The following Property guidance note provides comprehensive and up to date legal information covering:
Following exchange the parties will need to agree how management matters will be dealt with in the period until completion. Buyers should be most concerned about this issue where the property is multi-let and where there is a significant gap between exchange and completion. For a single-let property with a short period to completion (say less than a month) the buyer can take a more relaxed approach and may be happy to rely upon the Standard Commercial Property Conditions (Second and Third Editions) (SCPCs). This will help in ensuring prompt agreement of the contract too.
The SCPCs (Second and Third Editions) (4.1 and 4.2 for the Second and 5.1 and 5.2 for the Third Edition) prevent the seller from:
serving a notice to terminate a lease or accepting a surrender
serving any notice or taking any action as landlord under the occupational leases unless the buyer consents. If the seller requests consent the buyer must not withhold consent where it would place the seller in breach of its lease or statutory obligations. Deemed consent arises if the buyer does not refuse consent within 10 days or if the buyer is not entitled to withhold consent
These conditions include a general obligation for the seller to manage the property in accordance with
**excludes LexisPSL Practice Compliance, Practice Management and Risk and Compliance. To discuss trialling these LexisPSL services please email customer service via our online form. Free trials are only available to individuals based in the UK. We may terminate this trial at any time or decide not to give a trial, for any reason. Trial includes one question to LexisAsk during the length of the trial.
To view the latest version of this document and thousands of others like it, sign-in to LexisPSL or register for a free trial.
Existing user? Sign-in
Take a free trial
Take a free trial
0330 161 1234