Month: June 2024

EPC Conversion Factors – Guidance Note

In June 2022, there were updates to the EPC calculation methodology, that are typically seeing worsening of EPCs that use gas and do not comply with the latest building regulations. Typically, non-domestic properties of this type have experienced a 1-grade drop.

Landlord building implications

Was your EPC lodged prior to June 2022? Does your property use gas?

If your property falls into both of the above categories, your current EPC was calculated using the old methodology, at renewal of EPC, you may be at risk of a worse EPC score or rating, even if you have completed improvement works. Depending on the property, a worse EPC may negatively impact:

  • Tenancy contracts/green lease clauses
  • Existing funding or investment agreements (if clauses are linked to the EPC rating)
  • Current Minimum Energy Efficiency Standards, if you are currently close to a D or E rating.

To understand the potential implications to your EPC, it may be time to commission a new EPC assessment (this does not necessarily need to be lodged if your current EPC is still valid), to enable accurate forward planning if issues arise.

Landlord lease implications – new leases and tenant alterations

It is now commonplace for commercial tenants to be under an obligation for their alterations to not negatively impact the EPC rating. The concern for tenants arises where works have been carried out since the EPC was initially lodged (prior to June 2022). Upon completion of the works (if these works necessitate a new EPC), there is a significant risk that the overall EPC rating could come down. Tenants may face challenges proving that the completed works are not the cause of the downgraded EPC rating, which could complicate their position.

Actions going forward – mutual benefit/clarity

To provide clarity for both landlords and tenants on the current position of the building where:

  • The EPC was lodged prior to June 2022
  • Gas is used at the property.

Consider commissioning a new EPC assessment (as previously mentioned this does not necessarily need to be lodged if your current EPC is still valid). This can then be used to evidence a correct baseline which ensures clarity for both a landlord and tenant on the EPC rating of the property (allowing the tenant to accurately assess the impact of any alterations they may be planning) and gives the landlord an ability to plan what future investment will be required to ensure they continue to have a good and marketable asset well into the future.

Record number of shortlistings at the STEP Private Client Awards 2024/25: Forsters’ named finalists in six categories

Forsters’ Private Wealth team has been shortlisted in the most number of categories of any firm, with six nominations in the STEP Private Client Awards 2024/25:

  • Private Client Legal Team of the Year (large firm)
  • International Legal Team of the Year (large firm)
  • Family Business Advisory Practice of the Year
  • Employer of the Year
  • Digital Assets Practice of the Year
  • Trusted Advisor of the Year, Nicholas Jacob TEP

The STEP Private Client Awards are seen as the hallmark of quality within the private client sector, recognising and celebrating excellence among private client professionals. Attracting entries from across the globe, submissions are judged rigorously by a top tier of independent panel of experts comprising of internationally renowned practitioners in the wealth management arena. Finalists are recognised for a wide range of capabilities including their; ability to demonstrate their capacity to undertake complex and demanding client issues; world-class innovation and commitment to the industry.

Forsters’ six nominations demonstrates the breadth of specialisms that the team advise our private clients on and showcases the strength of the trusted relationships that we build with both our clients and our intermediary network.

The news follows our continued success at the annual STEP awards, where Forsters have been named winners in at least one category since 2018 and most recently won three awards at the ceremony last year.

The winners will be announced at the Awards Ceremony on 19 September 2024. The full shortlist can be found here.

Continued recognition for Forsters family lawyers in Spear’s Family Lawyers Index 2024

Six of our family lawyers from across the team have been listed in this year’s Spears Family Lawyers Index 2024:

The Index recognises the top family lawyers for high net worth clients in the UK, ranking individuals that have the ability to combine expert legal knowledge with an emotional understanding of a client’s situation to produce the best results.

Forsters boosts Dispute Resolution with appointment of Steven Richards

Disputes Partner Steven Richards joins Forsters from Foot Anstey to add specialist fraud and contentious insolvency expertise to the firm’s full-service Dispute Resolution practice.

Forsters, the leading London law firm, announces today that Steven Richards is to join the firm on 11 June 2024. Steven has over two decades of experience advising on a wide range of commercial litigation and contentious insolvency matters. He joins Forsters from Foot Anstey where he led the dispute resolution practice for several years before heading up the firm’s fraud team. Prior to that Steven trained and practised at Jones Day (formerly Gouldens).

Steven’s appointment marks a period of continued growth for Forsters following the recent arrival of highly ranked and market recognised Employment Partner Jo Keddie and her team from Winckworth Sherwood. The firm, which celebrated its 25th anniversary in 2024, moved to new premises in Baker Street in January this year.

Steven has extensive commercial litigation experience and has a strong track record of acting on big ticket, complex disputes and achieving successful outcomes for a range of both domestic and international clients. He advises high net worth individuals, private companies, insolvency practitioners and financial services organisations on a wide range of disputes and has a particular expertise in civil claims involving allegations of dishonesty and fraudulent conduct. He also has significant experience in dealing with corporate disputes, banking and finance litigation, professional negligence, contentious insolvency, insurance claims, business critical issues and injunctive relief.

The addition of Steven Richards to Forsters’ Disputes Resolution practice will boost its already thriving general commercial litigation capability, while adding specialist contentious and insolvency expertise.

Benedict Walton, Head of Commercial Dispute Resolution at Forsters, said: “Clients turn to our disputes practice for the most complex commercial claims. Steven’s addition to the team adds significant bench strength in the important areas of fraud and contentious insolvency. I’ve known Steve for many years and he brings a fantastic track record of high profile litigation experience, successful practice building and a progressive and collaborative working approach, all of which will be highly beneficial as the team continues to strengthen and grow.”

Steven Richards said: “I am really excited to join Forsters at a time when the firm is growing and going from strength to strength. Forsters’ diverse client base and culture feels like a natural fit for me and my practice. The firm is the right place from which to serve my clients who will have access to market leading contentious expertise from the wider practice which, in turn, will help them navigate their most complex business challenges.”

Natasha Rees, Senior Partner of Forsters, commented: “Forsters is enjoying a period of strong momentum as a business and so we are really pleased to welcome Steven Richards to the partnership. He will be an excellent addition to the Disputes practice and of instant benefit and value to clients across the firm.”

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Helen Streeton featured in PERE’s ‘on the minds of the experts’

The residential sector remains attractive, with strong supply and demand dynamics across markets, but it is not without its challenges. PERE looks to the experts to answer questions on the residential sector and Helen Streeton, Partner and head of our BTR sector, shares her thoughts as one of the industry leaders.

Question: What is the current appetite for residential property investing and how has that changed in recent years?

Helen shares “Investments into BTR continues despite economic headwinds as demand outstrips supply. In 2023, the BTR market saw £4.5 billion invested. Housebuilders continue to face challenging conditions, meaning that investment is greatly needed to tackle the UK’s housing shortage.”

Read the full Q&A on PERE’s website here.

Forsters’ Asia team win ‘Estate Planning Team of the Year’ for Greater China at the WealthBriefingAsia Awards 2024

Named ‘Estate Planning Team of the Year’ (Greater China) at the 2024 Wealth Briefing Asia Awards, Forsters Private Wealth Asia team were recognised for their unique approach to advising HNW individuals and families, trustees and family offices in the region on international cross-border estate and succession planning.

The annual WealthBriefingAsia Awards programme recognises the most innovative and exceptional firms, teams and individuals. The awards have been designed to showcase outstanding organisations, deemed to have ‘demonstrated innovation and excellence during the last year’.

The award winners were announced at the ceremony on 30 May 2024 in Singapore.

Forsters’ dedicated Private Wealth Asia team

With an established track record in Greater China, including Hong Kong and the wider Asia region stretching back 33 years, Forsters’ Private Wealth Asia team are renowned for their expertise in estate and succession planning with a cross-border focus.

Taking a unique approach to estate planning particularly in the context of family governance for multigenerational business families; the team make it a priority to understand the psychology of the families they advise and marry this with the practical and commercial aspects to preserving family wealth and mitigating the risk of family disputes.

Only after taking the time to get to know the family, and understand their dynamics and needs, do the team create the bespoke structures that help establish family harmony and ensure the successful transition of wealth from one generation to the next. Many clients have built international businesses with assets and family members based across the world; lending added complexity to their planning needs.

The award showcases Forsters’ continued commitment to serving families in Asia and follows the team’s recent promotion of Alfred Liu to Partner. Nick Jacob and Daniel Ugur are also two of only three lawyers recognised in the Chambers HNW Guide as foreign experts for Singapore. This team, which also includes Private Client Global Elite Rising Leader, Patricia Boon, travel to the region monthly to advise clients and have cultivated strong relationships with many private wealth advisors based there.

The Private Wealth Asia team is part of Forsters’ Asia group advising clients based in the region on a wide range of services including:

  • Estate & Succession Planning
  • Family Governance
  • UK Tax
  • Trusts Structuring
  • UK Residential & Commercial Property
  • Matrimonial & Divorce
  • Contentious Trusts & Estates.

Please do get in touch with any of the team, to find out more about our Asia services.

Asia services