The following Private Client practice note provides comprehensive and up to date legal information covering:
Commercial property is that which is intended to produce a financial return for its owner by being used or occupied by businesses. That return can arrive in the form of rent paid to the owner by a tenant or from a change in the capital value of the property, realised when the property is bought or sold.
There are a number of differences between investing in residential property and commercial property, eg:
Costs—the cost of large, high-quality commercial property tends to be much greater than residential property
Valuation—the uniqueness of many commercial properties makes it difficult to get an accurate valuation without access to professional advice, whereas it is fairly easy to compare house prices
Commercial leases—these tend to last much longer than residential leases, traditionally contain clauses that are upward only (ie the rent cannot be less after a review than it was before one) and place responsibility on tenants for repairs and maintenance
Trustees may invest in commercial property indirectly or directly. Indirect property investment involves putting money into a product that invests in property. Essentially this means investing in the skills and expertise of other people, such as property or fund managers. Direct investment in property refers to buying the whole or part of a physical property. Trustees will have different objectives when considering property investments
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ContractWhere a contract is made by two or more parties it may contain a promise or obligation made by two or more of those parties. Any such promise may be:•joint•several, or•joint and severalWhether an undertaking is joint, several, or joint and several in contract is a question of construction
On the disposition of a property (whether by way of conveyance, transfer or charge), the party making the disposition will normally provide a title guarantee which implies standard form covenants for title. A landlord may give a title guarantee when granting a lease, but this is rare in practice.
Millett LJ subdivided types of constructive trust into two categories, distinguishing between:•the constructive trust proper, where equity intervenes to prevent the legal owner from unconscionably denying the beneficial interest of another (known as the institutional constructive trust)•the
Produced with input from Rebecca Cousin of Slaughter and May on market practice.This Practice Note summarises the rules and guidance in relation to parties who are, or may be presumed to be, acting in concert for the purposes of The City Code on Takeovers and Mergers (the Code). In particular the
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