The team at Woodstock has just completed on a 101 unit mixed used residential and commercial premises which had 99 long leases, a 999-year head lease and a freehold interest. We were tasked with the simultaneous exchange and completion of 99 Deeds of Surrender on behalf of 99 residential leaseholders.

The leaseholders were a mixture of international private investors, corporate investment companies, domestic companies and international companies. We encountered various obstacles including various international jurisdiction issues (and differing time zones), restoring a company which had been inadvertently dissolved which still owned the lease) and dealing with complex due diligence requirements.

We had a short timescale to complete and worked tirelessly to provide excellent customer service, prompt and frequent communications to our 99 clients and distributed all payments following completion within 48 hours.

So, what are the important things to bear in mind when acting in a multi-party transaction?

· Planning, planning, planning – prior preparation and planning prevents poor performance.

·Set clear objectives and outcomes – if the client (multiple) isn’t aware of the timescales and steps involved to complete the transaction, they won’t appreciate the nature, extent and scope of the tasks involved. Frequent communication is key.

·Be aware of the due diligence requirements, especially when dealing with international companies/ individuals whom you are not meeting in person

·One size fits all? Not when it comes to execution clauses in contractual documents. Each one must be appropriate to the type of client i.e. individuals versus companies

·Clear drafting – making sure the contractual documentation is fit for purpose and achieves your clients’ objectives

·Spreadsheets….and detailed ones too. Make sure a detailed record of each step is kept so you can see at a glance, what is outstanding and next steps. This is essential when dealing with multiple clients to ensure the transaction is dealt with without complication.

We specialise in group litigation – acting on a variety of issues such as Deeds of Surrenders, service charge disputes, enfranchisement claims, and RTM cases.

Whether acting for a group of 5 or 150; our service and approach is the same. Professional, approachable and achieving your objectives in the best way possible for you.

If you have any queries relating to the above then please feel free to contact us and we will be happy to help.