News

Law Society’s Business Leases

The Law Society has published a new edition of its suite of business leases. The new edition is designed to comply with the third edition of the Code for Leasing Business Premisesin England and Wales – albeit one year after the third edition of the Code was introduced. The Law Society’s website includes an article by Emma Slessenger explaining the one major change to the business leases (namely, the introduction of an optional RPI clause for rent review) and the several minor changes that have been made to ensure compliance with the Code.

To view the article, see http://www.lawsociety.org.uk/newsandevents/news/view=newsarticle.law?NEWSID=394508

Budget 2008 – SDLT 60s

Has the Revenue scrapped Form SDLT 60 (the self-certificate required for non-notifiable land transactions) by way of a mere slip of the pen? Draft legislation produced as part of the Budget package of measures includes an amendment to section 79 Finance Act 2003 which appears to take away the requirement for any SDLT compliance evidence to be produced to the Land Registry where an application is made to register a transaction that is not notifiable. This change is effective from 12 March 2008 and, accordingly, clarification from the Land Registry is required. Read more.

Energy Efficiency

The Energy Performance of Buildings (Certificates and Inspections) (England and Wales) Regulations 2007 (SI 2007/991) start affecting commercial properties from April 2008. These regulations require Energy Performance Certificates on the construction sale or letting of commercial buildings – intially above 10,000 sq, m., but very soon thereafter on all commercial buildings. Transitional provisions have been introduced by the Government to deal with those properties that were already “on the market” before the relevant commencement date of the regulations and which remain on the market after it. Read more…

Overage dispute

The recently reported case of Walker v Kenley [2008] EWHC 370 (Ch) provides us with this month’s staple diet of a commercial property development dispute arising out of an agreement for overage. Such cases seem to come along at least once a month, highlighting the great potential for…liability where negotiating such agreements. The case concerned the entitlement of Mr and Mrs Kenley to receive an overage payment following their sale of the Treyarnon Bay Hotel, near Padstow, North Cornwall. Sadly for the Kenleys, because the developer turned the site into holiday flats rather than private residences, no overage was payable. […]