As the June quarterly rent day looms, the government has announced it is set to publish a new code of practice to support high street landlords and tenants. The code is said to be designed to provide “clarity and reassurance” over rent payments by encouraging “fair and transparent” discussions between landlords and tenants. It also aims to provide guidance on rent arrear payments and treatment of “sub-letters” (which we assume means sub-tenants) and suppliers. This code will add to the package of protective measures introduced by the government for tenants in the commercial sector who failed to pay the March quarter’s rent, including the moratorium on forfeiture, the stay of possession proceedings, the limitations on the use of Commercial Rent Arrears Recovery and the restrictions on statutory demands and winding up petitions. Initially the code will be introduced on a temporary basis. The government has indicated they may look to make it mandatory if considered necessary.
Continue reading at MayerBrown.com
If you wish to receive periodic updates on this or other topics related to UK real estate, subscribe to our Real Estate Insights mailing list.
For any other legal questions related to UK real estate, please get in touch with your usual Mayer Brown contact or one of the blog editors.