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Coronavirus and Commercial Leases

Coronavirus and Commercial Leases
As the UK continues to struggle with the effects of coronavirus, many landlords and tenants are worried about the impact the pandemic is having on their property arrangements. Rental PaymentsDue to the mandatory closure of various business, in line with Government guidelines, many tenants are understandably suffering adverse financial implicat...
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153 Hits

Commercial Premises - Apparent Abandonment due to COVID

Commercial Premises - Apparent Abandonment due to COVID
Landlords of commercial premises are experiencing unique situations which have never arisen before as a result of the COVID crisis and the requirement of hospitality venues to restrict their trading. This article seeks to address some of the situations and to explore options that might be available in a landlord in such situation. Abandoned busines...
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  506 Hits
506 Hits

How can a landlord obtain payment of rent arrears on commercial lease in the COVID era?

How can a landlord obtain payment of rent arrears on commercial lease in the COVID era?
The Government introduced the Coronavirus Act 2020 at the end of March of this year. Broadly speaking, the effect of section 82 of this Act on landlords was to remove the landlord's sanction for taking any action against tenants for unpaid rent. Consequently, rent arrears have accrued. Market research has estimated that on the June quarter day only...
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  393 Hits
393 Hits

Non payment of rent protections extended

Non payment of rent protections extended
On 29 September 2020, the Business Tenancies (Protection from Forfeiture: Relevant Period) (Coronavirus) (England) (No 2) Regulations 2020 (SI 2020/994) (Regulations) came into force. The regulations extend the protections from forfeiture for non-payment of rent for business tenancies in England to 31 December 2020. Section 82 of the Coronavirus Ac...
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  349 Hits
349 Hits

Commercial Lease Heads of Terms: what to look out for?

Commercial Lease Heads of Terms: what to look out for?
By the time solicitors are instructed on behalf of a tenant in relation to a new commercial lease, heads of terms have often been agreed between the parties. However, this means that they have missed a vital chance to negotiate specific terms within the lease which may be to their advantage. By seeking professional legal advice BEFORE agreeing term...
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  1352 Hits
1352 Hits

How does Primark hold the key to retail rents?

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Last month our commercial property team looked at Arcadia's attempt to negotiate rent reductions with the help of CVAs. Since then, more high street retailers are following suit and we look at what the future holds for commercial leases. Our article in July 'Arcadia propose CVA to their landlord Intu' discussed the difficulties faced by Arcadi...
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  1193 Hits
1193 Hits

Arcadia propose CVA to their landlord Intu

Arcadia
Despite describing themselves as a global fashion force, Arcadia, owned by Sir Philip Green, has approached its creditors, including Intu Properties plc, with company voluntary arrangements in a bid to stave off collapse. But what exactly is a CVA and what impact does it have on landlords and tenants? Arcadia owns fashion retailers Topsho...
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  709 Hits
709 Hits

Business Rates - What’s the problem?

Business Rates - What’s the problem?
The subject of business rates has been a hot topic in the news recently, with PricewaterhouseCoopers reporting that 1,123 stores have vanished from Britain's top 500 high streets in the first six months of this year. As a result, a recent conference on business rates has called for a shake-up. But how?      What are business rates? N...
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  559 Hits
559 Hits

Commercial Property, Frustration and Brexit

Commercial Property, Frustration and Brexit
The UK's return of a vote in favour of leave in the referendum on its future relationship with the European Union had an impact on the latter's decision as to where its European Medicines Agency should be based and, having entered into a lease for a property based in the United Kingdom some 21 months prior to the result, wished for it to be re...
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  987 Hits
987 Hits

Forfeiture of a Commercial Lease – Is It Right For Me?

Forfeiture of a Commercial Lease – Is It Right For Me?
If a tenant breaches the conditions of a commercial lease the landlord is entitled to take legal action against the tenant if the lease permits. Forfeiture is the ultimate remedy available – but which way? Peaceable re-entry or Court proceeding? ​Forfeiture meaning - What is forfeiture of a lease? Forfeiture is essentially the legal remedy whe...
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  2524 Hits
2524 Hits

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