At last we have some clarity on the shape of the statutory arbitration scheme, which deals with the rent arrears – including service charges and interest – built up by businesses forced to close or restrict their activities during the pandemic (“protected rents”).
Continue Reading The Commercial Rent (Coronavirus) Bill: more uncertainty for landlords
The Pandora Papers confirmed how attractive the UK, especially London and the South East, is for foreign property investors. This post considers what foreign investors need to know about transparency and land ownership in England and Wales and what is on the horizon.
Close to 90% of land in England and Wales is registered at Her Majesty’s Land Registry, and transaction involving unregistered land will trigger a registration requirement. The title gives basic information about a parcel of land, including the name and address of the registered proprietor. Non-natural legal personalities such as companies, limited liability partnerships, and charities can own land, and of course there is no restriction on non-UK entities owning land.Continue Reading The Pandora Papers: overseas investment set to become more transparent
The new month sees a partial re-instatement of the legislation permitting creditors to serve winding up petitions on companies. However, the UK Government has adopted a softly, softly approach; this is seen from the temporary increase in the amount that must be owed from the modest £750 to £10,000 and the requirement for creditors to seek proposals for payment from a debtor business, giving them 21 days for a response, before they can proceed with winding up action. The measures are said to protect small businesses as they seek to rebuild their stability.
Continue Reading Winding up petitions: a return to the old normal? Except for landlords
Landlords are increasingly frustrated with tenants who simply will not pay their rent and arrears. Whilst some tenants are genuinely suffering, there is a feeling that some are using Chancellor Sunak’s moratorium on forfeiture as a budget management tool.
The suspension of forfeiture, a vital weapon in any landlord’s arsenal, is due to end in March 2022 (see “UK Government issues policy statement on Commercial Rent Debts“); Commercial Rent Arrears Recovery (the “CRAR”) which is the mandatory form of distress introduced by statute should also end at the same time.Continue Reading What action can a Landlord take against defaulting Tenants?