Location: Cornwall – 866

• Fee income obtained from Internally prepared Management Accounts for the Year Ended 30^th April 2024, £90,688.09.  Work-In-Progress is in the order of £30,000.00 – £40,000.00 (figures subject to change).

• Fee income for the Year Ended 30^th April 2023, £77,494.

• Practice to transfer to the Successor firm on a ‘cash-free, debt free’ basis.

• Current Work Types – obtained from professional indemnity insurance proposal form 2023/2024:

33% Litigious work

26%  *Non Litigious work

28%  Residential Conveyancing

  3%  Commercial Conveyancing

10%  Wills

• *Non Litigious work constitutes: Advising with regard to easements; preparing deeds of easements; accessways; rights of way; applications for voluntary registration of title; advising property leasehold managing agent, re. tenancy issues; boundary disputes and other miscellaneous non litigious work.

• There has never been a professional negligence claim against the practice, nor are there any notifications made by the practice to its insurers.

• Headcount [3]:

  • 1 X Principal.

  • 1 X Receptionist / Secretary – employed.

  • 1 X Bookkeeper / Accountant – self employed.

• Premises:

  • Freehold premises available for sale at current market value, alternatively, a lease will be granted.

  • Vendor would consider granting an option to buy the freehold in the lease – price and period to be agreed.

Herewith Terms for the Sale/Merger/Take-over etc of Law Practice:

1. Goodwill, Work-In-Progress, Furniture, Fixtures, Fittings, Equipment and Library – Offer invited.

2. Offices are fully furnished and chattels are transferrable to the acquiring practice.

3. The acquirer/merging entity of this business to be the Successor practice.

4. Office Premises:  Available for sale at current market value, alternatively, a lease will be granted on terms to be negotiated.

• • Freehold premises available for sale at current market value, alternatively, a lease will be granted.
  • Vendor would consider granting an option to buy the freehold in the lease – price and period to be agreed.

5. The acquirer of this practice will be required to take-over the unexpired part of all on-going agreements relating to future payments for software licenses, equipment, furniture, fixtures, fittings, storage rental, PI insurance, library and any payments made for the running of the practice.

6. Consultancy available:  Working status / arrangements and remuneration to be negotiated.

7. Employed member of staff:  To transfer to the Successor firm in accordance with TUPE Regulations, i.e: on the same terms and conditions presently enjoyed.

8. Money held in Office Bank Account and Office Debtors do not transfer to the acquirer.  Clients’ Accounts, both Current and Deposit will be reconciled and transferred to the acquirer.  Ongoing payments commencing the first day after date of transfer of the business will be discharged by the acquirer of the business.