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.

The tenant of a life interest is entitled to terminate that interest during their lifetime, and the trust may also contain terms allowing the interest to be terminated (eg on a re-marriage of the life tenant). Regardless of whether the life tenant or the trustees terminate the life interest, there may be inheritance tax (IHT) considerations. The relevant property regime provides that for trusts created on or after 22 March 2006 any property in which there is no qualifying interest in possession is relevant property for the purposes of section 58 of the Inheritance

It is understood that a life interest trust is buying a dwelling from the beneficiary of the trust (the beneficiary is an individual). It is assumed that the beneficiary occupies the dwelling as their main residence and will continue to do so as beneficiary of the trust once the trust owns the dwelling. A beneficiary of a trust for life is treated as the purchaser for the purposes of the higher 3% rates of stamp duty land tax (SDLT) (paragraph 10 of Schedule 4ZA to the Finance Act 2003 (FA 2003)). This means that the trustees of the trust must consider whether the purchase attracts the higher 3% rates of SDLT on the basis that the beneficiary is making the purchase and not the trust. As

This depends on the wording of the Will. In all likelihood, the Will simply said that, subject to the life tenant’s interest, the trust fund would pass to the remainderman. In that case, the remainderman’s reversionary interest in the estate has vested in them and, assuming they have not disposed of it during their life, it forms part of the remainderman’s estate on their death. The remainder interest is intangible property and can be dealt with in the same way as any other intangible asset. The remainderman’s personal representatives will deal with the reversionary interest as with any other intangible asset comprised in the estate. In all likelihood, it will be assigned to the beneficiary or beneficiaries of the remainderman’s residuary estate. Notice of the assignment should be given to the

The value of a reversionary interest is generally within a person’s estate but is excluded property by virtue of section 48 of the Inheritance Tax Act 1984 (IHTA 1984). However, where the reversionary interest has previously been acquired for consideration, it is not excluded property, due to IHTA 1984, s 48(1)(a). IHTA 1984, s 55(1) means that where a person with a prior interest (such as the interest in possession in the question) purchases a reversionary interest, that