EG 27-02-21

p.17 PRS /  BTR sector up - Australian bank set to pour £1bn into build to rent schemes


p. 18 Banks pull out of offices - 

P.32 - Huge amounts of VC money pouring into aggressive roll  of lots of retail and grocery distribution centres - not big 100- 200,000  sqft but lots of small 2,000- 5,000 local ones - repurposing empty shops - will these be within Class E?

P.44 - Top tips for ditching paper and achieving a successful roll out of e-signatures. Are they suitable to the transaction, what is your process, who are the signatories, who signs first, who approves and record keeping, licensing arrangements, witnessing and LR reqts.

P.47 Looks at the current consultation paper on the proposed right to regenerate for communities. Opens on 13 March

P.48 Commonhold. The govt continues to flog this dead donkey of a solution to problem of enforcement of positive covenants and the maintenance of structural parts of buildings. There are only 20 buildings using it! A useful article explaining how it works and the problems of lenders and flexibility. The Scottish solution was much better..

P.50 TW Logistics v Essex CC [2021] SC 4 - confirmed the registration of a concrete apron close to the waters edge in a working port used by heavy lorries fork lifts-  and by locals for recreation (!!) SC confirmed the quayside is a ‘Village Green’! And the port can continue to use it as before

P.50 Criterion Buildings v McKinsey [2021] EWHC 216 (Ch). Service charge dispute on a commercial building. £2.2m at stake. One tenants Sid 46.7% was fair, not the 54.42% the landlord had charged. HC said it wasn’t for the court to decide the proportions, it was to see that the terms of the lease were followed, which said T had to pay ‘a fair proportion’ which was to be determined ‘ by the landlord’ taking into account teh use of the land and the benefit received. In summary, L’s assessment was not unreasonable - worth reading if you want to know the details

P.51 SLDT & Companies s.53 deemed market value rule on acquisitions by director with connected company, group relief may eliminate tax liability, but few property lawyers fully understand this either  -  or the circumstances of its withdrawal. Plus the HRAD on residential properties bought by companies - and the possible 15% rate on properties over 15% (lots of reliefs are available) And then there is ATED too! You need proper tax advice rather than playing Russian roulette with your PI policy is the lesson..

P.52 Planning - a new consultation paper puts beauty at the heart of planning policy

P.53 Forfeiture on a council cafe - what happens if the tenant commits a breach in January (an unlawful sublet) , doesn’t pay the rent in march and June, L discovers the breach in July - can L demand and be paid the rent for these quarters if the rent fell due before L knew about the breach? Faiz v Burnley Borough Council [2021] EWCA Civ 55 held that in order to waive an unlawful subletting L must know not only about the sub-letting but also hat the rent in question fell due after the sub-lease was granted. If the rent is demanded and accepted before  L knows about a ‘once and for all breach’ then L will not have waived it.. Accepting rent falling due after the breach and possibly even demanding such rent with knowledge of the breach will put paid to L’s ability to forfeit. Consequently Ls with knowledge of the breach should only demand and accept rents that fell due before the breach occurred!

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