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View the related checklists about Leasehold

Due diligence—head lease use provisions—checklist

Due diligence—head lease use provisions—checklist On any due diligence exercise on the acquisition of a leasehold property it is essential to consider the permitted use, any breaches of the permitted use and the ability of the tenant to change use. Any provisions that are unduly restrictive may have an adverse impact on value or the ability of the buyer to secure finance or dispose of their interest. What is the permitted use? If there is no specific restriction in the lease, the buyer will be free to use the property as they please. However, most leases provide that the tenant may only use the property for a specific purpose or purposes. The relevant clause of the lease should be checked and reported on to the buyer. If the use permitted by the lease does not cover the buyer’s proposed use of the property, advise the buyer at the earliest opportunity. Consider making the purchase of the property conditional on the appropriate consent to the buyer’s use being obtained. The consequences...

Submitting a planning application—checklist

Submitting a planning application—checklist Has the correct application form been used? If the application is not submitted in the correct form or is not accompanied by the required information, it will be invalid and the local planning authority (LPA) can refuse to validate it. The determination period does not begin until the date that the application is validated. The application must be made using either: • an online form, via the Planning Portal • the standard 1APP form, or • a paper form, downloaded from the relevant LPA’s website See Practice Note: Applying for planning permission—procedure. Have the statutory national information requirements been satisfied? Is the application form accompanied by: • a location plan and a red-line site plan? • any other plans, drawings and information necessary to describe the development? • in England, information relating to the biodiversity gain condition? • completed certificates of ownership, stating any freehold interests, or leasehold interests of not less than seven years? • copies of notices to all owners of the application site?...

View the related flowcharts about Leasehold

How does SDLT apply on my lease renewal (holding over)?—Flowchart

How does SDLT apply on my lease renewal (holding over)?—Flowchart This Flowchart assists with establishing which stamp duty land tax (SDLT) rules apply on a lease renewal when a tenant is ‘holding over’ in possession following the end of a fixed-term lease. This Flowchart should be read in conjunction with the more detailed Practice Note: SDLT—holding over. The SDLT rules that apply when a tenant holds over a lease (and the lease is renewed) are complex. The rules have been amended since SDLT was first introduced and different rules apply to particular scenarios producing different results. Broadly, the various holding over provisions attempt to ensure that SDLT is (where appropriate) accounted for in respect of the full period of occupation by a tenant (including any periods of holding over) without imposing double taxation on the tenant, however, the application of the rules (and their effect) is not so straightforward in practice. This Flowchart assumes that: • the transaction concerns a leasehold interest in England or Northern Ireland (and is therefore...

View the related practice notes about Leasehold

CGT—land and leases

Basic principleAn individual works out the gain or loss when land is disposed of in the same way as for other assets. There are some special rules for working out gains and losses if the individual:•grants a lease•assigns or surrenders a lease•disposes of land that has been compulsorily purchasedLeasesFor tax purposes as the landlord has retained a part of the interest the grant of a lease is a part disposal whether out of a freehold or leasehold interest. Grants of leases fall into three categories:•a long lease out of a freehold or long leasehold interest•a short lease out of a freehold or long leasehold interest •a short lease out of a short leasehold interestDefinition of leaseFor capital gains tax (CGT) purposes a lease includes:•subleases•tenancies•licences•any interest corresponding to a leaseWhat is a long and short lease?A long lease is a lease with more than 50 years remaining. A short lease has 50 years or less remaining. A long lease is not a wasting asset for CGT purposes until it...

Land registration—classes of title

This Practice Note covers the different classes of title which HM Land Registry can award, the circumstances in which each of the four titles (absolute, qualified, possessory or good leasehold) is awarded, the effect of registration with a particular class of title and when the class of title can be upgraded at HM Land Registry. On first registration of an estate in land, HM Land Registry will decide what class of title can be awarded based on the quality of title that they have found on examination of the title deeds and other evidence lodged at the time of first registration. The class of title awarded is then entered into the proprietorship register.Both freehold and leasehold estates can be registered with either:•absolute title•qualified title, or•possessory titleLeasehold estates can also be registered with:•good leasehold titleAbsolute titleWhen is absolute title awarded?Absolute title is awarded if HM Land Registry:•is satisfied that the title to the estate is such that a competent professional adviser would properly advise a willing buyer to accept it, and•in...

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Property warranties (short-form) in an asset purchase

Property warranties and definitions to include in a short-form asset purchase agreement 1 Definitions In this Agreement, unless the context otherwise requires: Encumbrance means any mortgage, claim, charge (fixed or floating), pledge, lien, hypothecation, guarantee, right of set-off, trust, assignment, right of first refusal, right of pre-emption, option, restriction or other encumbrance or any legal or equitable third party right or interest including any security interest of any kind or any type of preferential arrangement (or any like agreement or arrangement creating any of the same or having similar effect) and Encumbrances means more than one of them; Freehold Properties ...

Property due diligence report—share or asset purchase

Property due diligence report—share or asset purchase A. Executive summary 1 Scope of review For the purposes of this report we have reviewed the following properties [insert details of the properties], (the ‘Properties’). 2 Basis of the review 2.1 Information relating to the Properties for the purposes of conducting our due diligence exercise and preparing our report has been sourced from the following: 2.1.1 documents provided in the due diligence [data room OR files] as set out in the index in Schedule...

View the related q&as about Leasehold

What is the position of a security holder if the company that created the security is dissolved?

What is the position of a security holder if the company that created the security is dissolved? This Q&A focuses on the impact the dissolution of a security provider can have on the ability of a security holder to effectively enforce its security. It also considers the position of a receiver appointed by the security holder prior to the dissolution of the relevant company. Summary If a security provider is dissolved as a matter of English law it is normally still possible for the security holder to enforce the security it holds by exercising the mortgagee’s power of sale. There may be circumstances in any particular case that make an application to restore the dissolved company to the register desirable to protect the security holder’s position. Circumstances where this issue commonly arises The problems associated with a security provider being dissolved while security is in force occur most often in real estate finance and other asset finance transactions. Typically, these issues arise where a special purpose...

How do the provisions of paragraph 4 of Part 1 of Schedule 1 to the Academies Act 2010 impact consideration of whether or not a maintained school can let part of the school premises to a third party for use as a nursery two–four years olds?

How do the provisions of paragraph 4 of Part 1 of Schedule 1 to the Academies Act 2010 impact consideration of whether or not a maintained school can let part of the school premises to a third party for use as a nursery two–four years olds? The Academies Act 2010 (AcA 2010) and regulations made thereunder makes provision for the transfer of land from the local authority to the Academy Trust. While there is power in AcA 2010, Sch 1 Pt 1 to provide for outright transfer, the guidance from the Department for Education in its document, Land Transfer Advice (April 2013) is that in the vast majority of cases the transfer will be by way of a 125-year lease to the Academy Trust, thus preserving the public land. It is usually only in those cases where a school already owns their own land prior to conversion to an academy that there will be a transfer of the freehold. The general power of a local authority to make disposals of...

View the related News about Leasehold

Private Client weekly highlights—23 January 2025

This week’s edition of Private Client highlights includes: (1) P, Re (Property & Affairs Deputyship: Jurisdiction), a Court of Protection involving jurisdiction to remove a deputy; (2) Bonham v Stringer, a case where the court decided that rectification of an error in a Will was not required; (3) Malik v Messalti, an insolvency case which considered the transactions defrauding creditors rules in relation to hypothetical future creditors; (4) industry bodies respond to the government’s proposal to bring pensions within the scope of IHT; (5) Scotland’s Office of the Public Guardian announces a new Power of Attorney case management system; (6) CIOT’s response to the HMRC consultation on ‘Simplifying the Taxation of Offshore Interest’: and (7) publication of the 2025 issue of Halsbury’s Ecclesiastical Law.

Insurance & Reinsurance weekly highlights—23 January 2025

This week's edition of Insurance & Reinsurance weekly highlights includes: COVID-19 business insurance litigation returns with test case appeal; the case of Tyson International Company Ltd v GIC RE, India Corporate Member Ltd (sued as the sole corporate member for Syndicate 1947 at Lloyd's of London for the 2021 and 2022 years of account); UK property insurance claims highest since 2007; an update to the Flood Reinsurance (Amendment) Regulations 2025; UK insurance premium tax haul up 10%, hits record £6.7bn; BoE delivers speech on new stress test approach for banks and other parts of the financial sector; FCA and PRA respond to UK government’s call for regulators to support economic growth; FCA urged to act against high insurance claim rejections; Insurance brokers call for reduced regulatory burden; Why non-financial misconduct should be on firms’ radar; Insurance Europe submits responses to EIOPA's Solvency II review consultations; Closing the gap–EIOPA and ECB announce proposals to close insurance protection gap; cases and decisions; key dates for your diary; and other news highlights reported...

View the latest UK Parliament Acts documents on Leasehold

336 Interpretation

(1)     In this Act, except in so far as the context otherwise requires and subject to the following provisions of this section and to any transitional provision made by the Planning (Consequential Provisions) Act 1990—“the 1944 Act” means the Town and Country Planning Act 1944;“the 1947 Act” means the Town and Country Planning Act 1947;“the 1954 Act” means the Town and Country Planning Act 1954 ;“the 1959 Act” means the Town and Country Planning Act 1959;“the 1962 Act” means the Town and Country Planning Act 1962;“the 1968 Act” means the Town and Country Planning Act 1968;“the 1971 Act” means the Town and Country Planning Act 1971;“acquiring authority”, in relation to the acquisition of an interest in land (whether compulsorily or by agreement) or to a proposal so to acquire such an interest, means the government department, local authority or other body by whom the interest is, or is proposed to be, acquired;[“address”, in relation to electronic communications, means any number or address used for the purposes of such communications;]“advertisement” means...