In this Q&A, it has been assumed that the relevant security was created after 6 April 2013. If it was created before that date, a different statutory registration regime will apply, though the principles referred to below are broadly similar in both the pre and post 6 April 2013 regimes. Two issues should be considered in relation to the error in completing Form MR01 as regards the existence of a negative pledge. The first is validity of security and the second is priority of security. Validity of security The combined effect of sections 859A and 859H of the Companies Act 2006 (CA 2006) is that

For the purposes of this Q&A, the lease of the parking space is for a term of more than seven years when granted in 2004. Section 4 of the Land Registration Act 2002 (LRA 2002), sets out when it is compulsory for land to be registered. The various circumstances which are set out in LRA 2002, s 4(1) and which trigger the compulsory registration of land include the following: ‘…(c) the grant out of a qualifying estate of an estate in land— (i) for a term of years absolute of more than seven years from the date of the grant, and (ii) for valuable or other consideration, by way of gift or in pursuance of an order of any court;…’ LRA

Since April 2014, the costs budget regime as contained in Part II of Part 3 which starts at CPR 3.12 will apply to all Part 7 multi-track cases where the money claim is less than £10m or for a non-monetary and the claim form does not contain a statement that the claim is valued at £10m (CPR 3.12(1)). Assuming then that the proceedings were issued after April 2014, it would appear that they are applicable as regards at least the probate claim. Probate claims must be issued using the Part 7 procedure (CPR 57.3(b)). These are automatically allocated to the multi-track (CPR 57.2(4)). Although

Statutory declarations are provided for by the Statutory Declarations Act 1835 (SDA 1935). A statutory declaration is a solemn verification of fact made otherwise than for judicial proceedings. SDA 1835, s 18 provides that a person may voluntarily make a statutory declaration in the form prescribed in the schedule to SDA 1835: ‘It shall and may be lawful for any justice of the peace, notary public, or other officer now by law authorized to administer an oath, to take and receive the declaration of any person voluntarily making the same before him in the form in the schedule to this Act annexed.’ There is no legislation which specifically compares the status of a statutory declaration with the status of an

A tenant who holds a long lease of a flat has a statutory right (subject to compliance with statutory qualifying criteria) pursuant to the Leasehold Reform, Housing and Urban Development Act 1993 (LRHUDA 1993) to a 90-year extension of its lease, for which the tenant must pay a premium. Although the right is expressed as the tenant being granted an extended lease, the actual method for giving

It is frequently the case that disputes arise between lessees and landlords in respect of adjustments which involve areas of the property that fall outside of the demise of the lease. This will frequently include the roof, meaning that the landlord would be required to consent to any works to retained property, including the installation of a dormer window. The first step is to determine what is included in the demise. Generally, a conveyance of land will include, absent any indication in the conveyancing documentation to the contrary, everything above and below the land conveyed to the place where pressure and temperature makes concepts of ownership absurd: Bocardo SA v Star Energy UK Onshore Ltd.

Dispute Resolution analysis: This decision in the dispute between ECU Group plc (ECU) and HSBC (HSBC) highlights the importance of limitation periods and the law of causation in foreign exchange (forex) market claims. The Commercial Court decided that the proceedings brought by ECU against HSBC alleging manipulation of forex markets between 2004 and 2006 were barred by the limitation period. Additionally, the court held that HSBC’s actions did not directly cause any loss to ECU because ordinary market movements would have triggered the stop-loss orders. Clive Zietman, Head of Commercial Litigation, and Natalie Osafo, senior associate, review the court’s decision.

A claim for trespass will require the claimant to assert title in order to establish the location of the boundary. If the title is unregistered, if more than 12 years have elapsed since the trespass occurred, then it is likely any claim will be successfully met by a counterclaim for adverse possession of that much of the property that is otherwise found to have trespassed.  In contrast, if the adjoining land is registered, then the Land Registration Act 2002 (LRA 2002) disapplies the traditional period of limitation under section 15 of the Limitation Act 1980. There is new regime under LRA 2002, Sch 6. Reference should be made to LRA 2002, Sch 6, para 5 for the grounds

The notice cannot be re-served and the declaration or statutory declaration re-sworn. For the agreement to exclude the Landlord and Tenant Act 1954 (LTA 1954) to be valid: 'The notice must be served before the tenant is contractually bound to enter into the lease. See Regulatory

Authorised guarantee agreements The term ‘authorised guarantee agreement’ (AGA) is defined in section 16 of the Landlord and Tenant (Covenants) Act 1995 (LT(C)A 1995). It is an agreement under which a tenant guarantees the performance by their assignee of a relevant covenant, which is entered into in certain specified circumstances (set out in LT(C)A 1995, s 16(3)) and whose provisions conform with certain specified conditions (set out in LT(C)A 1995 s 16(4) and 16(5)). LT(C)A 1995, s 3 stipulates that the benefit and burden of all landlord and tenant covenants in a tenancy shall pass on assignment to the

We have assumed that the terms of the Will specified a separate set of persons to hold the property as trustees on the life interest trusts to the set of persons specified as executors. We also assume that the legacy of the property was a specific legacy and not part of a residuary legacy. We understand that the legal title to the property is currently vested in the executor's of the deceased testator, who died in 1974. The testator's Will left the property as a specific legacy on life interest trusts and the life tenant

The trustees powers and duties The question refers to a life interest trust but the principles are applicable generally to any form of trust, for which the trustees' powers and duties must be considered. The primary duties of the trustees are to administer and distribute the trust assets in accordance with the lawful directions of the trust (unless the court sanctions a deviation) and to keep and produce accurate accounts of the trust property.