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Landlord and tenant – commercial

SDLT – holding over (1)

The SDLT rules on holding over at the end of a lease are complex. In particular, there are differences between holding over a lease granted during the SDLT regime, as opposed to one granted under the Stamp Duty regime (see next entry).

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Leases – compulsory registration

Prior to October 2003, it was only new leases of 21 years or more that needed to be registered at the Land Registry. But, since then, the trigger for compulsory registration has been a lease of more than seven years.

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LTA 1954 – negotating renewals

In the current declining market, many Ts will not want to renew their existing business leases. From L’s point of view it will be important to get an early decision from T so that L can plan accordingly.

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Administration – floating charge

It will clearly be to L’s advantage to have a floating charge over the assets of a corporate T:

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Disclaimer – effect on AGA?

It is well-known that a liquidator can disclaim any ‘onerous property’, including a lease. But, what is the effect of that disclaimer on any guarantor and, in particular, on the enforceability of an Authorised Guaranteed Agreement (AGA)?

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TUPE – leases

Many practitioners do not think of TUPE in the context of commercial leases. But, it is important to appreciate that the grant, assignment or termination of a lease will often result in a change of service provider, in which case TUPE can apply.

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Administration – pre-pack

Under a pre-pack a company goes into administration and then its assets are sold immediately. The documentation will usually say that the leases will be transferred to NewCo following the grant of L’s consent, but it will be up to NewCo to get that consent.

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Rent – monthly payment

Many Ts of retail premises are asking to pay their rent monthly (rather than quarterly).

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Virtual assignment – alienation breach

Virtual assignments are common in large corporate transactions. For instance, if a seller has dozens of leasehold properties it may not be practical to apply for consent to assign each property before completion of the deal.

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Distress – not abolished

The Commercial Rent Arrears Recovery regime was intended to replace the ancient remedy of distress.

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