SIPPs firm Yorsipp is cutting the cost of in-specie property transfers.

Glasgow-based Yorsipp says its latest offering “has been designed to cater for the needs of clients who are dissatisfied with their current provider by substantially reducing the fees in the first year after transferring the property to another trustee company.”

The reduced rate will also be available to new property purchases.
 
In addition, the bundled property SIPP allows for clients to choose to use their own solicitor or elect to use Yorsipp’s nominated legal advisers, Morton Fraser and Wilson Nesbitt, who will usually be able to act for both seller and buyer. 

The firm says it will also accept addendums “where suitable for valuation purposes to minimise costs, and the company does not charge for syndicates or apply value driven charges.”
 
Kirsty Gallagher, director at Yorsipp, said: “Over the last 12 years, Yorsipp has built up a wealth of experience in commercial property investment; it is at the heart of our business and where our focus lies.

“From talking to IFAs, we are aware that many of their clients, having taken out a property SIPP, are now suffering from poor or no provider support, expensive fees or onerous restrictions.

“However, previously the cost of moving proved prohibitive for many.
 
“Using our expertise in property purchase and administration to reduce risk and simplify the purchase process, we are now able to offer the incentive of reduced fees in year one after transfer, moving to our usual standard rate card in year two which is in line with our ongoing commitment to being competitive and transparent.

“We are offering the same benefits to those making new property purchases.”
 
She added: “As far as we’re aware, no other provider is offering a similar package and already we have received considerable interest from a number of IFAs.

“We have launched the product initially for six months, but given the protracted nature of many property purchases, we hope to extend it for a further six months to enable more IFAs and their clients to take advantage of it.”