Real value meaning

What are the key issues property lawyers should consider in real estate finance transactions when acting for a funder? Understanding the deal’s nature and objective is crucial—above all, establish whether it is an investment facility or a development facility, as this will govern the principal matters to address. See further Practice Notes: Introduction to real estate finance—the lending structure, Real estate finance—development facilities—key features and Real estate finance—investment facilities—key features. Due diligence and investigating title At times a funder may instruct its solicitor to carry out first-hand due diligence; in that case, see Practice Notes: Property due diligence in corporate transactions, Reporting to a lender in an investment real estate finance transaction and Real estate in corporate transactions—overview. More typically, the funder will rely on a London Law Society (CLLS) certificate of title (Certificate) prepared by the borrower’s solicitor and reviewed by the funder’s own solicitor. See Practice Note: Guide to drafting or reviewing a certificate of title. Adverse effect on value When undertaking due...

Bellway Homes Limited v Surgo Construction Limited [2024] EWHC 10 (TCC) What are the practical implications of this case? In adjudications governed by the Housing Grants, Construction and Regeneration Act 1996 (HGCRA 1996), a party is permitted to place only one dispute before the adjudicator (HGCRA 1996, s 108(1)). Where more than one dispute is advanced, the adjudicator has no jurisdiction to proceed (Fastrack v Morrison). This decision is the first to address whether a payee’s interim payment claim that proceeds on two alternative footings—(i) the true valuation of the works and/or (ii) entitlement to the sum applied for because no valid payment or pay less notice was served (often termed a ‘smash and grab’ claim)—should be treated as a single dispute. The court concluded that it is one dispute, with the consequence that an adjudicator has jurisdiction to consider both bases within the same reference. The outcome will be of real importance to parties engaged in interim payment contests, as it confirms that valuation and notice-default arguments...

High Court judge Robert Bright directed Tecnimont to disclose its communications with Italy’s sanctions authority, dismissing the contention that compliance would in any way contravene Italian law. Bright J observed that Italian law recognises “the necessity for confidential documents to be provided for litigation where significant rights are engaged”, which is both pertinent and material because, under English law, disclosure is required unless there is a genuine risk of prosecution. “I am satisfied there is no real risk that Tecnimont will face prosecution in Italy, and that the significance of the document to the issues at trial means it must be produced,” he said. Bright J also rejected Tecnimont’s claim that any material in the document would be of “limited value”, calling that “an invitation to conjecture”. “I cannot rule out that the messages exchanged might contain something important,” the judge added. “The only way to resolve that issue is to read them.” The underlying claim concerns fertiliser producer LLC EuroChem North-West-2 suing France’s Société...

In this issue Advertising, marketing and sponsorship Consumer protection Contracts Intellectual property International Public procurement Daily and weekly news alerts New and updated content Dates for your diary Trackers Advertising, marketing and sponsorship ASA rulings—27 November 2024 The Advertising Standards Authority (ASA) assessed two matters: a promotion offering free Persil detergent with a Samsung washing machine purchase that misled consumers, and a paid Google advertisement by Wizz Air featuring a misleading environmental claim. Both challenges were upheld. See: LNB News 27/11/2024 30. Consumer protection CMA finds loyalty pricing offers genuine savings in UK supermarkets The Competition and Markets Authority (CMA) carried out an in-depth review of supermarket loyalty pricing. Examining 50,000 products, it found 92% of loyalty-priced items delivered real savings versus their usual prices, with typical reductions of 17–25%. The CMA found no indication that retailers inflated ‘usual’ prices to boost the perceived value of loyalty offers. While no...

Taxation regime What factors determine tax liability in your jurisdiction (eg domicile, residence or citizenship)? Türkiye’s tax landscape is intricate, operating through numerous laws, regulations, communiqués and subsequent amendments. The key legislative instruments include: Tax Procedure Law No. 213 (10 January 1961) Corporate Tax Law No. 5520 (21 June 2006) Value Added Tax Law No. 3065 (2 November 1984) Stamp Tax Law No. 488 (11 July 1964) Income Tax Law No. 193 (6 January 1961) Broadly, the Turkish Tax System is considered under three headings: (i) income taxes, such as individual income tax and corporate income tax; (ii) taxes on expenditure, including Value Added Tax (VAT), the Banking and Insurance Transactions Tax and Stamp Tax; and (iii) taxes on wealth, for example Property Tax and Inheritance and Gift Tax. For natural persons, residency, ownership of property and citizenship are key in determining which taxes apply in Türkiye. An individual’s tax burden is mainly linked to their earnings,...

The properties held by a company can be obtained by two routes: an acquisition of assets owned by the company (an asset purchase), or an acquisition of the company’s shares (a share purchase) Asset purchase On an asset purchase: the buyer takes the undertaking as a going concern and may select which elements of the business, together with any assets and liabilities, it wishes to take on every property owned, used or occupied by the undertaking must be conveyed, assigned or transferred to the purchaser within the sale documents Properties may be sold outright, or the buyer may be granted a fresh lease. Where a leasehold interest is involved (whether already existing or newly created), particular issues arise. For more information, see Practice Note: Leasehold property issues arising on an asset purchase. The properties will be identified in the sale agreement and it is the property interests themselves that are transferred, rather than the company’s...

This Practice Note explores the principal legal terms typical of social housing finance and what distinguishes them from financing in other sectors. It focuses on standard financial covenants and other sector‑specific provisions, including events of default, together with terms linked to the availability of long‑term fixed rate interest options. For more on social housing finance transactions, see Practice Notes: Social housing entities entering into finance transactions Key deal structures in social housing finance Taking and enforcing security from social housing entities This Practice Note concentrates solely on private not‑for‑profit providers of social housing registered in England (referred to as ‘RPs’), as they comprise the vast majority of private debt finance raised by housing associations to date. It does not cover providers registered in Wales. Financial covenants—introduction The principal financial covenants in social housing finance are: loan to value gearing interest cover (less commonly) net rental income cover from charged properties Loan...

1 Introduction 1.1 We regard corporate social responsibility (CSR) as central to the way we run our company. By CSR we recognise that, as a business, we owe duties to our customers, staff, suppliers and other stakeholders, alongside the wider society in which we operate. Through our organisation’s policies and practices, we set out to create value for our staff and customers, lessen our environmental footprint, and enhance the wellbeing of the local community. 2 Our strategy 2.1 We believe that a well-defined and focused CSR plan, with clear aims and objectives, delivers real benefits for our organisation, since clarity and focus strengthen those benefits. These benefits flow from clear aims and objectives clearly. 2.2 We depend on a healthy, diverse and talented workforce, and we strive to attract and keep the best people. We must also ensure we are recognised for delivering a high standard of service to our customers. Accordingly, we want our business to reflect the environmental and social priorities...

Definitions This Deed, between Lender and Borrower, defines key expressions used. Costs: all expenses on a full indemnity basis, including legal and professional fees. Event of Default: events in clauses 4.1.1–4.1.9. Financial Indebtedness: borrowing, bonds, finance leases, receivables financing, counter‑indemnities, and related guarantees. Insurance Policy: any current or future insurance benefiting the Borrower regarding the Real Property. Interest Rate: the stated annual rate or a closely comparable replacement if required. Legislation: UK laws and subordinate instruments, as amended, including approved codes of practice. Real Property: the assets in Schedule 1 together with buildings, fixtures and fixed plant. Receiver: any receiver (including a receiver and/or manager) appointed under this Deed or by law. Secured Obligations: all present and future liabilities to the Lender, including Costs and interest. Security Interest: any mortgage, charge, pledge, lien or similar arrangement conferring security. Security Period, VAT, Working Day: from today until full discharge; value added tax; any day except Saturday, Sunday...

This Agreement is entered into on [ insert date ] 20[ insert year ] Parties [ Insert name of first shareholder ], a company incorporated in England and Wales under number [ insert company number ], whose registered office is at [ insert address ] ( [ A ] ) [ Insert name of second shareholder ], a company incorporated in England and Wales under number [ insert company number ], whose registered office is at [ insert address ] ( [ B ] ) [ Insert name of the company in which the shares are held ], a company incorporated in England and Wales under number [ insert company number ], whose registered office is at [ insert address ] (the Company) BACKGROUND (A) As at the date of this Agreement, the Company has in issue ordinary shares of £[ insert nominal value ] each, one ordinary share having been issued fully paid and registered in the name of...

The following Q&A addresses this question: Is a sole LPA attorney permitted to purchase real property from the donor where the donor lacks mental capacity? We also direct you to: Subtopic: Lasting powers of attorney—overview (and in particular, see Practice Note: LPAs—the attorney's duties and powers) Topic: Court of Protection Commentary: Re Buckley: The Public Guardian v C: Cretney and Lush on Lasting and Enduring Powers of Attorney...