Imagine this scenario. You own a site which is ripe for development in a few years. There are a number of tenants who still have leases which don’t expire for between two to three years, which fits in with your development timetable. There was one vacant floor last year but you agreed to let that to a new small business tenant on a one year lease and since that tenant said they may want to stay longer, you agreed that they could have a right in their lease to renew for another year. You agreed a low rent as it was such a short term and saved you the business rates. You didn’t want to bother with solicitors so your agent just issued your standard short term lease and after a couple of amendments from the tenant, this was completed in a couple of days.
The relocation plans of two European agencies, the European Medicines Agency (EMA) and the European Banking Authority from London to Amsterdam and Paris respectively, following Brexit, have been widely publicised. Political and economic consequences aside, the move may also have far-reaching legal consequences.
The Court of Appeal last week handed down its ruling in the case of Dreamvar v Mishcon de Reya. The impact for the industry and profession is potentially huge – will it lead to a complete overhaul of the way property lawyers deal with purchase money?
Dentists, chiropractors, accountants and other professionals who own the premises from which they operate could benefit substantially from making their commercial premises an asset of their Self-Invested Personal Pension (SIPP).