Manchester Conveyancing Solicitors | Ford Banks Irwin Solicitors - The Property Lawyers in Manchester for Leases and Business Premises
Please note: Not to be used or relied upon without legal advice. These notes are for illustration purposes ONLY
continued from page 8 . . .
Leases and Business Premises
Leases - incorrect extent or term demised
Deed of surrender and new Lease of combined extent
Conveyancing Solicitors and Property Lawyers can effect an express surrender of the existing Lease and a separate new Lease of the combined extended premises. Application in form AP1 will then be needed by Conveyancing Solicitors and Property Lawyers to register the deed of surrender and, provided the term of the new Lease exceeds seven years from the date of the deed, to register the new Lease in the normal way. If the term of the new Lease does not exceed seven years from the date of its execution, it will not be capable of substantive registration, although an application to note it against the Landlord's registered Property deeds may be possible. Where the existing leasehold title is subject to a registered charge, the application to register the surrender will need to be accompanied by a discharge in form DS1 (or by way of END or ED if the lender normally discharges charges in this way). At the same time, if it is desired to arrange for the lender's security to be transferred to the new Lease, the Tenant will need to execute a fresh mortgage deed (charge) in favour of the mortgage Lender over the new Lease. If the landlord's title is subject to a registered mortgage (charge), then the written consent of the proprietor of the charge will also need to accompany any application to register the new Lease.
Prescribed clauses
Where a Lease is granted for a term of more than seven years from the date of the grant out of a registered title, or in circumstances where the Property is unregistered but the Landlord is under an obligation to apply for first registration of their Property deeds, it must be drawn by the Conveyancing Solicitors and Property Lawyers as a prescribed clauses Lease. This applies not only to a new Lease that is expressly drawn as such but also to a deed of variation of a Lease that takes effect in Law as the surrender of an existing Lease and the grant of a new Lease. Accordingly, in any of the cases referred to above where a new Lease is created that is for more than seven years from the date of the Lease or deed of variation (as the case may be) it must be prepared in a form that includes at the beginning the clauses prescribed by rule 58A and schedule 1A Land Registration Rules 2003.
Deed of variation
Conveyancing Solicitors and Property Lawyers need to be aware that because the duration of a leasehold estate is also defined by the Lease creating (following registration where the Lease is of registered Property), a deed of variation that purports to extend the term of an existing Lease can also only take effect in Law by way of a deemed surrender by operation of Law of the existing Lease and the grant of a new Lease for the extended term. Accordingly, where a deed of variation of a Lease provides for the term of an original Lease to be extended beyond the term granted by the original Lease then, whether or not the deed describes itself as a deed of surrender and regrant, it will need to be treated as such for registration purposes. The surrender will not take effect at law until the deed has been registered and the existing leasehold title closed as to the part of the Property included in the surrender. If the Tenant's leasehold title is subject to a registered mortgage (charge), the proprietor of the mortgage will need to discharge the mortgage as to the part of the Property in the title being surrendered, using form DS3. If the Tenant's leasehold title is subject to a restriction against dispositions of the Property then the restriction will need to be complied with.
Reversionary Lease
Conveyancing Solicitors and Property Lawyers can leave the existing Lease undisturbed by granting a further Lease of the same premises for a term that begins on the expiry of the existing Lease and ends at the final date of the extended term. An application to register the new Lease will need to be lodged with Land Registry in the usual way, provided it is for a term that commences more than three months after the date of the grant and/or the term is for more than seven years from the date of the grant. In addition, if a mortgage is registered against the existing leasehold title, the parties may wish to arrange for the mortgage to be effectively extended to the additional leasehold title that will result by arranging for the Tenant to execute a fresh legal charge in appropriate terms in relation to the additional Lease, or by arranging for the existing mortgage (charge) to be discharged and a fresh legal mortgage deed executed by the Tenant in relation to both Leases.
(All italics in this page are Crown Copyright and reproduced here for your information with permission from HM Land Registry)
. . . continued on page 10 (Manchester Conveyancing Solicitors Property Lawyers for Business Leases 10)
Please telephone Paul on 0161 866 8999 if you require any further information.
Ford Banks Irwin Solicitors
50 Stothard Road
Stretford
Manchester
M32 9HB
Tel: 0161 866 8999
Fax: 0161 866 8333
E-mail: info@FordBanksIrwinSolicitors.co.uk
Or you can use the ENQUIRY FORM (click here).
(you may need to press control 'Ctrl' button on your keyboard when clicking on the enquiry form link if you have a pop up blocker active)
Manchester
City Centre Serviced Office - Conference rooms are also
available by prior appointment at:
Manchester
Conveyancing Solicitors | Ford
Banks Irwin Solicitors
Pall Mall Court
King Street
Manchester
M2 4PD
Tel: 0161 866 8574
Please telephone 0161 866 8999 for a free quote.
Manchester Conveyancing Solicitors Property Lawyers for Business Leases 1 | Manchester Conveyancing Solicitors Property Lawyers for Business Leases 2 | Manchester Conveyancing Solicitors Property Lawyers for Business 3 | Manchester Conveyancing Solicitors Property Lawyers for Business Leases 4 | Manchester Conveyancing Solicitors Property Lawyers for Business Leases 5 | Manchester Conveyancing Solicitors Property Lawyers for Business 6 | Manchester Conveyancing Solicitors Property Lawyers for Business Leases 7 | Manchester Conveyancing Solicitors Property Lawyers for Business Leases 8 | Manchester Conveyancing Solicitors Property Lawyers for Business 9 |
Manchester Conveyancing Solicitors Property Lawyers for Business Leases 10 | Manchester Conveyancing Solicitors Property Lawyers for Business Leases 11 | Manchester Conveyancing Solicitors Property Lawyers for Business 12 | Manchester Conveyancing Solicitors Property Lawyers for Business Leases 13 | Manchester Conveyancing Solicitors Property Lawyers for Business Leases 14 | Manchester Conveyancing Solicitors Property Lawyers for Business 15 | Manchester Conveyancing Solicitors Property Lawyers for Business Leases 16 | Manchester Conveyancing Solicitors Property Lawyers for Business Leases 17 |