The following Property Q&A Produced in partnership with Kate Andrews of Hamlins provides comprehensive and up to date legal information covering:
The fact that the landlord may have previously granted tenants in the same block lease extensions at a nil premium does not mean the landlord can be required to grant the tenant a lease extension at a nil premium.
However, assuming the tenant is entitled to claim a statutory lease extension (see below), there is a statutory mechanism for calculating the premium. The landlord cannot demand a premium of £115,000 if this is not the premium to which the landlord is entitled under the Leasehold Reform, Housing and Urban Development Act 199
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This Practice Note explains certain common financial covenants used in commercial finance transactions including:•minimum net worth test•gearing ratio•leverage ratio (or debt to equity ratio)•current ratio (or acid test ratio)•cashflow ratio•interest cover ratio, and•loan to value ratioIt explains:
What is a company's constitution?A company’s 'constitution' is defined under the Companies Act 2006 (CA 2006) as including:•the company’s articles of association, and•any resolutions and agreements affecting a company’s constitutionThe CA 2006 definition of 'constitution' is not exhaustive and also
Coronavirus (COVID-19): The guidance detailing normal practice set out in this Practice Note may be affected by measures concerning process and procedure in the civil courts that have been introduced as a result of the coronavirus (COVID-19) pandemic. For guidance, see Practice Note: Coronavirus
Coronavirus (COVID-19): During the current pandemic, legislation and changes to practice and procedure in the courts and tribunals have been introduced, which affect the following:•proceedings for possession•forfeiture of business leases on the grounds of non-payment of rent•a landlord's right to
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