- The Budget 2018- The Chancellor announce on 29 October 2018 that first-time buyers in shared ownership homes will pay zero stamp duty on the first £300,000 of any home that costs up to £500,000 with immediate effect.
- Macmillan Coffee Morning 2018- At Parrott and Coales, we are proud to show our support for Macmillan and the incredible work they do providing practical, medical and financial support and pushing for better cancer care.
If you are considering buying a franchise it is vitally important that you consult an experienced franchise solicitor before you sign any agreement or contract – and certainly before you part with any money!
The solicitor who handled your house sale or your divorce may not be qualified or experienced enough to advise you on the ‘ins and outs’ of franchise agreements; so come to Parrott & Coales to receive the professional advice and support you need.
Come to us before you ‘sign on the dotted line’
At Parrott & Coales, we have a team of experienced franchise solicitors who can assist you at every step of the process. As we deal with hundreds of franchise agreements every year, we will advise you as to whether or not the franchise agreement is compliant with UK law and if it adheres to the code of ethics drawn up by the British Franchise Association (to which Parrott & Coales are affiliated).
A franchise agreement sets out the rights and obligations of both the franchisor and the franchisee and while most contracts keep to a set format (and are not usually negotiable), there are sometimes terms or exclusions that can cause problems later on.
In such cases, we would help you compose a side letter that would be annexed to your agreement and which would be legally enforceable in the event of a dispute between the franchisor and franchisee.
How Parrott & Coales can help
Franchise agreements typically run to 60 pages and contain many obligations and restrictions on the franchisee, some of which can be hard to interpret, so it is important that you understand your legal position. Our experts will advise you on:
- Franchise start-up costs, including deposits, fees, royalty payments and additional costs such as training and equipment
- Any restrictions in the agreement about your other business interests
- Timing of the franchise agreement (subject to bank loans, hiring of suitable premises etc)
Occasionally, things do go wrong and franchisees want to terminate their agreement early. In such cases, our advice is always to seek professional legal advice as soon as possible, so that things can be resolved promptly and at minimum cost. We can advise if:
- Your franchise business is making a loss and you ‘want out’
- Your personal circumstances change and you want to sell the franchise on
- You feel that your franchisor misled you at the beginning