Archives: Ownership

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Public Register of Overseas Companies – Now You See Me…..

If you are an investor currently using overseas entities to hold UK property you should be aware that the UK Government is putting together proposals for greater transparency of the beneficial owners of UK properties owned by overseas entities. The regulations will have implications for: the risk management, timing and due diligence in real estate … Continue Reading

Supreme Court Likes Reality in Business Rates

The disputed rates in Newbigin (Valuation Officer) (Respondent) v S J & J Monk (a firm) (Appellant) relate to building works in 2012 and the question was whether the rating list could give the building a £1 nominal value or whether it had to assume a market value based in an assumption of repair. The … Continue Reading

(UK) Rentcharges: beasts of burden or burdensome beasts?

Rentcharges are, in theory, a very useful way of securing a positive obligation to pay against freehold land owners. They are  mainly now created to cover estate service charges to ensure freeholders will pay common expenses incurred in looking after communal areas of a development and to help ensure positive covenants are enforced which is … Continue Reading

(UK) Business Rates Update

There have been a number of developments on business rates which affect investment management and lettings to corporate occupiers. Exactly what use qualifies as charitable and benefits from reduced rates is clearer, as is what qualifies as a business unit in a multi-let building plus there is disturbing news on rates appeals. FOR FURTHER INFORMATION … Continue Reading

Don’t Let Deposits Spoil the Deal

A recent case acted as a reminder of the risk inherent in taking a contractual deposit which is greater than the market norm. That case involved penalties for overstaying permitted parking times and re-confirmed the contract law principle that a deposit must represent a genuine affirmation of a party’s earnest intention to proceed and must … Continue Reading

Please can I have your Autograph Mr Ramsay!

You might have seen some of the recent media coverage of Gordon Ramsay’s court case relating to a personal guarantee given to his landlord that was signed using an “automated pen” operated by his estranged business partner and father in law. A significant sum was at stake given the personal guarantee guaranteed the tenant’s obligations … Continue Reading

(UK) The capital allowances pooling and fixed value requirements – don’t lose out!

We have seen a number of articles that refer to the risk of unclaimed capital allowances being lost as a result of the new capital allowances rules. It is estimated that there is over a billion pounds of unclaimed capital allowances in the UK. The concern is that any such unclaimed allowances could be lost … Continue Reading

(UK) Impact of budget for residential buyers

There was a surprise announcement in today’s Budget in relation to “high-end” residential property. The government has significantly extended the scope of the SDLT 15% “penal” rate that applies to acquisitions of residential property by non-natural persons (i.e. corporate entities). The 15% rate currently applies to individual residential properties worth over £2,000,000. From midnight tonight the 15% … Continue Reading

(UK) What a Relief – from Empty Rates Liability

This post was written by Jo Carter and Siobhan Hayes. The controversy over the unfair and anachronistic business rates system is constantly in the main stream press at the moment and today saw the BBC report on the expected announcement of a freeze to rates rises to be announced by the Chancellor in the Autumn … Continue Reading

(UK) Any colour you want as long as it’s green

This post was written by Nav Sahota, Siobhan Hayes, Maricela Robles Garza and Daniel Kyriakides. There have been so many green initiatives from the UK government that it can be hard for companies owning or occupying property to work out what is really going to affect them and their bottom line. We are of the … Continue Reading

(UK) Planning Update

There have been a number of minor legislative changes recently, which we felt cumulatively merited a new post. Planning Fees These must now be refunded if applications have not been determined within 26 weeks (including the time taken to complete any s106 agreement!) unless a longer time period is specifically agreed. This applies to all … Continue Reading

(UK) Chancel Repair Liability

We know that over the last ten years many of our clients have had to grapple with the issue of chancel repair liability risks arising in their transactions. We know that some clients (often those a owning large amount of property) take the risk on and some (often required by their lenders) have taken out … Continue Reading

Act now to influence changing asbestos regulations

This post was written by Hayley Steel, Christopher Parrott and Siobhan Hayes Marks & Spencer and its contractors had unwelcome press recently when convicted and fined more than £1.15m for putting members of the public, staff and construction workers at risk of exposure to asbestos. The risks arose as a result of the removal of … Continue Reading

Bribery: How Adequate Are Your Procedures?

After the delays we commented on, the Ministry of Justice has finally published its guidance to the Bribery Act 2010 which will be fully in force from 1 July 2011. The guidance sets out procedures a commercial organisation should adopt to prevent bribery by those associated with it and contains some useful commentary. Whilst the … Continue Reading

Risk to building owners – Remember to Notify Your Insurers

This post was written by Siobhan Hayes and Richard Nicoll. The duty on investors and other owners to notify building insurers and keep them updated of all material circumstances should not be under-estimated.  Failure to do this may result in cover being prejudiced. An unusual case that reached the Court of Appeal earlier this year … Continue Reading
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