Barnett Waddingham Self Invested Personal Pension a true partnership approach
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Property Purchase Questionnaire Throughout this Questionnaire, words or phrases which are shown in bold italics are explained in the separate Glossary which you should refer to when completing this Questionnaire.
Barnett Waddingham Self Invested Personal Pension Property Purchase Questionnaire
a true partnership approach
Participating Member(s) Member(s) Name
Member(s) Barnett Waddingham SIPP Number
Trustee’s Solicitor Name of Trustee’s Solicitor: ...................................................................................................................................................... Address of Trustee’s Solicitor: ................................................................................................................................................... ................................................................................................................................................................................................ ..............................................................................................
Postcode: ...........................................................................
Contact Name & Telephone Number: ....................................................................................................................................... Email: .....................................................................................................................................................................................
1
Property Information
Address of Property: ............................................................................................................................................................... ................................................................................................................................................................................................ .............................................................................................
Postcode: ............................................................................
Description of Property (For example: warehouse, office, industrial unit, shop, agricultural land): ........................................................ ................................................................................................................................................................................................ ................................................................................................................................................................................................ Is the property: Freehold
Leasehold
Does the property have a residential element? Yes
No
Note: whilst we will allow residential property investment in some circumstances, we strongly recommend you take advice on the tax efficiency of this investment Has the property ever been owned by the member(s) or by any person or company connected with the member(s)? (If yes, give details on final page.)
Yes
No
Does the member have an interest in an adjoining associated property? (If yes, give details on final page.) Yes
No
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Barnett Waddingham Self Invested Personal Pension Property Purchase Questionnaire
a true partnership approach
Is the property vacant? Yes
No
If leasehold, how many years are left on the lease? ................................................................................................................. What is the approximate age of the property? ........................................................................................................................ Proposed purchase price: £ ..................................................................................................................................................... Is the property registered for VAT? Yes
No
If yes, is the purchase price: Inclusive
Exclusive
Expected Completion Date: ..................................................................................................................................................... Who is to apply for the property for VAT Registration and the Option to Tax? Member
Member’s Barnett Waddingham SIPP
Other (e.g. Member’s accountant)
Is the property to be registered as a Transfer of Going Concern? Yes
No
Who will complete the quarterly VAT Returns and issue rental invoices? Member
Member’s Barnett Waddingham SIPP
Other (e.g. Member’s accountant)
Has the property been registered with the Land Registry? Yes
No
If so, what is the registration number? .....................................................................................................................................
2
Details of party selling the property
Name of Vendor: .................................................................................................................................................................... Address of Vendor: ................................................................................................................................................................. ................................................................................................................................................................................................ .............................................................................................
Postcode: ............................................................................
Name of Vendor’s Solicitor: ..................................................................................................................................................... Address of Vendor’s Solicitor: .................................................................................................................................................. ................................................................................................................................................................................................ .............................................................................................
Postcode: ............................................................................
Contact Name & Telephone Number: ............................................................................................................................. Email: ...........................................................................................................................................................................
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Barnett Waddingham Self Invested Personal Pension Property Purchase Questionnaire
a true partnership approach
3
Details of proposed tenant(s)
If there is more than one tenant, please provide details on a separate sheet of paper. Name of Tenant: ..................................................................................................................................................................... Address of Tenant: .................................................................................................................................................................. ................................................................................................................................................................................................ ..............................................................................................................
Postcode: ...........................................................
Contact Name & Telephone Number: ....................................................................................................................................... Email: ..................................................................................................................................................................................... Nature of Tenant’s Business: ..................................................................................................................................................... Name of Tenant’s Solicitor: ...................................................................................................................................................... Address of Tenant’s Solicitor: ................................................................................................................................................... ................................................................................................................................................................................................ ..............................................................................................................
Postcode: ...........................................................
Contact Name & Telephone Number: ....................................................................................................................................... Email: .....................................................................................................................................................................................
4
Rental Information
If the tenant is connected, the property’s rental value must also be supported by a professional market rate valuation. It should also reflect the intended terms of the tenancy agreement. A copy of the rental valuation and any existing lease should accompany this questionnaire. Type of tenancy agreement: Lease
Farm Business Tenancy (FBT)
Licence
Annual Rent payable by the tenant: £...................................................................................................................................... Frequency of rental payments: Annually
Half-Yearly
Quarterly
Monthly
Frequency of review periods (Typical rental reviews occur usually every 3 or 5 years): ..................................................................... Length of proposed tenancy agreement: ........................................................................................................................................ If a new tenant, will the trustee’s solicitor also draft the lease? Yes
5
No
Control of Asbestos at Work Regulations 2002
The “Asbestos” Regulations place a duty on owners/occupiers to protect employees, and other workers within their properties, from the hazards of asbestos. The Regulations apply to non-domestic premises and impose a “Duty to Manage” on those in control of the properties – known as the “Duty Holder”. Who will be the Duty Holder for the property? ........................................................................................................................ Are there Asbestos Containing Materials (ACM) in the property? Yes
No
If yes, how will the Duty Holder manage the ACM? ................................................................................................................ ................................................................................................................................................................................................ Page 4 of 10
Barnett Waddingham Self Invested Personal Pension Property Purchase Questionnaire
a true partnership approach
6
How is the purchase to be funded?
Purchase price (excluding taxes): £.............................................................................................................................................. VAT payable (if applicable): £ ...............................................................................................................................................................
Is Stamp Duty payable? Yes
No
If yes, how much? £ ................................................................................................................................................................ Total cost: £.............................................................................................................................................................................
Source Member’s Barnett Waddingham SIPP cash available (including transfers-in): £.............................................................................. Additional contributions (net or gross? - bear in mind that tax relief takes 2 months to reclaim): £ .................................................... Borrowing (please also complete Part 7 if there is borrowing): £....................................................................................................... Other (please detail): £............................................................................................................................................................... Total funds £..........................................................................................................................................................................
7
Borrowing details (if applicable)
Before agreeing to the borrowing, the Trustees will need to ensure that the member(s) and the Trustees are not exposed to any personal liability. The maximum borrowing is 50% of the net assets of the pension fund prior to the borrowing taking place less any existing borrowing. Please note that multiple members will each need to have an individual mortgage. Name of Lender: ..................................................................................................................................................................... Address of Lender: .................................................................................................................................................................. ................................................................................................................................................................................................ .............................................................................................
Postcode: ............................................................................
Contact Name & Telephone Number: ............................................................................................................................. Email: .....................................................................................................................................................................................
Member
Amount of Loan (£)
Term
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Interest Rate (%)
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8
Barnett Waddingham Self Invested Personal Pension Property Purchase Questionnaire
Property Developments
Will there be any development/refurbishment work carried out on the property? Type of developments/refurbishments (attach plans and documentation if possible): ..............................................................................
................................................................................................................................................................................................ ................................................................................................................................................................................................ ................................................................................................................................................................................................ ................................................................................................................................................................................................ ................................................................................................................................................................................................ ................................................................................................................................................................................................ ................................................................................................................................................................................................ ................................................................................................................................................................................................ ................................................................................................................................................................................................ ................................................................................................................................................................................................ 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................................................................................................................................................................................................ ................................................................................................................................................................................................ ................................................................................................................................................................................................ ................................................................................................................................................................................................ ................................................................................................................................................................................................ ................................................................................................................................................................................................ ................................................................................................................................................................................................ How will the cost be met?: .....................................................................................................................................................
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9
Barnett Waddingham Self Invested Personal Pension Property Purchase Questionnaire
Agreement & Declaration
Please note that we cannot proceed with the property purchase or any work connected to the purchase until this Declaration has been agreed and signed by all participating Barnett Waddingham SIPP members. I/we authorise BW SIPP Trustees Ltd to purchase the above property on my/our behalf as part of my/our pension fund assets. All documentation in connection with the purchase and the mortgage(s) (if applicable) will be signed by BW SIPP Trustees Ltd on the understanding that any terms & conditions contained therein have been agreed in advance by me/us. Other than restricting the liability of the parties involved, BW SIPP Trustees Ltd takes no responsibility for the legal content or associated implications of the documentation. Any potential tax implications should be discussed with a relevant tax expert prior to the investment. On exchange of contracts, I/we will ensure that Buildings Insurance is in place in the name of BW SIPP Trustees Ltd and the member’s name(s). The cost of insurance will be met from my/our Barnett Waddingham SIPP fund(s) (or can be passed onto the tenant subject to the terms of the lease). I/we confirm that all documentation and information held by BW SIPP LLP in respect of personal details, my/our Barnett Waddingham SIPP details, and property details, can be provided as necessary to the Trustees’ solicitor and/or Lender. I/we confirm that if connected with the vendor, I/we will fully state this at the outset and subsequently ensure an independent market rate valuation is obtained, dated within 6 months of the completion date. I/we will adhere to the figure and will ensure all connected transactions will be done on an arm’s length basis. I/we acknowledge that in the event of the purchase not proceeding for whatever reason, all costs incurred up to the point that BW SIPP LLP receives notification of the cancellation, will be met by me/us. Third party fees (eg solicitor) will be settled by the relevant Barnett Waddingham SIPP fund(s), in proportion to all intended co-owners. We declare that every statement made in this questionnaire is to the best of my/our knowledge and belief true and complete. Primary Contact (multiple owners only): ...................................................................................................................................... This contact will be the main point of contact for BW SIPP LLP for all matters in connection with the property purchase and ongoing. BW SIPP LLP will accept instructions from this contact and will assume it is on behalf of all co-owners. However, signing duties of the co-owners will remain in place on all official legal documentation and bank instructions.
To be signed by all participating members as agreement of the above (duplicate if necessary): Signed: .....................................................................
Signed: ...........................................................................
Print Name: .......................................................................
Print Name: ............................................................................
Date: ................................................................................
Date: ......................................................................................
Signed: .....................................................................
Signed: ...........................................................................
Print Name: .......................................................................
Print Name: ............................................................................
Date: ................................................................................
Date: ......................................................................................
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Barnett Waddingham Self Invested Personal Pension Property Purchase Questionnaire
a true partnership approach
10 Documents to be attached
Plans Enclosed
To follow
Evidence of insurance to be effected on exchange of contracts Enclosed
To follow
Existing tenancy agreement (if any) Enclosed
To follow
New tenancy agreement Enclosed
To follow
Purchase Price or Rental Valuation Enclosed
To follow
Estate agent literature on the property (including photograph) Enclosed
To follow
Mortgage offer letter (if applicable) Enclosed
To follow
Details of any planning consent (if applicable) Enclosed
To follow
Survey/environmental report Enclosed
To follow
Asbestos Plan Enclosed
To follow
Energy Performance Certificate Enclosed
To follow
Fire Safety Certificate Enclosed
To follow
Please note that the delay of relevant documentation may delay the exchange/completion of the purchase.
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a true partnership approach
Barnett Waddingham Self Invested Personal Pension Property Purchase Questionnaire
11 Additional notes ................................................................................................................................................................................................ ................................................................................................................................................................................................ ................................................................................................................................................................................................ ................................................................................................................................................................................................ ................................................................................................................................................................................................ ................................................................................................................................................................................................ ................................................................................................................................................................................................ ................................................................................................................................................................................................ ................................................................................................................................................................................................ ................................................................................................................................................................................................ ................................................................................................................................................................................................ ................................................................................................................................................................................................ ................................................................................................................................................................................................ ................................................................................................................................................................................................ ................................................................................................................................................................................................ ................................................................................................................................................................................................ ................................................................................................................................................................................................ ................................................................................................................................................................................................ ................................................................................................................................................................................................ ................................................................................................................................................................................................ ................................................................................................................................................................................................ ................................................................................................................................................................................................ ................................................................................................................................................................................................
12 What to do next Please send the original signed and completed Questionnaire to the address below, with all supporting documents, and keep a copy for yourself. BW SIPP LLP PO Box 1209 Cheltenham Gloucestershire GL50 9WE
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If you would like to discuss anything related to this Questionnaire please contact us as follows: 0844 443 0101
@
[email protected]
Glasgow
www.bwsipp.co.uk October 2013 | BW1157 © Barnett Waddingham 2013
Liverpool Barnett Waddingham LLP is a body corporate with members to whom we refer as “partners”. A list of members can be inspected at the registered office. Barnett Waddingham LLP (OC307678), BW SIPP LLP (OC322417), Barnett Waddingham Investments LLP (OC323081), and Barnett Waddingham Actuaries and Consultants Limited (06498431) are registered in England and Wales with their registered office at Cheapside House, 138 Cheapside, London EC2V 6BW.
Leeds
Bromsgrove Cheltenham Amersham
Barnett Waddingham LLP is authorised and regulated by the Financial Conduct Authority and is licensed by the Institute and Faculty of Actuaries for a range of investment business activities. Barnett Waddingham Investments LLP and BW SIPP LLP are authorised and regulated by the Financial Conduct Authority. Barnett Waddingham Actuaries and Consultants Limited is licensed by the Institute and Faculty of Actuaries in respect of a range of investment business activities.
London
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