotswold Company on the expansion of its omni-channel presence

Posted on: December 19th, 2024 by Natasha Cox

Lawrence Stephens has advised The Cotswold Company, the well-known premium furniture and homeware brand, on commercial contracts to support the expansion of its omni-channel presence through third party retailers. The company has launched its products on NEXT.co.uk and with John Lewis & Partners online, alongside the introduction of a dedicated brand space within the iconic Peter Jones store in Chelsea.

Founded in 1996, The Cotswold Company offers a range of thoughtfully designed furniture, with a focus on quality materials and craftsmanship. These contracts mark the brand’s first entry onto third-party retail platforms, complementing its fast-growing e-commerce site and 10 UK showrooms.

In a recent article in Retail Week, Cotswold Company chief executive Ralph Tucker said: “With our new partnerships with John Lewis Partnership and Next – both of which have gone live in time for Christmas – we’re making tangible steps towards delivering growth and becoming one of the UK’s leading premium homeware brands.”

Rachael Pinchbeck, Head of Commercial Finance, The Costwold Company said “Bradley and Craig were a pleasure to work with. Their contractual expertise and retail experience resulted in the smooth and timely completion of contracts ahead of our successful launches. We look forward to working with Bradley and the Lawrence Stephens team on future projects.”

Director Bradley Lee advised on the commercial contracts, while real estate advice was provided by Director Craig Mullen.

Matt Green co-authors chapter of The Founders’ Guide to UK Crypto Law

Posted on: December 16th, 2024 by Natasha Cox

Matt Green, Director and Head of Blockchain and Digital Assets at Lawrence Stephens has contributed to the launch of a new guide, The Founders’ Guide to UK Crypto Law by Lisa McClory, Digital Technologies Lead at D2 Legal Technology, an award-winning legal data consulting firm.

Matt’s co-author is Marcin Zarakowski, CEO of Token Recovery. In their chapter on ‘Tracing, Freezing and Recovery – when crypto assets are stolen‘, they explain the risks, and the legal procedures available to those affected.

The publication came about through the recognition of the urgent need for some solid and practical guidance for projects looking to start out in the Web3 space (the concept emphasising personal data ownership and the use of blockchain technology and cryptocurrencies).

The guide brings together many of the top experts in the area to deliver on this objective. It is intended as a starting point for Web3 builders and entrepreneurs in the UK. The guide acknowledges the important role that law and regulation play and seeks to assist projects in overcoming uncertainty, avoid pitfalls and generally equip the reader with the essential knowledge to empower and catalyse their ideas.

To read the guide please follow the link: The Founder’s Guide to UK.pdf – Google Drive

Lawrence Stephens prepares source of funds reports for property bought at auction using crypto assets

Posted on: December 16th, 2024 by Natasha Cox

Despite cyptocurrencies becoming more mainstream, recent commentary suggests that investors are still finding it hard to utilise these to purchase property in the UK. A recent Financial Times article highlighted the low appetite for sellers to accept cryptocurrencies. As a result, if purchasers want to use their crypto investments towards a property purchase, this usually involves converting the cryptocurrency into traditional or fiat currency – legal tender established by government regulation.

Much of the reluctance to accept funds derived from  the disposal of cryptocurrency comes from its well-publicised association with criminal activity, in particular money laundering. Law firms have obligations imposed by the SRA in relation to checking sources of wealth and sources of funds for anti-money laundering (AML) purposes. Solicitors have a legal duty to ensure that any, and all, funds used within a property transaction have come from a legitimate source. They must therefore establish the original source of the funds, not the mere availability of funds in a bank account.

Establishing the legitimacy of funds generated through cryptoasset activity requires the instruction of an expert who is able to carry out a full report on the crypto proceeds being used. The content of this report includes documenting and reporting of the cryptoasset activity, including the initial ‘on-ramp’ into crypto (i.e. the exchange of traditional fiat money into cryptoassets), the purchase of cryptoassets, and the subsequent cryptoasset activity to the ultimate liquidation and ‘off-ramp’ from cryptoassets back into traditional fiat money which was then being used to make the purchase. This report can then form the basis on which the conveyancer can make a judgment as to whether it is safe to proceed with the proposed transaction.

There are currently few law firms with the required expertise to produce such reports. Buyers wishing to use crypto assets for property purchases should be especially aware of the need to establish legal source of funds when buying property at auction.

The Lawrence Stephens’ team was recently called in at short notice to assist a client who had purchased a property for £210,000 at auction. He had intended to fund the purchase by utilising proceeds mainly generated through investing and trading on cryptoassets. Our client had instructed solicitors in relation to the purchase. However, just two days before the notice to complete was due to expire, the client was informed that they did not have the necessary expertise and could not provide the required report on the source of funds coming by way of crypto. At this late stage, he was at risk of losing his 10% deposit.

The Lawrence Stephens’ team – comprised of Asim Arshad and Gunduz Misiri – were able to take on the instructions and were able to extend the notice to complete by three days. This gave the team enough time to complete a full crypto source of funds report to verify the funds coming by way of crypto and intended to be utilised for the purchase. We were pleased to effect the completion of the purchase within the agreed upon extended time.

 

A firm to watch: Lawrence Stephens features in The Lawyer podcast

Posted on: December 6th, 2024 by Natasha Cox

The Lawyer 200 celebrates its 20th anniversary this year and Editors Catrin Griffiths, Christian Smith and Richard Simmons have been sharing their views on their annual survey in their regular podcast which presents their take on the top stories, trends and views in the legal market.

In October they reviewed five firms from the Top 100 survey that they are watching in the coming years, for good and ill. In their latest episode they revealed the five firms outside of the Top 100 that they are also watching. These firms were selected for their “momentum, innovation, promise, growth…or not!” and we are delighted to report that Lawrence Stephens is featured in a very positive light. We were praised for our ‘twin engine’ focus for growth, working with challenger banks and similar institutions alongside owner managed businesses and the individuals who own and manage these.

The podcast is available via Spotify or Apple, please click on the relevant link to listen further.         

Lawrence Stephens advises LHV Bank on £7.4m refinancing of prominent retail parade

Posted on: December 4th, 2024 by Natasha Cox

The Lawrence Stephens Real Estate Finance team is pleased to have advised regular client LHV Bank on the £7.4m refinancing of a parade of shops located in a prominent Essex town, secured across multiple titles with more than 20 tenants and leases. The facility also refinanced a bridging loan, ensuring the client’s financial goals were met within a tight timeframe.

The team worked closely with LHV Bank to review multiple cash flow scenarios across more than 20 leases while ensuring clarity on security positions across multiple titles. Collaboration across internal departments including credit, operations, and finance was vital to work to the tight deadline. Our team ensured that the entire process was completed ahead of schedule. Originally targeted for completion on 29 November, the deal was finalised two days early thanks to seamless collaboration between our team and the bank.

Conor McDermott, Director of SME Lending at LHV, commented: “The team worked tirelessly with Fine Mortgages to complete this on challenging timescales, with the transaction completed within eight working days of approval. Special thanks to the legal team at Lawrence Stephens led by Anna Christou, who worked on this over the weekend to ensure a successful refinance.”

Greg Palos, Head of Real Estate Finance at Lawrence Stephens responded: “Despite the complexity and speed of this transaction, our sector expertise and the strength and depth of our team contributed to an excellent outcome for our client.”

Matt Green to present expert evidence to House of Lords on Property (Digital Assets etc) Bill

Posted on: December 2nd, 2024 by Natasha Cox

Matt Green, Head of Blockchain and Digital Assets will be giving evidence to the House of Lords in the Property (Digital Assets etc) Bill this Thursday.

The bill is designed to ensure new asset classes aren’t prevented from being the subject of property rights if they do not fall neatly into the relevant two categories under common law.

As the Chair of techUK’s Digital Asset Working Group, Matt will be giving expert evidence on the impact of this legislation.

You can view the livestream of Matt’s appearance from 11.30am on Thursday 5 December by clicking here.