The following Property practice note provides comprehensive and up to date legal information covering:
Coronavirus (COVID-19): The requirements to obtain an EPC before a property is sold or let can be difficult to satisfy when social distancing measures apply. EPC assessments should only be conducted in accordance with government advice on home moving during the coronavirus outbreak and where the EPC assessment can be conducted safely—see Practice Note: Coronavirus (COVID-19)—implications for property — EPCs and social distancing.
The City of London Law Society (CLLS) Certificate of Title (7th edition, 2016 update) (Certificate) is generally accepted as the industry standard form of certificate of title for commercial transactions in England and Wales. See Practice Notes: What is a certificate of title? and Guide to drafting a certificate of title.
A number of Scottish firms have collaborated in producing a certificate equivalent to the CLLS Certificate for use in Scotland. See Property Standardisation Group Certificate of Title.
In this Practice Note, the party preparing the Certificate is referred to as the 'certifier'; the party/ies receiving the Certificate is referred to as the 'addressees'; and the borrower/purchaser (in relation to the latter on a share sale) on whose behalf the Certificate is being given is referred to as the 'Company', as they are in the Certificate.
Certificates are most frequently used in the following circumstances:
a lending context, for example, when solicitors acting for the borrower provide a Certificate to the funder
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Practical completion marks the end of the construction period of a project, when the works are 'finished' and the employer can occupy and/or use them. Practical completion also typically marks the start of the defects liability period/maintenance period.As explained below, practical completion is an
When restructuring is considered rather than formal insolvency proceedings (see Practice Note: Benefits of restructuring over formal proceedings) the company may want to ensure that relevant creditors quickly enter a standstill agreement to gain some breathing space to consider a restructuring
This Practice Note examines:•why negative pledge clauses are used in commercial transactions •the consequences of breaching negative pledge provisions•how negative pledges are viewed in the context of security and quasi-security, and•key considerations when drafting a negative pledge clauseWhere
Background to the Single RulebookHistorically, the European Commission (Commission) favours using Directives (rather than Regulations) to set out its legislation in respect of the financial services sector. However, Directives, allowing Member States greater flexibility in how they implement
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