hazellend
Member of DD Central
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Post by hazellend on Aug 31, 2016 20:26:38 GMT
Legal fees on the new property are around 25k or 5% of the share price. Does this seem reasonable as it seems a lot to me? Property partner could just hire a full time in house lawyer for 100k per year and save their investors a fortune.
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beh
Member of DD Central
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Post by beh on Sept 1, 2016 17:56:37 GMT
"Legal & Prof Fees" - I assume this also covers surveyor’s fee although still no idea whether this represents good value overall. They have a general counsel but appear to be using Mills & Reeve otherwise.
Not very clued up on this sort of thing but might be a benefit to having it done independently of PP, no conflicts of interest and such?
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ben
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Post by ben on Sept 1, 2016 19:38:23 GMT
They recently got rid of about 20 staff god knows what they were all doing, and that was not even half of the staff, think at one point they must have had 1 member of staff per property.
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bigfoot12
Member of DD Central
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Post by bigfoot12 on Sept 2, 2016 11:37:47 GMT
"Legal & Prof Fees" - I assume this also covers surveyor’s fee although still no idea whether this represents good value overall. They have a general counsel but appear to be using Mills & Reeve otherwise. Not very clued up on this sort of thing but might be a benefit to having it done independently of PP, no conflicts of interest and such? They'll need an independent lawyer for the mortgage, and also that will come with insurance if they mess up. Fees will also cover the SPV setup and there are six flats as well as the freehold.
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