Acquisitions and Disposals
We handle the acquisition and disposal of both freehold and leasehold property, dealing with the contract, relevant searches and enquiries, and the transfer of the property, including any necessary registration formalities at the Land Registry. The language used in property leases can be confusing and our aim is to help you to understand the documentation so that it is meaningful to you.
We will draft leases and associated documentation on behalf of landlords, and consider and amend it on behalf of tenants. We do not seek to score points but to achieve a pragmatic and reasonable solution to possible conflicts arising between the position of a landlord and that of a tenant. These principles apply equally to any documentation relating to an agreement for lease, including those circumstances which arise where the landlord is in the process of building the property, where additional factors will need to be considered. We also assist with advice upon the complexities of Stamp Duty Land Tax and VAT on property transactions.
Occupiers of leasehold premises used for the purposes of a business will usually have the right to renew their leases, where the original lease was granted for a period of more than six months. The operation of this right, and the basis upon which a landlord might resist it, are set out in legislation which has been litigated in the Courts on many occasions. We advise on both the substantive issues and also the procedures to follow in cases of lease renewal.
Property Management Support
We are able to assist property owners in dealing with the management of their portfolios in the context of the terms of their tenants’ leases, dealing with consents to transfer, change of use and other matters where landlord’s consent is required under the terms of the tenant’s lease. We are also able to advise tenants on all of these issues.
We work closely with colleagues at Moorcrofts in connection with the property aspects of wider transactions, such as company sales and acquisitions. Properties will often constitute a considerable part of its assets, as well as its liabilities, and careful consideration is required in the context of the company sale documentation. It is sometimes necessary when purchasing a company with property assets to follow similar procedures to those that would apply in the case of a stand-alone property purchase. Also, warranties will usually be required, and given, and we are able to advise on these, as well as other parts of the documentation relevant to property.
Since the introduction of regulations allowing for the acquisition of commercial property by SIPP providers, we have gained experience in acting for and advising not only the pension providers but also the policy holders, whose businesses will sometimes be the tenants of their own pension funds property.
In all of our property work, our aim is to achieve the desired result for our clients, and to this end, we work closely, where necessary, with other property advisers such as surveyors and other advisers on property taxes.
For more information, contact Ian Hylton