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COMMERCIAL LEASES Consolidation Lecture

Jennifer Slade. COMMERCIAL LEASES Consolidation Lecture. Commercial Leases Half Option LLB module. Exam Date: Tuesday 2 nd June @ 9.30am. Commercial Leases: Consolidation Today’s topics. Review – what have we covered and when? Past paper – 2003 Exam General comments on assessment.

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COMMERCIAL LEASES Consolidation Lecture

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  1. Jennifer Slade COMMERCIAL LEASESConsolidation Lecture

  2. Commercial Leases Half Option LLB module Exam Date:Tuesday 2nd June @ 9.30am

  3. Commercial Leases: ConsolidationToday’s topics • Review – what have we covered and when? • Past paper – 2003 Exam • General comments on assessment

  4. Consolidation Lecture:Review of topics covered • Lecture 1 – Introduction (Workshop 1) • Enforceability of leasehold covenants (revision of the rules) • Termination • Landlords remedies for non-payment of rent

  5. Consolidation lecture:Review of topics covered • Lecture 2 (Workshop2) • Procedure on grant of a commercial lease • SDLT on leases • VAT on property and leases • Lecture 3 – lease drafting basics (Workshop 3) • Commercial lease drafting • Stand forms/precedents • Lease anatomy • Code of Practice for Commercial Leases • Lease of part and of whole • Prescribed clauses

  6. Consolidation Lecture:Review of topics covered • Lecture 4 (Workshop 4) • The Parties • Habendum and Reddendum • The Parcels Clause • Lecture 5 (Workshop 5) • Rent • Rent Review

  7. Consolidation Lecture:Review of topics covered • Self Study Week • Service charges • Tenants amendments • Lecture 6 (Workshop 6) • Alienation • Lecture 7 (Workshop 7) • Repairing covenants • Landlord’s remedies

  8. Consolidation lecture:Review of topics covered • Lecture 8 (Workshop 8) • Alterations • User • Insurance • Lecture 9 (Workshop 9) • Landlord and Tenant Act 1954

  9. Commercial LeasesPast Paper • Assessment reflects focus of that year’s course. • Question 1 – Deleted, since asks about old law • It was about the procedure for contracting out, based on a court order being obtained (now replaced by notice procedure)

  10. Commercial LeasesPast Paper • Question 2 – this is about Mr Winship acting as guarantor (cl 6 – cite accordingly) • note Liability Period (cl 1.20) • he covenants to pay rent and perform covenants, if T defaults – also will take new lease following disclaimer • guarantee continues notwithstanding variation, giving time, etc (note general law) • Amendments – limit liability (e.g. none if T on an AGA), L to inform if T defaults, G to take part in rent review, T to assign to G if defaults

  11. Commercial LeasesPast Paper • Question 3 – rent review/user covenant • V. restrictive user (Cl 1.26/Sched 3 para 3.1.1 – recruitment agency) • Widened at review (Sched 2 para 1.1)- use as offices – so unfair inflation of rent – delete

  12. Commercial LeasesPast Paper • Question 4 – Cl 3.27 – L’s release from liability • Explain that, unlike T, L is not released automatically when sells interest – L must apply to T (who has 4 weeks) – ss.6, 8 1995 Act • Clause means that if T objects must be reasonable • Nb – now L could use Avonridge clause?

  13. Commercial LeasesPast Paper • Question 5 – see workshop 7 • Question 6 – deleted – odd question • Question 7 – T not occupying for 12 months • See Sched 3 para 3.1.2 – T must not leave Premises unoccupied for more than 1 month without telling L, etc • So T could be in breach – discuss forfeiture

  14. Commercial LeasesConsolidation • Know your way around syllabus • Text • Lectures and Workshops • 70:30 split (practical:MCQ’s) • Calculator! • MCQ’s • Best answer

  15. Commercial LeasesConsolidation • Go through advance documentation carefully • Note relationship between provisions • If asked about a provision, check (and report) its effect at rent review as well • Clauses can be acceptable as well as unacceptable – explain • Refer to relevant clauses in answers

  16. Commercial LeasesConsolidation • Key provisions of Acts • Key cases • “Amendments” • Describe and explain • Be commercial (Commercial and Business Aware!!)

  17. Commercial LeasesConsolidation • Good Luck!!!

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