In this article we take a look back at what has been crossing our desks in 2024 from a real estate perspective and do a bit of crystal-balling on what opportunities and challenges 2025 might bring.
Building Safety Act 2022 (“BSA”)
The standout case for us was Triathlon Homes LLP v Stratford Village Development Partnership which is the first major case to address the new rights of action under Part 5 of the BSA.
Continue Reading A look back on 2024, and what to expect in 2025
Introduction
Part X of the Levelling Up and Regeneration Act 2023 (the “Act”) introduced what the Conservative government hoped would provide a solution to all the boarded up shops, cafes and pubs on high streets across the country. It gave a permissive power to the relevant local authority to require vacant properties to be let through an auction process and, in effect, deprive the landlord of management of its own property.
Continue Reading Will High Street Auctions bring about a renaissance of the High Street?
The recent High Court decision in the Cineworld restructuring plans case [2024] EWHC 2475 (Ch) again illustrates how even the most pro-active landlords cannot insulate themselves from the effects of a statutory restructuring scheme under Part 26A of the Companies Act 2006, despite determined and novel tactics by the two landlords, the Crown Estate Commissioners and UK Commercial Property Finance Holdings Limited (the “Landlords”). We understand that the judgment is already the subject of an appeal.
Continue Reading Cineworld Restructuring Plans: no happy ever after for landlords
In the recent case of Bijlani v Medical Express (London) Ltd [2024] EWHC 2246 (KB), the High Court illustrated again that a landlord’s right to forfeit a lease is only a form of security for the tenant’s continuing performance of its obligations under its lease. If the landlord is not prejudiced by breach of a covenant and the breach is unlikely to recur, then relief from forfeiture may be granted. Forfeiture should not be used as a way of penalising a tenant for perceived bad behaviour.
Continue Reading Lease and Desist: The Case of Dr. Bijlani’s Botox Blunder
Readers may remember our rather gloomy blog on Mr. Gove’s Renters’ Reform Bill. Our view then was that landlords didn’t need to panic – yet. Unfortunately, with the Renters’ Rights Bill, it may be time for landlords to start feeling distinctly anxious. The headline change in the Renters’ Reform Bill was to abolish so-called “no-fault eviction”. In the end, Mr. Gove’s reforms foundered on the Conservative bank benches – there would be no abolition of no fault evictions until the county court system sorted itself out and waiting times for hearings cut.
Continue Reading The Renters’ Rights Bill: Bad News for Landlords
The King’s Speech 2024, delivered on 17 July 2024, outlined the new UK Government’s legislative agenda for the next session of Parliament. The new MPs will be busy, with close to 40 separate bills slated for debate.
With regard to real estate, especially with the private rented sector, there is a distinct feeling of déjà vu. The Renters (Reform) Bill, sponsored by Michael Gove, is re-fashioned as the Renters Rights Bill, and is likely to contain all of the measures set out in its predecessor, before the Conservative back benches forced a dilution of the pro-tenant measures.
Continue Reading The King’s Speech: implications for residential property
The major political parties have all now launched their manifestos, with few surprises. In the table below, we compare and contrast the policies set out in the Conservative, Labour, Liberal Democrats and Green Party manifestos insofar as they might impact on the real estate sector.
Continue Reading 2024 election manifestos – real estate policies of the UK major political parties
Background
This case involved a dispute between McDonald’s Restaurants Limited (“McDonald’s”), the former tenant of part of the old County Hall building in London (the “Premises”), and Shirayama Shokusan Company Limited (“Shirayama”), the landlord of the Premises. McDonald’s had a protected lease of the Premises (i.e. benefitting from security of tenure under the Landlord and Tenant Act 1954 (the “Act”)) for a period of 20 years from December 1997.
Continue Reading Landlord penalised for its evidence despite a successful application under section 30(1)(g) of Landlord & Tenant Act 1954 – McDonald’s v Shirayama [2024] EWHC 1133 (Ch)
As the rain streamed down, Rishi Sunak stood outside Downing Street and announced that Parliament will be dissolved on 30 May 2024 ahead of the General Election on 4 July. However, no parliamentary business can be carried out after 24 May when Parliament is prorogued (suspended).
Continue Reading Where now for the Renters’ (Reform) Bill and the Leasehold and Freehold Reform Bill?
In a survey carried out by HSBC in 2023, 97% of real estate developers and investors said net zero was important to their business and 59% of the largest real estate companies said net zero was their top priority.
A third of companies in the sector already have Transition Plans and the push for formalising Transition Plans across the sector is increasing.
In April 2024, the Transition Plan Taskforce (“TPT”) published its final set of transition plan resources to help businesses transition to net zero.
Continue Reading Transition Plans & Real Estate