³ÉÈËÓ°Òô

View the related checklists about Fixture

Questions relevant for an asset sale—tax issues—checklist

Questions relevant for an asset sale—tax issues—checklist This Checklist sets out a list of questions that may be relevant to determining the tax implications of an asset sale. This Checklist should be used in conjunction with Practice Note: Key tax considerations in an asset sale. For more information on pre-contract enquiries, see also Practice Notes: Capital allowances on property sales—pre-contract enquiries and Commercial Property Standard Enquiries—CPSE (the CPSEs, prepared by members of the London Property Support Lawyers Group and endorsed by the British Property Federation, provide standard questions relevant to a sale of commercial real estate). Key tax considerations in an asset sale Questions Answers obtained by the adviser General questions Are the parties companies, individuals or other types of entities, such as a partnership, trust or charity? Are there multiple sellers? Are there multiple buyers? Does the seller own legal and beneficial title to the assets? Will the buyer acquire both the legal and beneficial title to the assets at actual completion? ...

View the related practice notes about Fixture

Agricultural tenancies — tenant fixtures and fittings

At common law, a tenant’s ability to remove agricultural fixtures and buildings was more restricted than was the case in relation to trade fixtures and buildings — involving a more stringent application of the common law rule that anything fixed to the freehold becomes part of the freehold (and, consequently, the property of the landlord). This discrepancy is addressed by both the Agricultural Holdings Act 1986 (AHA 1986) in relation to tenancies of agricultural holdings and the Agricultural Tenancies Act 1995 (ATA 1995) in relation to farm business tenancies.Agricultural Holdings Act 1986The tenant’s right under the AHA 1986 to remove fixtures and buildings is subject to two pre-conditions:•the tenant must not be in breach of the tenancy, and•the tenant must also have given at least one month’s notice to the landlord, before both the intended exercise of the right and the end of the tenancy, of the fixtures or buildings which the tenant intends to removeWhere these pre-conditions are met, the tenant may remove any fixture (not just agricultural fixtures)...

Fixtures and fittings

When transferring an interest in land (whether freehold or leasehold), unless the contract provides otherwise:•any fixtures form part of the land and are transferred with it, and •any fittings (also known as chattels) do not form part of the land and will not be includedSometimes it can be difficult to determine whether a particular item is a fixture or fitting. This can lead to dispute as to whether that item is included in the sale. It can also lead to issues when apportioning the purchase price between the property and chattels included as part of the sale for stamp duty land tax (SDLT)/land transaction tax (LTT) purposes (see: Tax—fixtures and fittings).Depending on the drafting, in the context of a lease (as between a landlord and tenant), whether an item is a landlord’s fixture, a tenant’s fixture or a fitting/chattel can have implications in relation to repairing obligations, reinstatement, insurance, rent review and yielding up.The majority of this Practice Note looks at the position on a sale of land (freehold or...

View the related precedents about Fixture

Third party real property mortgage: single company chargor—bilateral—specific monies

Third party real property mortgage: single company chargor—bilateral—specific monies This Deed is made on [insert day and month] 20[insert year] Parties 1 [Insert name of Chargor], a company incorporated in England and Wales with registered number [insert company number] whose registered office is at [insert address] (the Chargor); and 2 [Insert name of Lender] of [insert address] (the Lender). Recitals: (A) The Lender has agreed to make available a loan facility to the Company (as defined below) on the terms and conditions set out in the Facility Agreement (as defined below). (B) It is a condition precedent to the availability of the loan facility to the Company that the Chargor enter into this Deed for the purpose of providing security in favour of the Lender in respect of the Secured Obligations (as defined below). It is agreed as follows: 1 Definitions and interpretation 1.1 Definitions In this Deed, unless otherwise provided: Company • means [insert name of borrower under the Facility Agreement],...

Debenture: single company chargor—bilateral—specific monies

Debenture: single company chargor—bilateral—specific monies This Deed is made on [insert date] 20[insert year] Parties 1 [Insert name of Chargor], a company incorporated in England and Wales with registered number [insert company number] whose registered office is at [insert address] (the Chargor); and 2 [insert name of Lender] of [insert address] (the Lender). Recitals: (A) The Lender has agreed to make available a loan facility to the Chargor on the terms and conditions set out in the Facility Agreement (as defined below). (B) It is a condition precedent to the availability of the loan facility that the Chargor enter into this Deed for the purpose of providing security in favour of the Lender in respect of the Secured Obligations (as defined below). IT IS AGREED as follows: 1 Definitions and interpretation 1.1 Definitions In this Deed, unless otherwise provided: [Blocked Bank Account • means the bank account designated the ‘Blocked Bank Account’ with account number [insert account number] and sort code [insert sort...

View the related q&as about Fixture

Would a public park/recreation ground constitute a ‘physical feature’ under section 20(4) of the Equality Act 2010?

Would a public park/recreation ground constitute a ‘physical feature’ under section 20(4) of the Equality Act 2010? Duty to make reasonable adjustments The duty to make reasonable adjustments (referred to below simply as 'the duty') comprises three requirements, which are set out in section 20 of the Equality Act 2010 (EqA 2010). The element that is common to all three requirements is that they will only apply where a disabled person is put at a substantial disadvantage in relation to a 'relevant matter' in comparison with persons who are not disabled. The distinction between the three requirements is that each one contemplates a different cause of that substantial disadvantage: • the first requirement applies where a 'provision, criterion or practice' applied by or on behalf of the person subject to the duty (eg the employer) causes such a disadvantage • the second requirement applies where a 'physical feature' causes it • the third applies where a disabled person would be put at such a disadvantage if an 'auxiliary aid' were...

A landlord is renting out a commercial property which is used as a business by the tenant. The tenant is in considerable arrears and under the terms of the lease, such arrears allows the landlord to take back possession using peaceable re-entry. The tenant has installed an alarm system without the landlord's consent and not provided the landlord with the passcode. Assuming the landlord follows the correct procedure (ie done while the property is empty, displays the appropriate notices), would the alarm being set-off invalidate the peaceable re-entry, or would the landlord still be able to reclaim possession?

A landlord is renting out a commercial property which is used as a business by the tenant. The tenant is in considerable arrears and under the terms of the lease, such arrears allows the landlord to take back possession using peaceable re-entry. The tenant has installed an alarm system without the landlord's consent and not provided the landlord with the passcode. Assuming the landlord follows the correct procedure (ie done while the property is empty, displays the appropriate notices), would the alarm being set-off invalidate the peaceable re-entry, or would the landlord still be able to reclaim possession? This question raises the issue of how a landlord might effect a peaceable re-entry. It focuses upon a particular issue, it being assumed that the notice under section 146 of the Law of Property Act 1925 has been served. It is also assumed that the right to forfeit has arisen, that it has not been waived and that a right of re-entry is reserved by the lease. Care has been taken to...

View the related News about Fixture

Property weekly highlights—20 June 2024

This week's edition of Property weekly highlights includes: a look at the political parties’ general election manifestos and cases on forfeiture under a breach notification covenant following a previous waiver, tenants’ repairing obligations and remediation orders.

Property Disputes weekly highlights—20 June 2024

This week's edition of Property Disputes weekly highlights includes: High Court decisions on forfeiture and landlord repairing obligations, a First-Tier Tribunal decision on remediation orders under the Building Safety Act 2022 and a Scottish Sheriff Court decision on whether the words 'other infestation' can include Japanese Knotweed. It also includes comments from RICS on the political parties’ housing sector plans.