This question raises issues about how the new rent is assessed on a renewal under the Landlord and Tenant Act 1954 (LTA 1954). The rent is to be the sum for which ‘the holding might reasonably be expected to be let in the open market by a willing lessor’, subject to certain matters that must be disregarded: LTA 1954, s 34(1).

Section 23 of the Landlord and Tenant Act 1927 (LTA 1927) applies to notices served under the LTA 1927 (for example notices served under Part I regarding tenant’s compensation for improvements). It has also been incorporated into the: • Landlord and Tenant Act 1954 (s 66(4)) • Leasehold Reform Act 1967 (s 22(5)); and • Landlord and Tenant (Covenants) Act 1995 (s 27(5)) See Practice Note: Break clauses and notices—service. Assuming that the lease is one to which LTA 1927, s 23

The answer will depend on the terms of an authorised guarantee agreement (AGA). Parties intending for the AGA to determine on disclaimer must expressly provide for it to do so. Otherwise, a guarantor's liability to a landlord under an AGA continues despite the insolvent tenant’s liquidator disclaiming the lease. Following Shaw v Doleman, this is even the case where the guarantor’s liability is limited to the period during which the assignee was bound by the tenant’s covenants of the lease. In

When a lease is extended pursuant to Chapter II of the Leasehold Reform, Housing and Urban Development Act 1993 (LRHUDA 1993) the leaseholder receives a new lease term being 90 years in addition to the existing term of the original lease and any ground rent payable is reduced to one peppercorn. Therefore, a premium is payable to the landlord (and any intermediate landlord) to compensate them for the diminution of the value in their interest and the loss of any ground rent. This Q&A looks at where a leaseholder has made improvements to the premises which would affect the value of the

Forfeiture is a mechanism whereby a landlord can determine the leasehold interest of a tenant prior to the expiration of the term. It requires a contractual right to re-enter the property in the event of a breach of a covenant contained in the lease (commonly, non-payment of rent) and there are various statutory provisions containing formal requirements in certain circumstances before a lease can be forfeit. Forfeiture can take effect either by peaceable re-entry (though this applies only to commercial premises and not residential: sections 1-3 of the Protection from Eviction Act 1977) or by the issuing of court proceedings. A tenant (and interested third parties)

The general common law principle is that when a lease comes to an end any underlease automatically terminates. See Practice Note: What happens to an underlease on termination of the lease? for more information. The Practice Note explains that forfeiture of a lease is a unilateral action by the landlord which has the effect of terminating any underlease. If, however, the landlord accepts a surrender after the cause of forfeiture has accrued the rights of the undertenant are preserved. The same applies where the landlord has no notice of the facts entitling them

The answer to this Q&A may depend to some extent on the reasons why the Secretary of State changed their mind from one application to another. If representations were made with the second application in relation to the applicant, or an order or positive determination made by a court or tribunal following a

Where a qualifying interest in possession comes to an end during the life of the life tenant, there is a deemed transfer of value by them

For the purposes of this Q&A we have assumed that the life tenant has a qualifying interest in possession. See Practice Note: The meaning of qualifying interest in possession. In practice, returns should be filed if there

Whether or not any asset is secured under the debenture will depend on the provisions of the particular debenture. The debenture may purport to take a fixed charge over bank accounts or they may be caught under the floating charge. Where the lender wishes to take a fixed charge over

A limited liability partnerships (LLPs) can be put into compulsory liquidation by a court. One of the reasons that an LLP can be wound up by a court is if the court determines that the LLP is unable to pay its debts, see Limited Liability Partnership Regulations 2001 (LLPR 2001), SI 2001/1090, Sch 3 amending section 122 of the Insolvency Act (IA 1986). Under IA 1986, s 123, a company is defined as unable to pay debts if: • a statutory demand to pay the debt is served and the debt is not

Limited partnerships—general information For information on limited partnerships generally, see Practice Note: The nature of a limited partnership and its legal framework. Limited partnerships—granting security For information on dealing with limited partnerships in finance transactions generally, see Practice Note: Dealing with a limited partnership in a finance transaction—investigating capacity and authority. When taking security from a limited partnership, the limited partnership agreement should be reviewed to check the powers of the general partner (GP) to borrow and grant security. Provided it is permitted under the terms of the limited partnership agreement, we are not aware of any law which would specifically prevent the granting of security for a loan from a limited partner. You may find the following Q&A useful, which looks at how a GP creates security on behalf of a limited partnership: When a corporate general partner for an English limited partnership creates security over the partnerships assets, do they do