Timothy Kench & Co has several business clients who periodically move premises and this involves dealing usually with business leases, as formulated under the Landlord and Tenant Act 1954. Since the advent of the Land Registration Act 2002, commercial leases of seven years or more now need to be registered at the Land Registry. In addition, since the Stamp Duty Land Tax Act of 2003 there are complex calculations to be made when calculating the Stamp Duty Land Tax on commercial leases. Frequently landlords wish to exclude the security of tenure provisions as provided for under the 1954 Act and Clients will need advising upon such terms. There may also be use and planning restrictions and there are several pitfalls for the unwary in both the drafting of new and the assignment of existing commercial leases.
The law is constantly changing with regard to commercial conveyancing transactions, both by reference to specific legislation and also by reference to decided cases. This is one of the specific areas in which we maintain regular attendances at specialist seminars to remain up-to-date with the changes as and when they occur.
There are also matters to be dealt with if the business is being transferred as a going concern as well as assignment of the commercial leases.
This involves dealing with the following:-