Posted Tuesday 2nd February 2021
Last month the Supreme Court handed down a ruling that provides much needed clarity concerning the interpretation of business interruption insurance policies. The ruling means that, subject to the specific terms of their policies, occupiers forced to close by the pandemic may now be eligible to claim business interruption insurance. Good news for tenants and also landlords!
At the start of the year it was announced that massive changes are coming for leaseholders. The reforms will allow leaseholders to extend their current lease by a maximum term of 990 years at a ‘peppercorn’ (i.e. zero) ground rent and ending the payment of ‘marriage value’ to freeholders.
The young, online retailer, Boohoo, has acquired Debenhams, a stalwart of the British high-street. Following the acquisition, Boohoo will permanently close Debenhams stores up and down the country. The question is what is going to happen to the retail space?
According to research, 2020 has seen a higher number of retail – resi conversion applications turned down. The difficulties facing the high-street has resulted in more applications for converting the use of buildings that no longer serve their intended purpose. Interestingly, the percentage of these applications being rejected has increased.
Following a petition, MPs took part in a virtual debate on the extension to the stamp duty holiday on Monday 1st Feb, which was inconclusive. The initial stamp duty holiday lead to a strong residential market in recent months, so keep your eyes peeled for an announcement ahead of the Budget on 3 March!
The UK’s insolvency and companies court have wound up three property investment businesses following allegations that they have been misleading investors. An investigation found that only a fraction of the money raised by the firms was actually used for property investments.
HMRC has reviewed it’s guidance on the VAT treatment of many compensation and early termination payments. The update will have a significant impact on dilapidations for commercial property and there will be implications for both tenants and landlords.
An 32-storey office development next to London’s Walkie-Talkie has been given the green light to go ahead. The development is to be built by Hong Kong developer Tenacity. This is an interesting move as the City currently sits empty due to the pandemic.
Following the new Model Tenancy Agreement (announced on 28 January), it should now be easier for responsible renters to secure leases. Landlords can no longer issue blanket bans on pets and instead will need to object in writing within 28 days of a written pet request, providing a valid reason.
This article is for reference purposes only. It does not constitute legal advice and should not be relied upon as such. Specific legal advice about your specific circumstances should always be sought separately before taking or deciding not to take any action.
Joelson, the leading London law firm, has successfully advised the sellers of Pet Microchip Services Ltd (PMS) on its sale to Identi.
Joelson has advised the company and management of Addison Lee on its acquisition by ComfortDelGro, a leading multi-modal mobility operator.
