A mental selection of classics and supercars linked by their desirability and high cost.
Fractional Life is happy to promote the companies listed on the site, however it is always in a purchasers interests to have legal representation when potentially entering into a legally binding transaction.
Here’s some helpful hints to assist you if you are considering the use of a lawyer:
Fractional Life Recommends
Eric Gummers has a specialised legal practice on fractional ownership and fractions. Eric, corporate partner and head of the leisure group at Howard Kennedy, is recognised for his expertise in fractional and shared ownership structures and clubs internationally. He has worked on Private Residence Clubs and Destination Clubs around the world.
Eric features in Legal Experts, Legal 500 and Chambers in this legally complex space generally acting for developers, promoters and brands. His team have wide experience on the legal issues of managing mixed use leisure resorts with fractions or a shared ownership component.
E.Gummers@howardkennedy.com tel: +44(0)20 7830 8234
Gregory Rowcliffe Milners (GRM) is a leading full-service legal practice based in the heart of London, with a history going back over 200 years and strong international links. Its Travel & Leisure Group is led by corporate/commercial partner Chris Bannister and provides a full range of legal services to clients in the travel, hospitality, timeshare and fractional ownership sectors, based on extensive international experience of the legal and regulatory issues that affect businesses operating in these sectors. GRM prides itself on its ability to build and maintain long-standing relationships with its clients by providing practical commercial advice in a responsive and friendly manner, on budget and on time.
email@example.com tel: +44(0)20 7242 0631
Since 1985, Andy Sirkin of Sirkin Paul Associates has provided legal support and documents for fractional real estate ranging from one house or condo to hundreds of units, and has assisted in more than 5,000 shared ownership projects throughout the world, including the US, Europe, and Central and South America. This breadth of experience allows the firm to deliver particularly cost-effective service by drawing on a huge library of fractional documentation and extensive knowledge of legal requirements for virtually any place a project might be located or potentially marketed. The firm currently has five attorneys spread among San Francisco, Denver, and Paris.
firstname.lastname@example.org tel: +14157388545
Silverman Sherliker is a City based business law firm with many years experience advising on franchising, time sharing and joint ventures. As a founder member of Fidelis International it has excellent access to lawyers operating in overseas jurisdictions, essential where a foreign element is involved in fractional ownership.
email@example.com tel: +44 (0) 20 7749 2700 +44 (0) 20 7749 2700
Purchasing an interest in a jet, yacht, property can be a multimillion pound transaction. Purchasing from the companies listed within the other categories can also be a decision-making process for which you require guidance and advice throughout. Both are lifestyle and in some cases, life-changing experiences and good business judgement would require that you get specialised legal assistance before committing your funds or company funds.
Lawyers can advise and guide buyers and lessors as to what is and what is not being acquired, and can help the purchaser or lessee negotiate the most favourable deal available, under the circumstances.
Understanding what you are receiving and what you are not receiving.
In a typical transaction you may be asked to sign a number of different documents. There is generally a standard set of documents relevant to each category. A specialist lawyer who fully understands the intricacies of such transactions can help prevent misunderstandings or later unmet expectations. There are generally no standard "one size fits all" contracts. Each contract must be tailor-made to your special needs and situation.
Your personal or business requirements may change in the future. Your aviation, sea, property or 'fractional life' needs may change in the future. You may need "escape" clauses should the contracts turn out to no longer fit your circumstances. An experienced lawyer will know which provisions can be negotiated to protect your future needs and which provisions cannot be negotiated resulting in obligations which you must understand.
Fractional Ownership law is a very narrow subspeciality of law.
There are very few private practice lawyers (not employed by airlines, yacht companies or manufacturers, etc.) available to be able to assist you without a conflict of interest. Many of these lawyers might be in a conflict of interest situation if they were to represent a buyer or lessee. Many are employed by governments or airlines or manufacturers and would not be available to help you.
See below for a list of UK lawyers experienced with the Fractional Ownership concept. These companies have represented many buyers and lessees of fractional interests and can assist your corporate or general counsel or work directly with you.
Whenever possible, try to get your lawyer to charge a fixed, flat fee so the fee can be budgeted and predicted in advance. Lawyers tend to prefer to work with counsel and professionals who are familiar with the buyer. They can either advise the buyer's or lessee's law firm, corporate counsel, advisers, or work directly with the buyer-lessee, as the buyer-lessee or their advisers wish.
Depending upon who will be doing what, fees may vary, but, as mentioned above, most reputable lawyers try to give a flat, or a minimum/maximum figure in advance, depending on the amount of work expected to be necessary.
All are generally available to work with corporate counsel, outside counsel, corporate PA's, personal and business managers, transportation managers, and other advisers and consultants to assist with the purchase or lease of a fractional jet interest.