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Real Estate / TAG Property (J)
As the COVID-19 pandemic continues to impact businesses throughout the nation, many of our landlord and tenant clients are seeking input on basic lease-related issues. The effect of force majeure provisions in leases and the applicability of business interruption insurance are two of the most commonly asked questions.
The transfer of ownership in registered freehold or leasehold land or the grant of a registerable lease does not take effect until registered at the Land Registry. This means that from the date of the transfer/lease until the date of registration such rights are said to exist in ‘equity’ only and the legal estate does not vest in the new owner/tenant until registration is complete.
Author: Rachel Krol
We have recently been contacted by a client who wants to renew his lease of offices which is protected by the Landlord and Tenant Act 1954. The current lease was granted several years ago, is held by a company and when the lease was granted a personal guarantee was provided by one of the directors. The director does not want to provide a personal guarantee on the renewal. We were asked whether the landlord was entitled to insist upon the personal guarantee being provided on renewal.
Investment in real estate has been affected by the process of financial globalization and has experienced a markedly cyclical behavior. Two periods of expansion can be observed, one in the 1980s and, another one, in the period 1993 to 2003, when non-resident investment increased considerably.
Since 2003, the flow of foreign investment in real estate in our country has suffered a moderate slowdown, but remaining a leader in foreign investment in Spain, being the sector that attracts the most foreign money.