Government statistics suggest that in the year 2018 to 2019, 4,5 million leasehold properties existed across England alone, around 20% of the entire housing stock. With ownership of leasehold property comes the competition between the priorities of landlords and tenants: landlords seek to dispense their obligations under the leases, drawing as their income service charge … Continued
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You own a flat and pay your service charges. Your landlord, however, refuses to comply with your request for copies of the building’s insurance certificate. You are now unclear whether the building is insured at all, which leaves you in a precarious position as one of your most valuable assets could be at risk. Furthermore, … Continued
In a recent US Security and Exchange Commission filing, an increasingly high-profile car manufacturer announced it had bought $1.5 billion in a major digital currency – bitcoin – and that it would in due course accept the currency in payment for its vehicles. A US media outlet also recently reported that digital currency also has … Continued
On 3 November 2020, we reported the implications of the first instance judgment in FCA v Arch Insurance (UK) Ltd & Ors in our Insights article here. Now, the Supreme Court has handed down judgment in the Financial Conduct Authority’s (FCA) appeal and it has been hailed as a victory by many small businesses. As … Continued
The commercial lettings market remains in a state of flux. We summarise below some recent developments, relevant for both landlords and tenants, with a particular focus on recovery of rent, turnover leases and company voluntary arrangements (CVAs). Recovery of rent The landlord’s tools to recover rent have been very much blunted by recent legislation. Forfeiture … Continued
Do you own a long lease and want to alter your property, perhaps by an extension or basement conversion? Or are you a landlord who has been approached by a leaseholder who wants to carry out similar works? Beware: you may be liable for breach of covenant following the further articulation of the law in … Continued
‘Government pledges to reform leasehold law to make the system easier and cheaper for leaseholders ‘ The Government’s announcement on 7 January 2021 outlined plans to reform the leasehold system. It has been on the Government’s radar for quite some time and the recent announcement makes clear that they are beginning to act on recommendations … Continued
Following our Cladding Q&A insight in November 2020, the following questions focus on the Building Safety Fund and legislative reform including the draft Building Safety Bill and the Fire Safety Bill. What is the Building Safety Fund (BSF)? The BSF is a £1bn fund (2020/2021 tax year) intended to help those living in buildings … Continued
Target Rich International Limited v Forex Capital Markets Limited [2020] EWHC 1544 (Comm) Speed Read Summary This summer, the High Court handed down judgment, dismissing Target Rich International Ltd’s (TRI) claim for compensation and damages in relation to trades it had placed through Forex Capital Markets Limited’s (FXCM) online forex trading platform. The claim involved … Continued
There has been a lot in the news recently about buildings suffering from defective cladding which may pose a fire risk. Building owners have been left with the high costs of replacement works, and leaseholders are frequently served with substantial service charge demands. So, what is going on? We look to clarify some of the … Continued
