Legal Watch

Boma Ozobia made history when she became the first individual of minority ethnic origin in 83 years to become Chairman of the Association of Women Solicitors (‘AWS') in England & Wales. It was a momentous occasion and Boma saw this as an opportunity to provide a positive role model to members of ethnic minorities in the UK be they of Asian, Caribbean or African descent. As Chairman, she was the official representative of the Group with a responsibility for representing it to the Law Society, the government, the general public and various organisations including other national and international women's groups. Today the AWS has about 12,000 member and 10 regional groups.

Boma is the principal partner of the Sterling Partnership which specialises in International Commercial Law and Arbitration, Property Law and Private Client work. She is also an accredited Mediator with the ADR Group and the Vice Chair of the British Nigerian Law forum (‘BNLF'). As a dual qualified lawyer, she is an Advocate of the Supreme Court of Nigeria.

In addition to her thriving Property practice Boma is a shrewd business woman. She sits on the board of several off shore companies and jointly owns Juanita Hotels Limited with her husband, which in conjunction with the International Intercontinental Hotel Group will shortly be opening the first Holiday Inn in Port Harcourt, Nigeria. Renowned for her philanthropic work Boma played a major role in setting up a football clinic in Port Harcourt which involved Arsenal trio Alan Sefton, Bill Williams and Kurt Maginley. It was the first ever clinic of the kind in Nigeria and a huge success not only for the Gunners but the 38 local coaches and 280 youngsters who attended the clinic. It has since grown from strength to strength producing award winning women football teams and football coaches for many sporting organisations in Nigeria.

This column will focus on the law of property and private client issues and in this edition Boma writes about buying investment property in England.

BUYING A PROPERTY FOR INVESTMENT PURPOSES

Once you have taken the leap of faith. Seek expert financial advice and do your sums. Do you have your deposit? A much higher deposit is usually expected in Buy- To- Let loan agreements usually between 15 to 25% of the total price. It is also advisable at this stage to consider the mechanisms and structure to repay the mortgage loan at the end of the term. Also, bear in mind the additional protection offered by life insurance and add the cost of these premiums to your calculations as a possible expense.

It is a good idea to instruct a solicitor to advise you as early in the transaction as you possibly can once you have decided that you have sufficient funds to proceed. This could save you hefty fees as your solicitor will be in a position to advise you on the usual fees payable or if you are being asked to pay over the odds to your financial adviser for example. In addition, there are various searches and enquiries that your solicitor will make on your behalf and some of these could take a considerable length of time. You can expect a letter from your solicitor setting out their terms of engagement. If the letter has been written in “Legal Jargon”, do ask for an explanation of any term you do not understand. The letter should give you information as to the service that will be provided to you and the terms under which those services are provided. It should also tell you the approximate cost of your purchase including the fee charged by the firm for acting on your behalf. This estimate should include costs that will be incurred on your behalf such as the fees charged by the Land Registry or the Local Authority to carry out a search on you or your proposed purchase

Do bear in mind that the law imposes certain duties on landlords primarily dealing with health and safety issues. It is worth seeking legal advice in this area if you are a first time landlord. It may save you a lot of trouble in the end. You will also need a written agreement with your tenant once you have completed your purchase and found a suitable person to occupy the property. Most of us are aware of the DIY agreements in bookshops and they are no doubt useful tools for experienced landlords and property professionals, however, if in doubt seek advice. There is an Old Chinese proverb that says,” It is better to enter the mouth of a tiger than a court of law."

Boma Ozobia is a former Chair of the Association of Women Solicitors, a recognized group of the Law Society representing the interest of women solicitors in England and Wales and a Partner at London law firm Sterling Partnership.

Contact: Sterling Partnership, 230 Borough High Street, London SE1 1JX.
Email: boma.ozobia@sterlingpartnership.com