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Home→Covid Safety →FL Second Wave

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FL Second Wave

Published July 12, 2020 at 780 × 453 in Covid Safety

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IMPORTANT – Future Unique Property Syndicates & Property Clubs

With effect from 24th January 2013 (Commencement Order: http://tinyurl.com/krndhl6), all unique property-clubs shall be run so that they comply fully with the British Financial Service Act 2012 and related legislation unless an exemption applies. Smaller property-club syndicates with between 4 and 25 members may, subject to the agreement of those taking part, consider "Sophisticated Investor" protocols exempting certain FCA requirements. Larger property-club syndicates will require to make stringent efforts to ensure compliance with the Financial Conduct Authority Handbook and rules/statutes governing property-clubs. The formats will usually be one of the following: (i) Financial Conduct Authority registered and compliant entities operated as part of an FCA approved crowdfunder platform project, or: (ii) via Financial Conduct Authority PERG exempted protocols; (iii) Occasionally a "high-net-worth", or "sophisticated investor" funded property-club project may be undertaken; (iv) On one past occasion a public limited company (plc) was established as a vehicle for wider participation when membership looked to exceed general advisory guidelines on property-clubs: UNIQUE PROPERTY PLC. This entity ran it's course. However, it was a very expensive way of progressing our property-clubs as the laws surrounding public limited companies carry a significant add-on cost in terms of plc standard accountancy and legal advice ; (v) Direct FCA registered entities. Future unique property-syndicate/property-club projects may be structured along any one of the above mentioned protocols from (i) to (v). In addition future unique property-clubs may be established along limited liability partnership protocols (LLPs). For more comprehensive details on the who, what, why, where and when of unique property-clubs and syndicates, please take the time to read the content of this website. Thank you. Please note, the detail and information contained in this website is NOT in and of itself an invitation to subscribe for shares, NOR is the content here intended as a request for people to invest in a unique property project. If in doubt, please take advice from your accountant, bank manager or appropriately authorised financial adviser. MEMBERS SHOULD READ THE STATUTORY FINANCIAL GUIDELINES, TERMS & CONDITIONS AND FINANCIAL HEALTH WARNINGS PROVIDED WITHIN THIS WEBSITE AT THE MATERIAL SECTIONS. From 9th March 2017, the rebooted unique property syndicate projects provide a SELF-CERTIFICATION facility for members to fulfill requirements on Anti-Money Laundering legislation ID to ensure we do not fall foul of the solicitor-client-account-as-banker rules and related legislation. Unique Property clubs and syndicates prefer the ROYAL MAIL ID VERIFICATION facility as this is the most efficient available to satisfy the rules that apply to property-clubs. Further information at: https://www.royalmail.com/personal/identity-verification . THE VOLUNTEERS AT UNIQUE PROPERTY SYNDICATES AND CLUBS RECEIVE NO FEE NOR REMUNERATION. However, as the property-club projects and membership numbers grow, there is a risk of volunteer-burnout. So we will be establishing an asset backed annuity producing entity to pay for editorial + administrative + IT staff. Initially on a part time basis, and then if circumstances require and funds permit, this shall go to full-time employees. Please note, with effect from 9th March 2017 (UPS21) and until further notice, the Unique Property Syndicates shall be operating an "Angels' Share" policy to ensure prudent reserves are set aside for forthcoming payment of compliance and staff costs, together with general syndicate administration such as office, heat, light, telephone, postage, broadband and internet website hosting + maintenance etc. All property club-members are requested to read the appropriate "Angels' Share" documentation and sign/return this to UPS HQ, along with the Memorandum of Agreement (MAPU form) for club members and other related documents.

Unique Property Syndicates Ltd. Registered Number: SC403621.

Unique Property Syndicates Ltd., is an operating company tasked with the specific purpose of maintaining this members’ website: www.uniquepropertysyndicate.co.uk and does NOT operate any of the unique property projects. Each individual unique property syndicate is separate from this entity and run by the members of that property club. Each property syndicate is run on a stand-alone limited liability company basis by and for the benefit of the individual members partaking in that specific unique property purchase/resale. Any profit or loss will be attributed to the specific stand-alone company and it’s members as per the rules applicable to that particular property club pertaining at the time of operation.

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