A mortgagee in possession has the power pursuant to sections 101 and 103 of the Law of Property Act 1925 (LPA 1925) to sell a property, ordinarily after taking possession, though this statutory power can be excluded by agreement by the parties. Upon exercising the power of sale, the equitable right of the mortgagor to redeem is extinguished but the mortgagee becomes a trustee of the surplus proceeds of sale for the mortgagor and any other interested parties. If the statutory power of sale is exercised, LPA 1925, s 105 provides that the sale proceeds are to be applied:

Pursuant to section 3(4) of the Charging Orders Act 1979, a charging order ‘shall have the like effect and shall be enforceable in the same courts and in the same manner as an equitable charge created by the debtor by writing under his hand’. Thus, a charging order provides in effect that an unpaid judgment creditor is afforded the status of an equitable charge holder and is afforded some security for the unpaid debt. That being said, judgment creditors are often surprised by the limited protection actually afforded to a charge holder who has entered a standard form restriction on the debtor’s property. In this scenario, you mention that the charge was registered by way of a Form K restriction

Clare Ambrose, Twenty Essex The party’s representative should consult with the witness and the other side. It would be unusual if a solution cannot be achieved by arranging for evidence to be given remotely. This is fairly standard practice. The technical, forensic and logistical disadvantages are manageable. The tribunal

At present, HM Courts and Tribunals Service have confirmed that, generally, the business of the courts and tribunals is continuing. The guidance is that as long as court users do not have confirmed or possible coronavirus (COVID-19) infection or do not need to self-isolate in line with the National Health Service advice, they should continue to use the courts as usual. In the event that they are unable to attend either due to illness or the need to self-isolate, they should contact the court. Can the hearing proceed in the person’s absence? The first point to consider is whether the hearing can proceed without whoever is unable to attend. Depending on the notice given, it may be possible to find alternative counsel or to set up telephone/video-conferencing arrangements, which is something that has been advocated by the Lord Chief Justice. For further guidance, see Practice Notes: • Remote and hybrid hearings

Subject to some exceptions, the benefit of all tenant covenants under a ‘new’ lease ‘shall be annexed and incident to the whole, and to each and every part, [...] of the reversion’ to the premises and ‘shall [...] pass on an assignment

This Q&A is based on the scenario where a landlord accepts a surrender of a lease from its tenant but continues to accept rent until the property is let. However, it is not possible to provide a full answer without a) knowing the full circumstances of the surrender and b) seeing any surrender documents that may exist. For further information on surrendering a lease, see: Lease surrenders—overview. A lease can be surrendered expressly, see Precedent: Deed of surrender. A lease can also be surrendered by operation of law if the conduct of the parties is inconsistent with the continuation of the lease. When an attempted express surrender fails, there will be an implied surrender if the parties have acted upon

What is PACT? PACT stands for ‘professional arbitration on court terms’. It is a joint initiative of the Law Society and the Royal Institution of Chartered Surveyors. It provides a procedure which permits parties who wish to introduce a renewal lease under the Landlord and Tenant Act 1954 (LTA 1954) to submit the resolution of disputes concerning that renewal lease to an independent third party. The independent third party can act as an arbitrator or an independent expert. PACT thus enables parties to avoid disputes

This exact point does not appear to have been decided, but the answer seems obviouse that the covenants should cease to be enforceable. This is perhaps one of those situations identified by Steyn LJ in Continental Bank NA v Aeakos Compania Naviera SA, ‘the more obvious the answer to a question is, the less authority there sometimes is on it’. Let’s build up from first principles. What is a surrender? Between the tenant and his immediate landlord, where the tenant yields up the term to his immediate landlord, the lease is determined by surrender (Fairweather v St Marylebone Property Co Ltd). Lord Denning said surrender is not the assignment of the term by the tenant to the landlord, but their agreement to destroy the term, at paras

Usually, a company voluntary arrangement (CVA) will divide the tenant's leasehold properties into different categories based on their financial viability or strategic importance to the company's business. The categories are usually on a sliding scale, with the ‘highest’ category of lease remaining largely unaffected by the CVA, followed by other categories with increasing rental discounts or outright closure. A CVA is a contractual agreement between the company and its creditors. A side letter is an agreement between the landlord and tenant for reduced rent. It is down to the exact terms of the side letter as to whether or not successors of the original two parties are

The amount of stamp duty land tax (SDLT) payable on a chargeable transaction is determined by reference to the 'chargeable consideration' for the transaction. Chargeable consideration has a particular meaning for SDLT purposes and is defined largely in section 50 and Schedule 4 to the Finance Act 2003 (FA 2003). For more detail see Practice Note: SDLT chargeable consideration. On the grant of a lease, SDLT will be payable on the net present value (NPV) of the rents payable under the lease plus any premium payable on grant of

No, so long as the settlement on the agreed rent is not also in full and final settlement of the interim rent and the time limit for making an interim rent application has not expired. The latest time for making an application for interim rent is no more than six months

In summary, the original management company will need to enter into a deed of variation with the landlord and tenant if the original management company was a party to the lease. It is a tripartite agreement, and thus it can only be varied by all three parties agreeing to the variation or an application being made pursuant to Part IV of