Real Estate / TAG Property (J)
Meet the Co-chairs - TAGLAW
Real Estate / TAG Property (J)
Property guardianship schemes have become a popular way for landlords to protect their empty properties from squatters and vandalism. For the property guardians, the schemes typically offer plentiful living space at low cost in otherwise expensive cities. The price the guardians pay for this is that they are granted short term licences only, and have few rights compared to assured shorthold tenants. In particular, they can usually be moved on at very short notice, unlike assured shorthold tenants where landlords are obliged to give tenants at least two months’ notice and obtain a possession order, if the tenants do not leave voluntarily.
The importance of giving accurate and full information in replies to enquiries has been underline by a recent case in which a tenant successfully counterclaimed against its landlord for the cost of remedial works for asbestos removal and associated costs of temporary accommodation.
In the case, First Towers Trustees Ltd v CDS (Superstores International) Ltd (2017), the landlord (First Tower) had leased premises to the tenant (CDS). In replies to enquiries, the landlord had claimed that it had no knowledge of any environmental problems affecting the property. The landlord had, in fact, become aware of the presence of asbestos in the property prior to completion of the lease.
On the surrender of a Lease, it is always necessary to consider whether any VAT will be payable on any payment made by either the Landlord or the Tenant.
There may be some value in the lease, in which case the Landlord may pay the Tenant a premium on the surrender. On the other hand, the Landlord may have no particular wish to take back the Lease and in such a case the Tenant may pay the Landlord to accept the surrender, either because it no longer has any use for the premises or because the premises are overrented. Where the Tenant pays the Landlord, this payment is regarded as a reverse premium.
Industrial Sector Poised to Deliver the Highest Returns as E-Commerce Continues to Grow
Despite the initial uncertainty following the Presidential election, South Florida real estate professionals have an optimistic outlook on the commercial real estate market in 2017, according to a new survey released today by Berger Singerman, Florida’s business law firm. Results from the third annual survey show that the majority of local real estate professionals expect 2017 will be better than 2016 for the South Florida commercial real estate market.
Contact: Att. Kerem Tayhac Sagocak; Erdem & Erdem (Turkey)
The purchase right of the lessee under the financial leasing agreements is regulated under Article 23 of the Financial Leasing, Factoring and Financing Companies Law (“FFFL”). As per such provision, the parties may agree that the lessee will have right to purchase the leased property at the end of the term of the lease. The second part of the Article further stipulates an important provision, as follows:
- Building Energy Efficiency Disclosure – Update on requirements for sellers and landlords of large office buildings
- Foreign investment in Australia – update on recent changes and what you need to know
- Sublease Agreements within the Context of the Turkish Code of Obligations
- Alert: Impending changes to the Retail Shop Leases Act 1994 (Qld)