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Oct, 2014

Friday

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  1. My knowledge is somewhat rusty so i stand to be...

    My knowledge is somewhat rusty so i stand to be corrected.

    The CV is the yield or yp times the rent.
    For example, 10% = 10 YP
    10 * £94,500 = £945,000

    The time to use YPR is when the...
  2. Also does a commercial deposit need to be put in...

    Also does a commercial deposit need to be put in a dos scheme?

    No. It would normally held by the landlord or the landlord's solicitors in an interest bearing about: you would need a rent deposit...
  3. "I have withdrawn and told the seller that I want...

    "I have withdrawn and told the seller that I want nothing more to do with him. It just goes to show how careful you have to be and how unscrupulous some landlords out there are! BE CAREFUL...BE VERY...
  4. So, my questions are: 1. Am I worrying...

    So, my questions are:
    1. Am I worrying unnecessarily?

    Worrying is a personal decision: nothing to do with the facts!

    2. Have I understood the legal position on this correctly?

    On the...
  5. Where a tenant would qualify for renewal rights...

    Where a tenant would qualify for renewal rights under LTA54 (which would seem the case here) a landlord can only successfully oppose renewal where the landlord has owned the property for 5 years....
  6. Bello v Idealview Ltd [2009] I have dealt with...

    Bello v Idealview Ltd [2009]

    I have dealt with numerous matters where there is more than one review date has passed.
  7. The agreement includes the automatic renewal once...

    The agreement includes the automatic renewal once the 6 months is up presupposing you're still in the property then.

    I wouldn't have thought you need to give notice if you vacate once the 6...
  8. provided there is nothing in the lease that would...

    provided there is nothing in the lease that would give rise to time being of the essence, delay in initiating a rent review is not in itself sufficient reason, there is case-law to support 13 years...
  9. With all my years of experience, including...

    With all my years of experience, including providing advice to lawyers on the wording of documents, I would never draft a lease myself. I have experienced clients with substantial portfolios of...
  10. "(Is that normal, you pay even if you find the...

    "(Is that normal, you pay even if you find the tenant yourself through friends/family?)"

    It depends upon what you've agreed with your agents. You could suggest that should you find a tenant...
  11. Replies
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    360

    Subject to anything in the lease to the contrary,...

    Subject to anything in the lease to the contrary, I doubt you need the landlord's consent to assign the lease for your company's interest: you could simply sell the shares in the company. Getting you...
  12. Replies
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    The landlord is either responsible or he is not....

    The landlord is either responsible or he is not.
    Presumably you've read the lease carefully to check.
    If you feel he's trying it then instruct a solicitor to serve s26 notice: if the landlord wants...
  13. Marketing is about identifying who might want to...

    Marketing is about identifying who might want to rent the units and contacting them to find out, etc.
    You can tackle the market yourself or use agents. Agents are more likely to receive enquiries,...
  14. What rights do we have now? Same as before. ...

    What rights do we have now?

    Same as before.

    Can we sue landlord for selling?

    Probably not, depending upon whether there are grounds for reasoning part performance. You would need to...
  15. The answer to your question depends on the terms...

    The answer to your question depends on the terms of the rent deposit deed - what was agreed in writing as to under what circumstances the deposit would be returned.

    ---

    Paragraphs are not an...
  16. I aree with Lawcruncher that you could refuse to...

    I aree with Lawcruncher that you could refuse to renew the lease in July 2015 because you want the property for your own occupation, but there are other ways to get the tenant out, not least for...
  17. Replies
    2
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    316

    Rating is no longer my scene but I think you'll...

    Rating is no longer my scene but I think you'll find the units would have to be structurally reconstituted so as to be capable of being used individually for the VOA to agree to reassess a split into...
  18. Assuming your existing tenancy would qualify for...

    Assuming your existing tenancy would qualify for renewal rights under Landlord and Tenant Act 1954 then the landlord can only renew by agreement if you want to, otherwise the landlord would have to...
  19. Provided you have a lease, whether or not the...

    Provided you have a lease, whether or not the tenancy is inside or outside the LTA54, it is safe to assume the security of the contractual term is 3 years, less however long you've been in the...
  20. Replies
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    779

    There is no going rate for compiling the SoD and...

    There is no going rate for compiling the SoD and serving but generally surveyors are mindful of the protocol. £550 plus VAT doesn't sound unreasonable to me, but does rather depend upon the extent of...
  21. Successful investment in commercial property is...

    Successful investment in commercial property is not about yield but location and growth prospects. An asking price equivalent to 8.4% when you have to do all the work to get the income up is too...
  22. I reckon the asking price for the freehold is...

    I reckon the asking price for the freehold is about 50% too high.
  23. Whether the ingoing tenant is required to pay the...

    Whether the ingoing tenant is required to pay the landlord's legal costs or a contribution as in this case is a matter for negotiation: there are no hard and fast rules. The Costs of Leases Act 1958...
  24. Replies
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    From what you've told us the wife signed the...

    From what you've told us the wife signed the lease, not the husband so surely you'd want to talk to her about it, not him?

    Getting a tenant to honour a repairing covenant is rarely straightforward.
  25. Replies
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    710

    One hopes tenants and their employees won''t get...

    One hopes tenants and their employees won''t get nasty when asked to comply with the terms of the lease but actually it's only because most people display common courtesy no matter how cheesed off...
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