Retail took a big hit in 2022 with 17,145 shops closing, a 50% increase on 2021. Large and small names alike were effected: Joules, M&Co and T M Lewin were hit hard, totalling 6,055 shop closures and 151,500 jobs lost. 1/3 of these closures were due to insolvency and the rest because of need to … Continue Reading
The Product Security and Telecommunications Infrastructure Act 2022 received Royal Assent on 6th December 2022. This means greater balance towards landowners and telecoms operators along with supporting 5G and fibre network rollouts. However, there still needs to be more regulations to be passed for the provisions to become effective in 2023. Read the full article … Continue Reading
Continuing on from our previous commentary on the Economic Crime (Transparency and Enforcement) Act (the ‘Act’), the new Register of Overseas Entities introduced by the Act (the ‘Register’) is now expected to be brought into effect on 1 August 2022. We must all be prepared for this new regime. From the 1st August, overseas entities … Continue Reading
Tucked away in Part 8 of the Levelling-Up and Regeneration Bill is a provision that may alarm commercial landlords. This provides for local authorities to intervene in the normal commercial landlord and tenant relationship and agree lettings of vacant high-street premises through auction. The Bill gives the local authority the right to act where high … Continue Reading
It was less than five years ago that the Electronic Communications Code (the Code) came into force, but plans for reform are already making headway, with the Product Security and Telecommunications Infrastructure Bill 2021-2022 set to become law later this year. Some of the key changes to the Code introduced by the Bill include: Enabling … Continue Reading
On Monday 28 November 2016 the City of London’s Planning and Transport Committee approved (19 votes in favour, 2 against) a resolution to grant permission for the development known as 1 Undershaft which at 73 storeys will be the tallest building in the City of London (that is 304.94m or a little over 1,000ft for … Continue Reading
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
National Grid has made its decisions as to eligibility for participation in the first Contracts for Difference auction but the auction process itself has been delayed as some applicants have asked Ofgem to review National Grid’s decisions. However, the Secretary of State for Energy and Climate Change, Ed Davey, by letter, assured the Select Committee … Continue Reading
It is the time of year when the Great British weather batters buildings up and down the country causing signs to fall off some and roofs to cave in! Beware, though, if you are the Landlord or manager of a mixed use building – emergency repairs may cost you more than you think. Section 20 … Continue Reading
The solar industry has experienced further recent upheaval as the Government is again reviewing the support it gives for renewable projects from the Renewables Obligation Scheme. The initial intention was that there would be a gradual transition for renewable projects to new Contracts for Difference up until March 2017. However, at the start of this … Continue Reading
When tenants offer landlords guarantees of their lease liabilities landlords need to take care what assignment rights the tenant can have and this was demonstrated in last week’s Court of Appeal decision in Tindall Cobham 1 Ltd v Adda Hotels. As you may recall, prior to the KS Victoria case (previously reported here) it was … Continue Reading
This post was written by Katherine Campbell and Siobhan Hayes. We have just had a reminder that a landlord’s obligation to pay rates can arise when it has the legal right to take possession even though it is careful not to do so. The case in question is Schroder Exempt Property Unit Trust v Birmingham … Continue Reading
Our tax team has written a client alert on the extension of UK CGT to gains arising from the disposal of UK residential property after April 2015 by non-resident individuals and entities. This will extend UK CGT beyond its current scope: historically, non-UK resident individuals and companies disposing of UK property were not subject to … Continue Reading
There has been much commentary in the property press over the last few days reporting on the eagerly anticipated outcome of BNP Paribas’ appeal against the High Court’s ruling last year that allowed M&S (BNP’s tenant) to recover £1.1m of rent and other charges after exercising their break right. The Court of Appeal allowed the … Continue Reading
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
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
This post was written by Katherine Campbell and Siobhan Hayes. We previously posted a short guide to the new commercial rent arrears recovery procedures (‘CRAR’). As CRAR comes into force on 6 April 2014, we wanted to pick out a key issue in how the timing will work. Under the final version of the regulations, it … Continue Reading
This post was also written by Nicholas Rock, Maricela Robles Garza, Alexandra Gordon, and Pryderi Diebschlag. It is common for our clients to require a short environmental indemnity in a property deal usually when the transaction is well advanced (and the due diligence is in) and often once the timetable is really compressed. Sadly there … Continue Reading
This post was also written by Emma Flacks. Judgment in the Court of Appeal case of Pillar Denton v Game Retail– about rent due during the administration of Game was handed down yesterday. It is a landmark ruling for administrators, on the thorny issue of the payment of rent during the period of the tenant’s … Continue Reading
This post was also written by Alexander J. Heaton. Leases entered into by tenants at the height of the last real estate boom tend not to be particularly tenant-friendly. Many tenants re-structured during the recession and still hold surplus space which, given the improving economic conditions is now getting sublet. These boom time leases can … Continue Reading
This post was also written by Nicholas Rock, Alexandra Gordon, Pryderi Diebschlag, Maricela Robles Garza. Members of the Brownfields Solutions team at Reed Smith have just published the first in a new series of articles looking at issues relevant to those with an interest in UK brownfield land. In the first article, the team looks … Continue Reading
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
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
Recent news on skateboarders applying to register the Southbank undercroft as a village green (frustrating redevelopment plans if they do) and the recent registration of a beach as common land show how unlikely areas used for recreation can gain legal protection. Here we update on the most recent cases – the trend of decisions favouring … Continue Reading
