Development Yield meaning

Vacant possession Vacant possession is a central concept in property law, arising on both the sale of land and at lease expiry under the covenant to yield up at the end of the term. It is often especially significant in conditional lease break options. This Practice Note explains what vacant possession involves in practice, and the steps a tenant or seller must take to deliver possession to a landlord or buyer. For guidance on bringing to an end the range of interests a developer may face when seeking vacant possession of a potential development site—including commercial leases with protection of Part II of the Landlord and Tenant Act 1954 (LTA 1954), residential tenants (including security of tenure under the Housing Act 1988), licensees and telecoms operators—and how those interests may be terminated and vacant possession recovered, see Practice Note: strategy for redevelopment and Precedent: strategy—schedule. Vacant possession means the property should be free of: people—the buyer must be able to take up and exercise...

This Practice Note reviews the court’s jurisdiction to rescind a financial remedy order where a ‘Barder’ event has occurred. It surveys authorities on both successful and failed bids to set aside, and the intersection with alternative bases on which such an order might be displaced. The Family Procedure Rules 2010 (FPR 2010) offer a procedural mechanism for applications to set aside a financial remedy order in cases where no judicial error is alleged, via FPR 2010, SI 2010/2955, 9.9A. There is a powerful public interest in the finality of orders. Yet, on rare occasions, that principle must yield to a subsequent event that was not foreseen and could not reasonably have been foreseen, and which undermines the foundation upon which the original order rested. This kind of supervening development is commonly described as a Barder event, taking its name from the House of Lords authority in which the concept was established. For hands-on guidance on setting aside for fraud, material non-disclosure or mistake, see Practice Note: Setting aside financial remedy...

Development of the Loan Market Association (LMA) documentation The initiative to create the LMA’s investment grade suite started in 1998, driven by market calls for a uniform syndicated facility agreement. The project emerged in response to market demand for a standardised syndicated facility agreement. Development of the LMA’s leveraged materials followed a comparable path: an initial facility agreement for leveraged acquisition finance transactions was released in 2004, with the recommended Intercreditor Agreement for leveraged acquisition finance (senior and mezzanine) issued in 2009. Since then, the LMA has continued to issue further precedents to reflect demand and changes in the market. There are now standard forms available for deals involving senior secured notes. In addition, there are forms for structures that feature both senior secured notes and high yield notes, recognising the significant volume of transactions financed in part or in full through high yield debt. The purpose behind both sets of LMA standard forms is to save time and cost by offering a position that reflects prevailing market practice...