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Landlord consent to assignation—Scotland—checklist

Landlord consent to assignation—Scotland—checklist This Checklist sets out the issues that should be considered by a tenant (assignor) of a commercial lease in Scotland. It sets out when landlord consent to assignation is required, whether the landlord is obliged to act reasonably in granting such consent, the form of the consent and assignation and issues that both parties and the assignee should consider in relation to the landlord letter of consent to assignation and the assignation itself. Assignation transfers to the assignee the tenant's (assignor’s) interest in the lease from an agreed date until the termination of the lease. It entitles the assignee to possess the premises on the same terms as the assignor, see: Nature of assignation: Stair's Laws of Scotland (Stair Memorial Encyclopaedia) [290]. A style letter of consent to assignation and a style assignation can be found at the Property Standardisation Group (PSG): PSG Leases—Management Documentation. Must the assignation be in writing? From 1 August 1995, a written document subscribed to by the assignor is required for...

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Overseas entities and land under the Economic Crime (Transparency and Enforcement) Act 2022—property transactions—Scotland

Overseas entities and land under the Economic Crime (Transparency and Enforcement) Act 2022—property transactions—Scotland This Practice Note looks at the Economic Crime (Transparency and Enforcement) Act 2022 (EC(TE)A 2022) in the context of property transactions in Scotland. For an overview of EC(TE)A 2022, see Practice Note: Register of overseas entities that hold UK property—fundamentals. For EC(TE)A 2022 in the context of property transactions in England and Wales, see Practice Note: Overseas entities and land under the Economic Crime (Transparency and Enforcement) Act 2022—property registration and restrictions. The provisions of EC(TE)A 2022 relating to the creation of a register of overseas entities and the registration of overseas entities at Companies House came into force on 1 August 2022 and the provisions relating to land ownership and registration came into force on 5 September 2022. Further regulations specifying various matters under EC(TE)A 2022 (such as the definition of an ‘exempt’ overseas entity) are still awaited. Further requirements on overseas entities have been introduced by the Economic Crime and Corporate Transparency Act 2023...

Scotland: Land and buildings transaction tax (LBTT)—the basics

Scotland: Land and buildings transaction tax (LBTT)—the basics Land and buildings transaction tax (LBTT) replaced stamp duty land tax (SDLT) in Scotland with effect from 1 April 2015. This Practice Note provides an introduction to LBTT. Three other Practice Notes focus in more detail on particular aspects of the tax, as follows: • Scotland: Land and buildings transaction tax (LBTT)—chargeable consideration and rates of LBTT • Scotland: Land and buildings transaction tax (LBTT)—particular transactions and taxpayers, and • Scotland: Land and buildings transaction tax (LBTT)—administration and compliance Background to LBTT The Scotland Act 1998 (SA 1988) created the Scottish Executive (now known as the Scottish government) and the Scottish Parliament. SA 1998 devolved limited powers over income tax to the bodies but these powers were never used. The Scotland Act 2012 (SA 2012) then amended SA 1998 to give further powers to the Scottish Parliament, including wider powers over taxation. In particular, the Scottish Parliament was given power to legislate for a new tax, to be charged on...

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Scots law share purchase agreement provisions—share purchase agreement

Scots law share purchase agreement provisions—share purchase agreement Date provision Replace the share purchase agreement (SPA) date provision with the following new date provision: This Agreement is delivered on [insert day and month] 20[insert year] Recitals Recital (B) Delete ‘legal and beneficial’ from Recital (B). Definitions Amend the following existing definitions set out in clause 1 (Definitions and interpretation) of the relevant Precedent SPA (where used in the SPA): Definition of ‘Business’ Replace ‘the City of London’ with ‘[Edinburgh OR Glasgow OR Aberdeen]’ Definition of ‘CRTP’ Replace the definition of ‘CRTP’ with the following new definition: CTPRS • means Contract (Third Party Rights) (Scotland) Act 2017; Definition of ‘Encumbrance’ • Delete ‘assignment’ immediately preceding ‘right of first refusal’ as Scots law refers to assignation rather than assignment. • Delete ‘legal or equitable’ immediately preceding ‘third party right’ as Scots law does not recognise this separation of ownership. Definition of ‘Freehold Properties’ Delete the definition of ‘Freehold Properties’ and insert the following new definition in the appropriate...

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What are the risks faced by the grantee of an option over land in Scotland and how can these be mitigated?

What are the risks faced by the grantee of an option over land in Scotland and how can these be mitigated? Reference is often made to ‘put’ option agreements and ‘call’ option agreements. A call option agreement is one where the buyer (grantee) can call upon the seller (grantor) to sell a property (or part of it) to the grantee. A put option is one in which the landowner can call upon the grantee to purchaser the property, see Practice Note: Options to purchase property—Scotland. When an option over land is granted, the grantee has a contractual right to exercise the powers conferred to them by the option agreement. These powers most commonly involve the right to purchase the land: • at a particular point in time, or • within a certain time-frame at • a price, or • a pricing strategy (such as the market value of the land at the time of purchase) determined at the time the option was agreed. ...

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Property weekly highlights—15 February 2024

This week's edition of Property weekly highlights includes: guidance on the Building Safety Act 2022 and a case on remediation contribution orders, the coming into force of biodiversity net gain requirements, government plans to boost housing delivery by prioritising brownfield development and changes to permitted development rights and cases on unreasonable refusal of consent to alterations.

Property Disputes weekly highlights—15 February 2024

This week's edition of Property Disputes weekly highlights includes: Court of Appeal decisions on surrender and joint ownership of commercial property, High Court decisions on consent for alterations and the court’s power to rectify the register on grounds of mistake, a First-tier Tribunal decision on remediation contribution orders under the Building Safety Act, and a Sheriff Appeal Court decision on exclusive ownership through positive prescription.