Maintenance covenants meaning

ARCHIVED: This Flowchart has been archived and is not maintained. Retained EU law is a concept introduced by the European Union (Withdrawal) Act 2018 (EU(W)A 2018) as part of Brexit preparations, establishing a new category of domestic legislation. It denotes the collection of EU‑derived rules preserved and converted into UK law under the EU(W)A 2018 (as amended) at the end of the post‑Brexit transition period (IP completion day). For background on the transition period, and what it means for retained EU law, see: In the context of Brexit, what is meant by the ‘transition or implementation period’? For further background reading on the underlying legislation, see: Practice Note: Brexit—key legislation explained News Analysis: What does IP completion day mean for the status of EU law in the UK? What is retained EU law? Retained EU law is a broad, complex legal term defined by the EU(W)A 2018. It covers anything that continues to form part of domestic law on or...

What is a positive covenant? A covenant operates as a contractual promise. Common examples of positive covenants found in land transfers impose duties to: carry out repairs or upkeep (for example, access ways), or contribute towards repair and maintenance expenses incurred by another put up buildings or boundary fencing (for example, on a transfer of part) pay additional sums (i.e. overage) where, for instance, planning permission is obtained, or on a sale following development of the land What is the issue with positive covenants? At common law, it is firmly settled that the burden of a positive covenant affecting freehold land does not pass with the estate. Accordingly, if one party to a freehold transfer (Party B) gives a positive covenant in favour of the other (Party A), that obligation will not bind Party B's successors in title, despite section 79 of the Law of Property Act 1925...

In this issue: Key developments and horizon scanning Trespass and adverse possession Easements and covenants Disputes and remedies Enforcing security and property insolvency Property disputes in Scotland LexTalk®Property Disputes: a Lexis®Nexis community Additional Property disputes updates Daily and weekly news alerts New and updated content Trackers Latest Q&A Key developments and horizon scanning Law Society sets out key asks to next government The Law Society of England and Wales has outlined its principal asks of the next administration. President Nick Emmerson stressed that, whichever party succeeds at the polls, legal services should be placed at the centre of economic growth plans, our commitment to the rule of law renewed, and proactive steps taken to safeguard and expand access to justice. He highlighted the legal sector’s contribution to the UK economy and urged the incoming government to ensure domestic firms are properly supported to invest, upskill and embrace new technology. Emmerson also...

In this issue: Repairing obligations and dilapidations Rent and rates Neighbour and party wall disputes Disputes and remedies Residential tenancies Services charges Business tenancies Property Disputes in Scotland Additional Property Disputes updates LexTalk®Property Disputes: a Lexis®Nexis community Daily and weekly news alerts New and updated content Dates for your diary Latest Q&A Repairing obligations and dilapidations Damages under the Defective Premises Act 1972—what’s recoverable? (Wilson v HB(SWA)) Construction analysis: In the Technology and Construction Court (TCC), the court removed several categories of claim brought against a developer by former flat leaseholders, in a defects case founded on duties under the Defective Premises Act 1972 and alleged breaches of leasehold covenants. The court firmly concluded that a number of the losses pleaded were too remote, or entirely hypothetical. See the News Analysis: Damages under the Defective Premises Act 1972—what’s recoverable? (Wilson v HB(SWA)). Upper Tribunal overturns remediation order citing...

This Practice Note summarises several of the principal ways in which a residential flat project can be structured. It provides an overview of alternative leasehold flat arrangements for both developers and purchasers of residential flats. A central issue in residential leasehold developments is securing adequate, enforceable covenants for the repair, maintenance and insurance of the shared parts of the development (that is, the structure, foundations, roof, principal walls, internal and external communal areas and common services). It also addresses how obligations for the common parts are allocated among the key parties. The following structures, and their differing approaches to apportioning responsibility for the shared parts between landlords, management companies and tenants, are considered: developer/landlord retains the reversion and the management role developer/landlord keeps the reversion but outsources management duties developer/landlord keeps the reversion while tenants assume management duties developer/landlord transfers the reversion and management functions to the tenants ‘criss-cross’ or ‘crossover’ arrangement ‘cat’s cradle’ arrangement This Practice...

This Practice Note sets out the procedure for managing commercial service charge disputes, with reference to the mandatory requirements and best practice in the Royal Institution of Chartered Surveyors (RICS) professional standard, ‘Service charges in commercial property’ (Service Charge Standard). For guidance on the services a commercial landlord must provide and the expenses that may then be recovered, see Practice Notes: Commercial service charges—what is the landlord's liability to provide the service? and Commercial service charges—what expenses can the landlord recover? Service charge recovery—commercial versus residential Service charges in commercial property serve the same purpose as in residential settings: they allow a landlord to provide repair and maintenance services and reclaim the associated costs from a tenant. However, whilst residential service charges are regulated by extensive legislation (see Residential—statutory limitations on recovery of service charges and administration charges), the only statute that directly addresses commercial service charges is the six‑month time limit for claims against a former tenant under the Landlord and Tenant (Covenants) Act 1995 (LT(C)A 1995),...

This glossary sets out many of the expressions commonly used in the leveraged finance market. Words appearing in the definitions in bold are defined elsewhere in this glossary. For further banking terminology, please refer to the main Banking & Finance Glossary... Acquisition finance glossary—A Acceleration Acceleration is the formal action taken by the agent, on the instructions of the majority lenders, following an event of default, such as making a demand for early repayment of the loan. See Practice Note: Accelerating a loan for more information... Accordion feature/accordion facility An accordion, also called an incremental debt feature, is a mechanism in the facilities agreement that, provided specified conditions are satisfied (for example, pro forma compliance with a leverage test), permits those lenders under the facilities agreement who wish to do so to advance additional debt. The terms for that extra debt are typically captured in an increase notice. This accordion or incremental debt flexibility is different from structural adjustment, which usually requires the majority consent...

DATE [ date ] Parties [ name of First Owner ] [ of OR incorporated in England and Wales (company registration number [ number ]) with its registered office at ] [ address ] ( First Owner ) [ name of Second Owner ] [ of OR incorporated in England and Wales (company registration number [ number ]) with its registered office at ] [ address ] ( Second Owner ) [ [ name of First Owner’s Mortgagee ] [ of OR incorporated in England and Wales (company registration number [ number ]) with its registered office at ] [ address ] ( First Owner’s Mortgagee ) ] [ [ name of Second Owner’s Mortgagee ] [ of OR incorporated in England and Wales (company registration number [ number ]) with its registered office at ] [ address ] ( Second Owner’s Mortgagee ) ] 1 Definitions For this Deed, the terms below shall have these meanings: ...

HM Land Registry Prescribed Clauses LR1. Lease date [ date ] LR2. Title number(s) LR2.1 Landlord’s title number(s) [ number ] and [ number ] LR2.2 Other title numbers [ existing title number(s) for entries of matters mentioned in LR9, LR10, LR11 and LR13 ] LR3. Parties to this lease Landlord [ OPTION 1—name of Landlord (not an overseas entity) ] [ of OR incorporated in England and Wales (company registration number [ number ]) with registered office at [ address ] [ OPTION 2—name of Landlord (overseas entity) ] [ incorporated OR formed in [ territory of incorporation/formation ] (registration number [ number ]) [ and recorded at Companies House (company registration number BR[ number ]) ] (overseas entity ID [ [ number ] OR not required OR ) with registered office at [ address ]...

date [ date ] Parties [ name of Grantor ] [ of OR incorporated in England and Wales (company registration number [ number ]) with its registered office at ] [ address ] (Grantor) [ name of Grantee ] [ of OR incorporated in England and Wales (company registration number [ number ]) with its registered office at ] [ address ] (Grantee) [ [ name of Mortgagee ] [ of OR incorporated in England and Wales (company registration number [ number ]) with its registered office at ] ( [ address ] (Mortgagee) ] 1 Definitions Within this Deed, the terms below shall have the meanings set out: Dominant Land • the [ freehold OR leasehold OR land known as [ description ] [ registered at HM Land Registry under title number [ number ] ] [ and shown [ edged OR coloured OR hatched ] [ colour ] on the Plan ]; Legislation •...

This query asks whether the owner of the land (the servient owner) on which a septic tank currently sits, and across which a neighbour has acquired prescriptive drainage rights, is entitled to replace that tank with a modern treatment unit, and whether the neighbour benefiting from those rights (the dominant owner) can be obliged to contribute to the costs of installing and maintaining the replacement apparatus. Can the servient owner replace the tank? On the basis that the dominant owner holds a prescriptive right to drain into the septic tank (as stated), the initial issue is the servient owner’s entitlement to substitute the existing septic tank with a contemporary equivalent. Provided the works are organised so that the neighbour’s drainage rights are not hindered to an actionable extent, both during installation and thereafter, there is, in principle, no reason to object to the servient owner upgrading their own installation in this manner...