Lasting Powers of Attorney: recent key developments
Instructing property guardians to occupy a vacant building may break the law if an HMO licence is not obtained following a ruling in the case of Global 100 Ltd v Jimenez and others.
In uncertain times, business tenants will look to minimise their property commitments in order to reduce costs. One of their options may be to exercise a break in a lease if such an option is included. However, case law has demonstrated the importance of tenants (and landlords) strictly complying with any conditions that are attached to a break clause. Often, this includes giving a landlord vacant possession, following the exercise of a tenant’s break notice. Failure to do so can be costly and have drastic consequences for a tenant; any failure to comply with a condition is likely to invalidate the break, resulting in the lease continuing for the remainder of the original term.
The Government has for some time promised to introduce a register requiring overseas entities holding UK property to identify its beneficial owners, in its effort to increase transparency in UK property ownership and reduce the attraction of the UK’s property market to money launderers. Indeed, we last blogged about the potential overseas entities register in May 2019. With UK-based entities subject to strict information-sharing requirements since 2016 (in the form of the register of People with Significant Control or “PSC Register”), many have been calling for an equivalent overseas entities register to be implemented to provide a way of tracking overseas owners who ultimately own and control UK land.
Under s.82 of the Coronavirus Act 2020, a moratorium has been imposed on all landlords in England who have been prevented form forfeiting commercial leases on grounds of arrears with effect from 26 March 2020. Those restrictions are currently due to come to an end on 25 March 2022.
In March 2021 Twitter founder Jack Dorsey sold his very first Tweet as an NFT for $2.9 million. Around the same time the Land Registry ran a series of pilots to explore the possibility of using blockchain technology, such as NFTs, to provide some much needed modernisation and efficiency to the property buying process.
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