In December 2017, the government announced that it would ban the sale of houses on a leasehold basis and prohibit developers from selling leases of flats or houses that contain an obligation to pay ground rent. The government is also committed to making it cheaper and easier for existing leaseholders to buy-out their freehold. The Law Commission is considering three projects - read more
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.
Our blog series began with a review of Dame Judith Hackitt’s report and our examination of whether an outright ban on combustible materials is required. In this blog we analyse the primary purpose of the Construction (Design and Management) Regulations (‘CDM Regulations’), how the CDM Regulations apply to key persons in a construction project and how the Report suggests the construction industry apply the regulations to higher risk residential buildings (HRRBs).
In the current property market, properties are selling for less and sales are taking longer to complete. There are lots of tip available about attracting a buyer, but how do you convert a buyer's offer into a quick exchange?
Delay is a major issue on construction projects. To combat this, most construction contracts will specify a particular date by which the works must be completed. If the contractor fails to meet this deadline, it will usually have to pay a pre-agreed level of damages for the period of delay. This is unless the contractor can show that it has a claim for an extension of time which will push back the date for completion.