High Value and Luxury Assets
Request a callback
For many high-net worth individuals, a private jet is not just a luxury asset, but a necessity when needing to travel on short notice or without the restrictions and hassle of scheduled flights.
If you are looking to invest in a private jet, you need legal advice that can cut through the complexities of domestic and international law ensuring your personal and corporate liability is limited.
At Saracens Solicitors, we can assist you with the legalities of both the sale and purchase of a private jet and ensure that the process runs smoothly and efficiently. We offer clear, concise advice regarding:
The first consideration when purchasing is the type of ownership structure because of the implications otherwise in relation to tax and personal liability. There are many options available from fractured ownership (owning a shared interest in a plane) to simply hiring or chartering an aircraft when needed. If you plan to own a jet outright, you will need professional legal advice as to the best way to make the purchase given your financial position, your business arrangements and general interests.
Ownership options include:
We can advise on the pros and cons of each and draft the appropriate documentation to afford maximum protection.
Buying an aircraft can involve multiple professionals going over the sale and purchase agreement and the aircraft itself with a fine tooth comb to ensure your safety and financial security are not compromised. Please ensure that you involve us when you are thinking about the purchase. Experienced solicitors dread that phone call from their client on a Monday morning which begins with the words, “You’ll never guess what I bought this weekend.”
Caveat Emptor [buyer beware] is the underlying principle that an investor must be conscious of. Ensuring proper due diligence is undertaken by people in the know is critical given the likely level of investment.
At Saracens we will project manage the entire process, including procurement of surveyor and engineer reports, undertaking comprehensive due diligence to uncover the build, history and ownership details as well as negotiate the acquisition contract with appropriate warranties / indemnities.
As a seller you will want to ensure you engage not just any commercial lawyer but skilled professionals that will achieve your objective as quickly as possible whilst protecting your position. You will want to ensure your buyer commits contractually as quickly as possible.
To achieve this we can assist in putting together a comprehensive sale bundle of documents, reviewing the same beforehand for example, ensuring issues such aircraft logs and records are up to date or reviewing the documents to ensure they are all relevant and what a buyer wants to see. We will draft the sale contract with the requisite warranties as to the condition of the aircraft at the time of sale and help procure a Certificate of Airworthiness to the buyers solicitors.
We can also assist post completion, informing the Civil Aviation Authority that the ownership of your aircraft has been transferred.
Please contact us if you are looking to buy or sell a private jet and we will be happy to walk you through the process step by step. Phone our London office on +44 (0) 20 3588 3500 or request a call back via the webform and we will contact you at your convenience.
We instructed Saracens’ litigation team in a sensitive matter in the hope that it would be…
Bob Paxman Chief Executive Talking2Minds
See All Testimonals
The Art Paris Art Fair, which kicks off at the end of March, is one of the leading spring events in the art world. With around 145 exhibitions from over 20 countries, representing 2,200 artists and held in the Grand Palais, the event attracts an array of fans, including wealthy individuals with a refined knowledge of art from all over the world. Art fairs are one way to pick up a desirable piece of work directly from the artist. The other primary driver of art sales is galleries. High-end artwork, the kind that passes from one private collector to another, is mostly sold at auctions. With that said, as the […]Read more
Raising the Roof – Forfeiture of a Commercial Lease | Litigation Imagine you are a tenant of a commercial property. Business may be slow and you have fallen behind on your rent, but you know things will eventually pick up and you will settle your arrears. You leave the premises unattended for a period of time to try and find a way to remedy the situation, only to return and find your landlord has changed the locks and effectively evicted you from your livelihood. Surely they cannot take such drastic action against rent arrears, can they?Read more
Selling fine art at auction is not for the faint-hearted. Selling fine art at auction- Auction house Sotheby’s announced in January that ‘Bauerrngarten’, a stunning 1907 masterpiece by Gustav Klimt, would be the highlight piece of its Impressionist and Modern Art sale which took place on 1st March 2017. The landscape, which was first exhibited in Vienna in 1908 is expected to fetch over $45 million. Major auction houses such as Christies, Freeman’s and Sotheby’s seem to be ruthlessly discriminating and focusing on major trending works which can sell for millions and the artists who are ‘hot’ at a particular moment. Along with selling under the hammer, the great auction houses will […]Read more