Press Releases

We’ve been proud to serve the people and businesses of Essex since 1983. Over the last 40 years, we’ve grown steadily and built a reputation as a trusted provider of legal advice across the county.

That is why we are pleased to announce the opening of our new office in Chelmsford.

Chief Development Officer, Ricky Valks, said: “We’ve talked about Chelmsford for many years. It’s the city-centre, it’s vibrant, and it has one of the fastest-growing business communities in the region. Being able to finally put down roots here is a proud moment for us.

“This new office gives us the chance to bring our reliable services to a wider community.”

Continuing our journey in Essex

Earlier this year, we picked up the keys to our new city-centre premises and set to work creating a space that feels both professional and approachable.

We know people don’t usually come to a solicitor at the easiest moments in life, so it mattered to us that our new office feels welcoming from the moment you step inside.

Chelmsford is now our sixth office, joining Thurrock, Rayleigh, South Woodham Ferrers and our two Basildon offices.

We’ll be offering the same wide range of services, from family law and conveyancing through to wills and probate, employment and commercial law.

“Many of our team already live in and around Chelmsford, so in a way this feels like we’re bringing the firm home,” said Ricky.

“Our reputation has been built on being accessible, picking up the phone, meeting face-to-face and speaking plainly. Having a presence in Chelmsford lets us do that for even more people, right on their doorstep.”

Looking to the future

With our new office open, we’re looking forward to welcoming clients old and new and playing a bigger part in the life of this city.

We’re proud of our history in Essex, and this next chapter in Chelmsford is just the start of more exciting things to come.

A trust is a legal arrangement in which your assets (e.g. property, cash, shares or specific items), are held by nominated persons (the trustees), for the benefit of another person or a group of people (the beneficiaries).

The trustees have control over those assets until the appropriate time for them to be paid out or transferred to the beneficiaries.

The creation of a trust can be by way of a lifetime settlement or by Will and can form part of the estate planning process to ensure your assets are protected.

Why set up a trust?

Any assets transferred into a trust during your lifetime will not form part of your estate after seven years have elapsed, provided you do not retain any actual or potential benefit from the assets transferred to the trust.

This means you can minimise Inheritance Tax, as well as ensure that your beneficiaries –such as loved ones or charities – enjoy the benefits of your wealth over the longer term.

There is nothing to prevent a person who creates a lifetime trust being appointed trustee, thus remaining in control of the assets and the decision making.

You might wish to set aside wealth in a trust that your children can use to fund tertiary education, but that limits their ability to access all the funds until a certain age when you may feel more certain that they have reached financial maturity.

This can help you ensure your children do not waste the funds you’ve provided for them.

You can also use trusts to provide a source of income for vulnerable and/or disabled family members who may not be able to manage their finances on their own or who might be on means tested benefits which they do not wish to lose by receiving an outright cash injection.

The same circumstances can equally apply to a Will trust.

Indeed, where appropriate, trusts are a way of dealing with the unknown, allowing your appointed trustees to make decisions in light of prevailing circumstances many years into the future. A discretionary element and flexibility can be of great benefit.

Setting up a trust

You should always seek professional advice when setting up a trust so that you can be sure of the implications of the same and the need for ongoing monitoring and administration.

If you’re leaving a trust in your Will, you must choose at least two (but no more than four) reliable trustees to look after the assets.

Once a trust is created, the trustees will have a responsibility to make sure that the trust assets are properly preserved for the benefit of the beneficiaries.

This may mean:

• Utilising the services of managing agents to look after property.
• Seeking independent financial advice as to the investment of cash.
• Keeping correct, up-to-date records of all dealings with the trust.
• Employing accountants to prepare annual accounts.
• Instructing professionals to make sure the trustees are acting in accordance with their powers and responsibilities set out in the trust document and in accordance with the law.

These tasks can be onerous, but they need to be dealt with correctly.

It is advisable to speak with your chosen trustees beforehand to make sure they are happy to take on the responsibilities involved with managing a trust.

Protect your assets in trust with Palmers Solicitors

Palmers Solicitors’ specialist lawyers can advise on and assist with the creation of trusts, the resultant tax implications, liaising with accountants where appropriate, and the management of a trust.

Our Wills, Trusts and Probate team consists of members of the Society of Trusts and Estates Practitioners (STEP), so you can be confident that we have the knowledge and expertise needed to help you protect your wealth for the next generation.

We can also help you prepare a Will that reflects your wishes regarding your estate, as well as support you with planning for later life care.

For more information about incorporating trusts into your estate plan, get in touch with our friendly team today.

Re-mortgaging can be a smart financial move for a number of reasons.

You might need to release equity or consolidate debt, or perhaps you are simply looking for a better interest rate.

Now, with new measures announced by the Financial Conduct Authority (FCA) that are designed to help more people access secure homeownership, it will be easier for borrowers to remortgage.

Key changes to remortgaging

The FCA released the policy statement PS25/11 outlining the key changes (which came into force immediately) being made to simplify the remortgage process for borrowers.

For borrowers seeking to reduce the term of their mortgage, the FCA has removed the requirement for a full affordability assessment, making the process much easier and simpler.

This simplification is designed to lower the total cost of borrowing and reduce the risk of homeowners’ mortgage repayments extending into retirement.

However, mortgage lenders will still be expected to consider affordability in line with their responsible lending policies.

The FCA also aims to make remortgaging with a new lender much easier by introducing simpler affordability assessments, enabling borrowers to access more affordable products.

Mortgage lenders are also mandated to deal fairly with customers whose mortgage terms have expired. This includes the requirement not to take repossession action unless all other reasonable attempts to resolve the position have failed.

Other factors to consider when remortgaging

The FCA’s package of measures will make remortgaging much easier for homeowners, but it is still important to consider a range of factors before making a decision.

Overlooking key legal considerations can lead to unexpected costs, delays, or complications.

If you are still within a fixed-rate or discounted mortgage deal, your lender may charge an early repayment charge (ERC) to exit your current mortgage early. These fees can be substantial (sometimes thousands of pounds) and could outweigh the savings of switching to a new deal.

You should make sure you review your mortgage terms before committing to a re-mortgage and factor in any ERCs when calculating the overall benefit.

Additionally, while remortgaging is generally cheaper than buying a property, it still comes with costs.

You will typically need to pay:

• Legal fees for the conveyancing work.
• A valuation fee (unless covered by your lender).
• Lender arrangement fees for the new mortgage.
• Land Registry fees if changes need to be made to your title.

Remortgaging can provide financial flexibility, but it is important to make sure you have accounted for all the costs incurred in the process.

Remortgaging with confidence

Many homeowners mistakenly believe remortgaging is as straightforward as switching lenders.

The reality is that remortgaging is a legal process.

A solicitor will need to carry out title checks, confirm there are no outstanding charges on the property, and handle the legal transfer of funds between lenders.

If you’ve found a better mortgage deal, our experienced conveyancing team will help you change lenders speedily and efficiently.

Considering a remortgage? Speak to our team today for expert legal advice.

The recent Supreme Court ruling in the long-running case of Standish v Standish represents a substantial shift in how the courts assess financial disputes in divorce.

The case centred on a £78 million asset transfer from husband to wife during the marriage, which appeared to be motivated by tax planning, and whether or not these counted as shared matrimonial assets.

The Supreme Court’s ruling provides much-needed clarity on whether such transfers automatically become part of the matrimonial pot or remain separate.

Matrimonial versus non-matrimonial assets

The legal distinction between matrimonial and non-matrimonial property is not new, but its application has often lacked consistency, especially in complex financial cases.

The Standish v Standish judgment draws a sharper line: assets transferred between spouses during the marriage are not automatically shared unless there is clear, mutual intent to treat them as joint property.

This clarification helps eliminate ambiguity that has long caused confusion among clients and legal professionals alike.

It is very common for spouses to misunderstand the implications of asset transfers, assuming that moving funds between accounts or into joint names signals shared ownership.

The Sharing Principle: When it applies and when it doesn’t

One of the core principles in divorce finance is the “sharing principle,” which typically supports equal division of assets that are considered to be the result of the marital partnership.

The Supreme Court has now firmly stated that this principle applies only to genuinely matrimonial assets.

Simply transferring an asset during the marriage does not make it matrimonial.

The ruling reaffirms that the source and nature of the asset are important.

Wealth brought into the marriage, received through inheritance, or given as a gift generally remains the property of the original owner, unless there’s strong evidence of a change in intention.

Examples of matrimonial assets

The Supreme Court’s judgment offers useful guidance on what qualifies as shared matrimonial assets:

• Income generated by either spouse during the marriage.
• Joint savings or investments made together using marital income.
• Property bought or improved using joint funds.
• Businesses built or expanded by either spouse during the marriage.
• Retirement assets accrued while the marriage was ongoing.

However, the Supreme Court emphasised that intention and conduct are what matters.

Without clear evidence of joint treatment, even jointly titled assets may be deemed non-matrimonial.

Palmers Solicitors: Helping you divorce with confidence

The Standish v Standish judgment is poised to influence future divorce litigation, especially cases involving complex inter-spousal transfers, family-owned businesses, international tax structures, and trusts and offshore assets.

This ruling is a timely reminder that financial decisions made during marriage can have lasting legal consequences if intentions are clearly established.

This means that careful wealth planning and transparent documentation throughout a marriage are important for couples, especially those with substantial wealth.

For those anticipating divorce, understanding which assets fall within the marital estate is essential to achieving a fair outcome.

If you’re unsure about your financial rights or how this ruling might affect your case, our experienced family law team is here to help you.

We can offer practical legal guidance and support to protect your interests during divorce proceedings.

If you need guidance on the fair division of financial assets, please get in touch. We’ll help you understand your rights and protect your best interests.

Partnerships (when a business is run by at least two partners) are currently one of the most popular business structures.

Forming a partnership means the workload is shared, enabling each partner to specialise in their own area of the business, and more finance can be raised thanks to greater investment from the owners and a higher chance of securing bank loans.

Due to the liability for other partners’ debt, it is wisest to go into partnership with someone you trust and who will bring new skills to the venture as well as seek to put in place sufficient protections for each partner by means of a partnership agreement

However, things can still go wrong, and business partners may fall out, which is why you should draw up a partnership agreement before you start.

What is a partnership agreement and why should you have one?

A partnership agreement outlines amongst other things the rights, responsibilities, and profit shares (and losses) of each partner.

It will also confirm whether you are entering an ordinary partnership or a limited liability partnership (LLP).

The primary purpose of a partnership agreement is to protect the partners’ investment in the firm and to establish a fair relationship between them.

Disagreements will occur in any partnership, which can result in partners dissolving the business if an agreement can’t be reached.

By laying out each partner’s rights and responsibilities clearly, a partnership agreement can help to reduce the risk of disputes and provide clear processes for resolving any disagreements that do arise.

Without such an agreement, conflicts will be settled according to either The Partnership Act 1890 or The Limited Partnership Act 1907, which may produce an unsatisfactory result in some cases.

What should be contained in a partnership agreement?

A partnership agreement sets out detailed and practical rules for the firm and its partners, and should generally cover:

• The percentage ownership for the business.
• What each partner will contribute to the business and the role they will play.
• Decision making and voting rights, including which circumstances will require a joint decision and which actions to take if the partners can’t agree.
• How the profits will be shared, when the partners can withdraw this money, and any reinvestment back into the business.
• The amount of money each partner can draw from the business and the limit on the amount of expenses that can be claimed.
• The level of liability each partner will be responsible for as well as any contributions from other partners for any liability amongst one another.
• How to split a partner’s share in the business in the unfortunate event of their death or incapacity.

If you anticipate bringing in new partners in the future, you should outline terms and conditions for new joiners, what their level of investment should be, and their rights and benefits.

You can also include details regarding how the business will continue to be run in the event of a partner’s retirement, as well as under what circumstances a partner can be dismissed and any payout they will receive.

You may wish to restrict the type of employment a partner can go into if they leave, especially in terms of not being in direct competition.

Additionally, you can put in place agreed dispute resolution methods in the event that disagreements arise in the partnership.

Any issues that are not included within the agreement will be determined by the statutory rules, which can be inadequate and impractical.

Finally, you should arrange how the business will be split between the partners if it ceases to trade.

Prepare your partnership agreement with Palmers Solicitors

It is essential to seek independent legal advice before defining your level of commitment to the business.

An experienced solicitor can advise you on your rights and draft a partnership agreement that is legally sound and is fair to all parties.

It is important that all the partners are present when the document is created and that they all sign it to confirm they understand and agree to the terms contained within.

Our company and commercial solicitors can advise you on how your firm might benefit from a partnership agreement and can draft an agreement appropriate to the needs of your firm.

For further advice on entering a partnership agreement, please contact our team to discuss your needs.