EG 01-02-20

EG 01-02-20

Market news

Various news stories about retail being repurposed for either office or residential use.  Eg Bath Homebase is going to be turned into a mixed use retirement village, another The Collective work/live units approved at W9 and Stratford, also WeWork being turned down as a tenant by Ls who are worried that they could fold the groups SPV lessees at the end of the rent free! Don’t get me wrong - I *love* WeWork and the concept!

PropCo’s in insolvency have increased by 13%. McCarthy & Stone to build-for-rent as well as build-for-sale, as a new asset class. 

Focus on West Midlands & Andy Street, the murky economics of Green Offices (basically the market wants them but won’t pay more rent for them, nor does it increase their value). 

Estimates that UK retail is 50% over-rented and we haven’t seen the bottom of the market on this yet!


p.53 Trespass, squatters and travellers - summary of the law, the proposed changes to make it easier to get them off your land, adverse possession, protesters, travellers and human rights, and the police view. Must read for property litigators

p. 54 Service Charges. Must read article on Service Charges - what the issues are when negotiating the provisions in a lease, inclusive service charges, apportionment, the estate, what exclusions should you seek, ability to challenge and caps

p.56 Rural Economy. Proposed legislation that may come in under the Agriculture Bill and the effect on the food standards, employment, infrastructure and broadband

p.57 Reservation Agreements. What they may contain, pros and cons, will they work. HIPS Mk2 or not. IMHO the problem is not stuff about whether the kitchen equipment etc are included it is generally about hard legal points such as rights, covenants and especially (hugely) crap residential leases. No way will this solve the problem unless they are included and punters get actual legal advice on these deal buster points. But they won’t pay. They will happily pay a mortgage broker a hidden commission of £1k + but they won’t pay a few hundred squid on whether or not they should buy it before they splash out on said mortgage brokers and valuers (my own daughter is a case in point at this very moment!). Rant over…

p.58 Insurance - (actual property insurance not title insurance) and things to look out for such as - waste, loopholes in comm to resi conversions, & JCT insurance gaps, cladding, balconies, non-standard policies, PI cover etc

p.59 Rights of Way - what is the dominant tenement when a water undertaker has an easement  - and its for the benefit of their pipes and undertaking generally rather then a ‘whiteacre’indentified in the original deed ? Looks at Bate & Another v Affinity Water [2019] EWHC 3425, the HC felt it could include the ‘undertaking’ of the water company and therefore be binding on successors, as well as statutory powers.
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