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Perfecting security in real estate finance transactions—checklist

Perfecting security in real estate finance transactions—checklist This Checklist sets out the steps which property lawyers need to take to perfect security in a real estate finance transaction. Real estate finance lenders will typically want to take a full security package over all of the assets relating to the real estate. A real estate lawyer in a multi-disciplinary team will likely be responsible for arranging or inputting into the following securities and documentation: • security over the land, rental income, insurance proceeds, development and construction and contractual rights • reviewing the management agreement and negotiating a duty of care agreement (although in a multi-disciplinary team, this is sometimes handled by the banking and finance lawyer) • dealing with completion undertakings and post completion registration of the legal charge at Companies House and HM Land Registry as well as giving third party notices regarding rent payment, notice of charge where necessary of assignment of contractual rights or warranties See Practice Notes: Security in real estate finance transactions, Taking security over land...

Completing the JCT 2016 Intermediate Building Contract Particulars—checklist

Completing the JCT 2016 Intermediate Building Contract Particulars—checklist The Agreement, Recitals, Articles and Contract Particulars at the start of a JCT contract set out the project specific details for the particular works to be carried out. It is very important that these are fully completed and that the details are correct to avoid ambiguity and disputes regarding what is required. This Checklist provides practical guidance as to how to complete the details including links to relevant Practice Notes which provide detailed information on the areas covered. It is aimed at those who are relatively new to dealing with JCT contracts. An employer will often arrange for the architect/contract administrator or other consultant to complete the particulars at the start of the contract and will then ask its lawyer to check the contract before the parties execute it. Alternatively, a lawyer may be asked to fill in all of the details but they will need input from the client or its consultants as to the details to be inserted. This Checklist...

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UK design infringement action—flowchart

UK design infringement action—flowchart This Flowchart provides an overview of a UK design infringement action. The specific right relied on could be one of the following design rights which coexist in the UK: • UK registered designs (including re-registered designs) • UK unregistered designs (sometimes referred to as ‘design right’) • supplementary unregistered designs For more information about these rights, see Practice Note: UK registered and unregistered designs. Stage 1—preparing to bring a claim and pre-action matters Claim preparation and pre-action matters—Practice Notes • Infringement of UK registered and unregistered designs • Design disputes—a practical guide • How to run an IP dispute • Copyright in designs • Types of dispute resolution • IP and mediation • IP and arbitration • UK Intellectual Property Office—mediation scheme • Disclosure scheme—when and where it applies Claim preparation and pre-action matters—Precedent • Timetable for disclosure—Business and Property Courts disclosure pilot Claim preparation and pre-action matters—Forms • Application for injunction • Application notice • Notice of hearing of application Stage 2—Letter before action...

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Rectification—mutual mistake

Rectification is an equitable remedy by which the court can correct an error of expression where a written document does not match the parties' intention. It is available only in relation to written contracts and other documents. An oral agreement cannot be rectified. This Practice Note explains the principles applicable in considering whether an error can be corrected by interpretation rather than rectification and the elements of a claim for rectification for mutual or common mistake. For more information in respect of a mistake made by one party, see Practice Note: Rectification—unilateral mistake.Interpretation or rectification?The starting point in considering a claim for the correction of an error is to ask whether the error can be solved by means of interpretation rather than rectification. At common law, rectification is not available and so the only way in which an error of expression can be corrected at common law is by applying the ordinary rules of interpretation. As a matter of principle, the equitable remedy of rectification ought not to be granted...

Rectification—unilateral mistake

Rectification is an equitable remedy by which the court can correct an error of expression where a written document does not match the parties' intention. It is only available for written contracts and other documents (not oral agreements). This Practice Note explains when a solicitor is under a duty to point out unilateral drafting errors and when a unilateral mistake is simply an error of judgment.For rectification for common mistake, see Practice Note: Rectification—mutual mistake.When is rectification available?Rectification for unilateral mistake is available where one party makes a mistake in a document, the other party is aware of the error in their favour, and unconscionably takes advantage of it. Three elements must be present:•by the claimant’s mistake the agreement did not give effect to their subjective intention at the time of execution•there was no mistake by the defendant•the defendant was aware of the claimant’s mistake at the time of execution, and there was unconscionable behaviour by inducing execution or by standing by and allowing itIn Littman v Aspen Oil there...

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Environmental rectification work clause

Produced in partnership with ELM Law 1 Asbestos in buildings 1.1 As soon as reasonably practicable after the Completion Date the Seller and the Buyer must jointly instruct a UKAS accredited or ABICS certified asbestos surveyor to: 1.1.1 undertake an asbestos management survey at the Property (which will also form an asbestos register) to assess what asbestos remedial work if any is required to make the Property compliant with the Control of Asbestos Regulations 2012, SI 2012/632; and 1.1.2 prepare an asbestos management plan for the Property. ...

Scott Schedule—defects

Scott Schedule—defects No. Defect Term of contract Breached Remedial cost Defendant’s response Judge’s comments 1 Serious corrosion appearing

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Instead of rectification, can the Chartbrook principle (Chartbrook v Persimmon) be used to correct a drafting error in a contract that was intended to have a clause providing for auto-renewal at the end of the contract, but which contains a drafting error which renders the auto-renewal clause nonsensical?

Instead of rectification, can the Chartbrook principle (Chartbrook v Persimmon) be used to correct a drafting error in a contract that was intended to have a clause providing for auto-renewal at the end of the contract, but which contains a drafting error which renders the auto-renewal clause nonsensical? Rectification is an equitable remedy aimed at amending a document to accord with the intention of the parties. Parties to a contract may have had a common intention or understanding when they drew up their contract as to what it meant but, somehow, that meaning has not been reflected in the drafting, ie it is different from the objective meaning of the contractual document as ascertained in accordance with the rules of contract interpretation. Alternatively, a mistake may be able to be corrected by means of construction ie, seeking a declaration of the court as to the meaning of the relevant clause, rather than by applying for rectification. In Investors Compensation Scheme v West Bromwich Building Society, Lord Hoffmann set out...

Where the decree absolute/final order reflects the names of the parties as per the marriage certificate, but the marriage certificate itself is incorrect, can the decree absolute/final order be amended without seeking to amend the original marriage certificate? The parties were married abroad

Where the decree absolute/final order reflects the names of the parties as per the marriage certificate, but the marriage certificate itself is incorrect, can the decree absolute/final order be amended without seeking to amend the original marriage certificate? The parties were married abroad It is possible for the court to correct an irregularity in a final divorce order. This power is provided for by the Family Procedure Rules 2010 (FPR 2010), SI 2010/2955, 29.16 (the slip rule) or FPR 2010, SI 2010/2955, 4.1(6) (power to vary or revoke). An application under the slip rule may be made without notice, but is perhaps better suited to minor corrections, for example, a spelling mismatch between the marriage certificate and the final order. It is suggested that in the circumstances outlined in the question an application on notice adopting the FPR 2010, SI 2010/2955, Pt 18 procedure invoking FPR 2010, SI 2010/2955, 4.1(6) may be more appropriate. In X v Y (Divorce: Rectification of Decrees), McFarlane P relied on this power to...

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Property Disputes weekly highlights—19 September 2024

This week's edition of Property Disputes weekly highlights includes: High Court cases on the use of an expert determination procedure under a contract for sale of land, variation of an express declaration of trust, and an unsuccessful claim for an interest in properties on the basis of a partnership or joint venture, and an FTT decision on a cladding defects remediation order.

Property weekly highlights—19 September 2024

This week's edition of Property weekly highlights includes: an RICS consultation on its Professional Standard on service charges in commercial property and cases on expert determination, bankruptcy and the family home and residential schemes in the Green Belt.