Many GP surgeries are owned by the partners. In many cases, these premises will have been used to obtain mortgage finance from a lending institution, possibly to fund partnership retirements, or for development of the practice and its premises.
At Crombie Wilkinson, we are experienced in providing advice to GP partners on the implications of taking out secured finance for the first time, or for those who wish to re-finance and move to a different lender.
Our work will involve a “health check” of your property title and deeds. We have had a situation where our investigations revealed that the property-owning partners were occupying a part of a building for their surgery which was not covered by their lease. We advised on the negotiation of a lease with their landlord on favourable terms to regularise the position.
Often refinancing is done in the context of a wider project, such as succession planning or the development of the practice, and we can also advise on the necessary changes to be made to the Partnership Agreement and property-related changes at the Land Registry.
For more information, please contact Duncan Morter