EG 05-10-1908-10-2019, 18:14
P.107 Debenhams decision and CVAs. What does it mean for landlords? In such CVAs the landlords suffer a rent reduction but other trade creditors get paid in full. The decision held that landlords were creditors in relation to future rent, that compromising future rent was not unfair prejudice, that the right to forfeiture cannot be altered by a CVA, that reducing rent was justified to protect the business, but the irregularity in the proposal was not material. More analysis in the article
P.110 Planning - Balancing Risk and Reward - how landowners and site promoters can deliver large scale schemes (300-1,000).Excellent explanation of the commercial issues involved in arrangements between a number of developers on a site - cash flow, spine roads, infrastructure, social housing, profitability, use of excavated soil, s.106 phasing and so on.
P.112 Enfrachisement/ LeaseholdReform Act claims - use of prime central London graphs of relativity for valuations outside London wasn’t taken into account and UT felt they should have been part of the picture considered by the FTT
P.112 Modification of covenants in a long lease under s.84(1) LPA25 was allowed to permit the conversion of office to resi for flats to be rented out, as the restriction to office user did not give any benefit of substantial value to the freeholder
P.113 SDLT overlap relief on replacement or renewal of commercial leases - tricky calculation necessary as the SDLT calculator will not deal with it in some cases where the overlap is more than 5 years. (Why are we doing these - few of us are any good at maths!)
P.114 Neocleous v Rees - an exchange of emails between solicitors was held to be capable of being a s.2 contract, as the court held that the standard footer attached showing the solicitors name and title etc prefixed by Many Thanks, accepting the offer of settlement, was intended to be binding as it was attached with ‘authenticating intent’. Also see report at p.117
P.115 Social landlords and the ‘public sector equality duty’ (PSED) when applied to possession proceedings. Emphasises the need for a PSED assessment before starting proceedings or risk appeal against any possession order obtained.