Property insolvency

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Latest Property News

Government acts to cut cost of flood insurance premiums

The following Environment news provides comprehensive and up to date legal information on Government acts to cut cost of flood insurance premiums

Residential service charges—restrictions under LTA 1985, s 20B(1) and contractual recovery of legal costs (No 1 West India Quay (Residential) Ltd v East Tower Apartments Ltd)

Property weekly highlights—29 July 2021

The following Property news provides comprehensive and up to date legal information on Property weekly highlights—29 July 2021

TR1 declaration of trust—absence of agreement insufficient for rectification (Ralph v Ralph)

The following Dispute Resolution news provides comprehensive and up to date legal information on TR1 declaration of trust—absence of agreement insufficient for rectification (Ralph v Ralph)

Featured Property content

Equitable mortgages and equitable charges—general principles and registered land

Nature of mortgages and chargesMortgages and charges are distinct forms of security. A mortgage can be legal or equitable and involves the transfer of...

Deed of variation of lease

This DEED is made on [date]Parties1[Insert name] [of [insert address] OR incorporated in England and Wales with company registration number [insert...

Deed of surrender

DateD [date]Parties1[name of Landlord] [of OR incorporated in England and Wales with company registration number [number] whose registered office is...

A chargor (an individual) is granting a legal charge to a chargee (a company). Can an employee of the chargee witness the signature of the chargor?

There does not appear to be any evidence that an employee of the chargee cannot witness the chargor’s signature.Practice Note: Property deeds—use and...

Precedents

Notice of assignment

notice of [assignment OR transfer]To: [insert name of landlord][of [insert address] OR whose registered office is at [insert address] Company number...

19th May

Practice notes

When do you need an agreement for lease?

An agreement for lease is required where the landlord and tenant cannot enter immediately into the lease itself, but need to know that the other party...

19th May

Practice notes

Consecrated ground and burial grounds—issues for developers

Consecrated land—Church of EnglandFor the purposes of this section of this Practice Note, consecrated land means any land or building which has been...

19th May

Practice notes

Tacit relocation in commercial leases in Scotland

In Scotland, at common law, a lease does not actually end on the specified expiry date (ish) unless:•either party gives correct and timeous...

Produced in partnership with Kenneth S Gerber of Mitchells Roberton 19th May

Scottish Law

Q&As

If a transfer deed (TR1) has been signed by both the transferor and transferee, the transferor dies and then the TR1 is dated after death of the transferor (in error), is it still valid?

A deed (such as a TR1) is valid and binding if the essential ingredients of execution as a deed, attestation and delivery as a deed are all present:...

19th May

Practice notes

Rent suspension or cesser

Generally, the tenant remains liable for the rent even though the premises have become unusable. Consequently, leases normally contain a provision...

19th May

Practice notes

Is the agreement a grazing licence or farm business tenancy?

Is the agreement a grazing licence or farm business tenancy?What is a grazing licence?A grazing licence is an agreement under which a landowner allows...

19th May

Practice notes

Dealing with rights of access in property transactions—Scotland

Ownership, leasing or any other permitted use of land normally requires access to it to obtain the benefit of the land. The public are allowed to use...

Produced in partnership with Stuart King of Blackadders and Melanie Ballantyne of Blackadders 19th May

Scottish Law

Practice notes

Who is liable for inherent defects?

Defects in design, faulty installation or the use of inappropriate or inadequate materials when building a property can lead to significant problems...

19th May

Practice notes

Building Societies Association (BSA) Mortgage Instructions

The Building Societies Association (BSA) is a trade association which represents mutual lenders and deposit takers in the UK including all 45 UK...

19th May

Practice notes

Pre-completion searches

This Practice Note sets out the searches that should be carried out prior to completion (pre-completion searches), including priority searches (OS1...

19th May

Practice notes

Easements—actionable interference

Wrongful interference with an easement is a private nuisance. The existence of the easement must be established for a claim to succeed.Not every...

19th May

Practice notes

Apportioning rent—the methods

While this Practice Note primarily covers commercial property matters, it also touches on residential considerations.Whenever a property is sold,...

19th May

Practice notes

Merger of freehold and leasehold titles—law and land registration procedure

Merger may determine a lease when both the lease and the reversion on that lease become vested in the same person and that person holds both interests...

19th May

Practice notes

Drafting suspensive conditions in missives in Scotland

Coronavirus (COVID-19): Due to the effects and impact of coronavirus (COVID-19), consideration should be given to all longstop dates when drafting and...

Produced in partnership with Emma Gray of Blackadders and Melanie Ballantyne of Blackadders 19th May

Scottish Law

Practice notes

Sub-sales and assignments

A sub-sale is where A contracts to sell a property to B but, before completing the purchase from A, B then contracts to sell the property to C. There...

19th May

Most recent Property insolvency content

Q&As

Company X was the registered proprietor of both a registered freehold and two registered leases but no application was made to the Land Registry to merge the titles on acquisition. X subsequently transferred the freehold to Y with the intention that the freehold was unencumbered by the leases and X was struck off the register of companies on the assumption that its property interests had all been disposed of. Y sold part of the freehold to Z. Can Y and Z now apply to the Land Registry to retrospectively merge the freehold and leasehold estates, remove the entries for the leases from the freehold titles and close the leasehold titles?

Company X was the registered proprietor of both a registered freehold and two registered leases but no application was made to the Land Registry to...

1st Aug

Q&As

How should a secure business tenancy which has become bona vacantia become vested in a Newco and what would the implications be under the Landlord and Tenant Act 1954?

How should a secure business tenancy which has become bona vacantia become vested in a Newco and what would the implications be under the Landlord and...

1st Aug

Q&As

An LPA/fixed charge receiver has agreed to sell some agricultural land to the proposed purchaser, who has been granted a license to occupy the property until completion for the purpose of separating the land from adjoining premises. What are the powers and duties of an LPA reciever?

An LPA/fixed charge receiver has agreed to sell some agricultural land to the proposed purchaser, who has been granted a license to occupy the...

31st Jul

Q&As

A developer goes into administration, leaving a number of plots unbuilt. The developer had taken deposits from individual buyers in respect of those plots. Can the plot buyers recover the deposits?

A developer goes into administration, leaving a number of plots unbuilt. The developer had taken deposits from individual buyers in respect of those...

31st Jul

Q&As

Can a limited company which is in administration execute a Deed of Surrender?

Can a limited company which is in administration execute a Deed of Surrender?Administration is a process under Schedule B1 to the Insolvency Act 1986...

Produced in partnership with Chris Bryden of 4 King’s Bench Walk 31st Jul

Q&As

Our client entered into an agreement, under which a contingent right exists for a purchasing company to purchase various plots of land from our client over a number of years. The right was drafted to ensure that it was exclusive to the purchasing company, allowing no right of assignment. The purchasing company has since been dissolved and we understand that its assets have passed to the Crown bona vacantia. Is the Treasury Solicitor now able to enforce the rights under the contract to purchase land from our client? There is no right to terminate the contract upon dissolution.

Our client entered into an agreement, under which a contingent right exists for a purchasing company to purchase various plots of land from our client...

31st Jul

Q&As

Where a landlord holds money on trust for a tenant pursuant to a rent deposit deed and a tenant goes into liquidation prior to the landlord drawing down on the rent deposit deed in accordance with the deed for arrears in rent existing prior to liquidation, do the sums forming the deed form part of the liquidation and will the landlord become an unsecured creditor for outstanding rent?

Where a landlord holds money on trust for a tenant pursuant to a rent deposit deed and a tenant goes into liquidation prior to the landlord drawing...

31st Jul

Q&As

If a co-owner who has purchased a bankrupt’s beneficial interest in a property from the trustee in bankruptcy (such that she is now the sole beneficial owner) obtains a court order for the transfer of the legal interest into her sole name is the mortgagee’s consent required?

If a co-owner who has purchased a bankrupt’s beneficial interest in a property from the trustee in bankruptcy (such that she is now the sole...

31st Jul

Q&As

What steps can an equitable chargee take to enforce their charge?

What steps can an equitable chargee take to enforce their charge? Question scenarioThis question considers the option open to someone who has signed...

31st Jul

Q&As

Is it reasonable for a long lease to permit the landlord to forfeit the lease in the event that the tenant becomes insolvent if the lease was not granted at a premium and the rent payable is not full market value?

Is it reasonable for a long lease to permit the landlord to forfeit the lease in the event that the tenant becomes insolvent if the lease was not...

Produced in partnership with Alexander Campbell of Field Court Chambers 31st Jul

Q&As

A money judgment has been obtained. A British Virgin Islands company owns a property which is about to be sold. The judgment debtor is putatively a shareholder of the company registered as proprietor. There is a restriction on the property. Can it be said that the client is therefore an incumbrancer for the purposes of section 105 of the Law of Property Act 1925?

A money judgment has been obtained. A British Virgin Islands company owns a property which is about to be sold. The judgment debtor is putatively a...

Produced in partnership with Christopher Snell of New Square Chambers 31st Jul

Q&As

What are the pros and cons of a landlord drawing down against a rent deposit before or after a tenant enters administration? Is there any risk that the administrator could seek to hand over the deposit balance on their appointment or is it the case that the administrator may, in certain circumstances (depending on how the deposit is held), just be asked to consent to the deposit draw down? Is a landlord prevented from drawing down on the deposit as a result of the moratorium in administration, and how do the Financial Collateral Arrangements (No 2) Regulations 2003 affect this?

What are the pros and cons of a landlord drawing down against a rent deposit before or after a tenant enters administration? Is there any risk that...

Produced in partnership with Simon Mcllroy of Charles Russell Speechlys 31st Jul

COVID-19

Q&As

Where the freehold of a building was sold for a market price to a third party at the same time as the seller being granted a 999-year lease of the premises for £1, should a purchaser of the 999-year lease a year later be concerned that the transaction was at an undervalue?

Where the freehold of a building was sold for a market price to a third party at the same time as the seller being granted a 999-year lease of the...

31st Jul

Q&As

Where a commercial tenant goes into administration, will the administrator that is appointed be liable for rent due under an existing lease?

Where a commercial tenant goes into administration, will the administrator that is appointed be liable for rent due under an existing lease?STOP...

31st Jul

Q&As

Where a trustee in bankruptcy obtains a possession and sale order in respect of a jointly-owned property, and the order appoints the trustee in the non-bankrupt co-owner’s place under section 41 of the Trustee Act 1925 to execute all necessary deeds, documents and instruments relating to a sale of that property, do the bankrupt and the co-owner need to be parties to the sale contract and can the trustee execute the transfer deed on their behalf?

Where a trustee in bankruptcy obtains a possession and sale order in respect of a jointly-owned property, and the order appoints the trustee in the...

Produced in partnership with XXIV Old Buildings 31st Jul

Q&As

Q&A—Re-vesting of a dwelling-house following bankruptcy

Q&A—Re-vesting of a dwelling-house following bankruptcyQMy client (an individual) is a bankrupt—is he entitled to have his disclaimed property...

31st Jul

Q&As

Can a landlord exercise a landlord's break right in a lease during the moratorium when the tenant is in administration?

Can a landlord exercise a landlord's break right in a lease during the moratorium when the tenant is in administration?The moratorium is set out in...

Produced in partnership with Helen Galley of XXIV Old Buildings 31st Jul

Q&As

A client is in voluntary liquidation and has the benefit of an overage over some land. The liquidation should be finalised shortly. Can the benefit of the overage be assigned to a third party before its finalised?

A client is in voluntary liquidation and has the benefit of an overage over some land. The liquidation should be finalised shortly. Can the benefit of...

Produced in partnership with Simon Passfield of Guildhall Chambers 31st Jul

Practice notes

Companies—reviewable transactions—Property

Companies—reviewable transactions—PropertyBackgroundCertain transactions entered into by a company within a specified period before insolvency may be...

31st Jul

Practice notes

Obtaining a charging order over land

Obtaining a charging order over landThis Practice Note sets out the circumstances in which a charging order over property may be obtained under the...

31st Jul

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Property insolvency

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Latest Property News

Government acts to cut cost of flood insurance premiums

Residential service charges—restrictions under LTA 1985, s 20B(1) and contractual recovery of legal costs (No 1 West India Quay (Residential) Ltd v East Tower Apartments Ltd)

Property weekly highlights—29 July 2021

TR1 declaration of trust—absence of agreement insufficient for rectification (Ralph v Ralph)

Featured Property content

Equitable mortgages and equitable charges—general principles and registered land

Deed of variation of lease

Deed of surrender

A chargor (an individual) is granting a legal charge to a chargee (a company). Can an employee of the chargee witness the signature of the chargor?

Most recent Property insolvency content

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Rescission of a contract

Pension commencement lump sums (PCLSs)

What is a public authority?

Provisional sums

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