EG 26-10-19

p.22 WeWork bailed out! (but I read elsewhere that unless they get their house in order they will burn through the new funding in a year or so). Comment that they were looking for a 15 month rent free on an 8 year lease and a £50psqft landlord’s contribution to fit out, plus L had to use *their* standard lease, non-negotiable! Cheek!

p.29 Build to Rent sector grows 20% in a year! Plus more on that p.39

Legal news..
p.83 The‘Energy Savings Opportunity Scheme (or ‘ESOS’) applies to UK companies having either >250 staff or turnover/balance sheet of over £50m/£43M. The deadline for such companies to complete audits and make compliance finding is 5 Dec. Explains who it applies to and what you have to do (No, I hadn’t heard of it either).

p.85 The recent decision in Menon v Pask has held that lender’s LPA receivers cannot sue in the name of the borrower for possession against the borrower (they have to sue in their own name), and that the court has the same discretion to adjourn etc., as with a normal lender possession action against the borrower. An important answer to two long standing questions.

p.86. Banking article for those acting where there is mortgage with a LIBOR linked rate given the proposed replacement of LIBOR by Risk Free Rate RFR. Looks at what the effect on borrowers is and what they should do now.

p.88 Property Guardians. Following on from the recent decision that these were not sham tenancies, it was decided in Ludgate House v Ricketts that in that case the guardians were licencees without exclusive possession plus the owner didn’t have to pay business rates either as they were not in possession! Win Win if you use property guardians it seems!

p.88 Proprietary Estoppel- Kensington Mortgage Co v Mellon. A borrower asked the lender to transfer the land to the borrower’s  trade creditor, and there seems to have been no formal legal  agreements entered into regarding this, resulting in the trade creditor treating it as its own and the borrower lost the lot when the creditor’s lender took possession! A warning to all those who think they don’t need or won’t pay for advice.

p.89 Another LIP case on adjudication of a resi building work contract. The arguments by the (losing) LIP are just typical of those who don’t get advice again…

p.89 Given the unstoppable demand for WeWork stylee flexible work space, looks at the way in which landlords can get into this market and set up their own offer rather than just lease it to a provider. Is this another nail in the coffin of the commercial lease?
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