High Value and Luxury Assets
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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.
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