Surrender value meaning

This Checklist sets out HM Land Registry’s rules for first registration of title on the transfer of a freehold or leasehold estate, the grant of a fresh lease, or the creation of a first legal mortgage. It explains which dealings trigger first registration, the period allowed for registration, the results of failing to apply, and the particulars that must be supplied to HM Land Registry with the application... Which dispositions trigger first registration? The following dealings give rise to compulsory first registration. Transfers of unregistered freehold and leasehold estates The transfer or assignment of: an unregistered freehold estate in land; and an unregistered leasehold estate in land with more than seven years remaining at the date of assignment, whether for valuable or other consideration, by way of gift, or in pursuance of an order of any court. An instrument at a negative value is still treated as being for valuable or other consideration. The assignment or surrender of...

In this issue: Criminal liability Cross border criminal investigations Criminal procedure and evidence Bribery, corruption, sanctions and export controls Environmental offences Fraud, forgery, tax and theft offences Health and safety and corporate manslaughter offences Local authority prosecutions Corporate Crime in Scotland Daily and weekly news alerts New and updated content Dates for your diary Trackers Useful information Criminal liability Crime and Policing Bill 2025 The Crime and Policing Bill was laid before Parliament on 25 February 2025. Although corporate crime is not its central theme, the Bill proposes to deliver the most sweeping overhaul of criminal corporate liability in five decades, overhaul the confiscation framework, and unveil a series of further measures with substantial consequences for corporates. Jon Malik, a senior associate at Willkie Farr & Gallagher, explores the headline corporate crime provisions within the Bill, the effects they are likely to produce, and the prospects of these reforms...

This Practice Note reviews the range of insurance arrangements that parties involved in financial remedy cases might hold, such as life insurance/assurance, medical insurance and endowment plans. It also explains when it might be appropriate to implement a fresh policy, sets out the circumstances in which this should be put into effect within the proceedings, and notes drafting considerations when dealing with such policies. Individuals going through divorce or dissolution should audit the insurance products they own, whether in sole or joint names, including policies without a surrender value. The Practice Note concentrates on two areas that often raise more intricate issues: medical insurance and life insurance/assurance. Medical insurance In the UK, private medical treatment is available via private insurance, typically supplementing NHS provision. Employers may include such cover within their pay and benefits as part of a remuneration package, and schemes frequently permit the employee to add a spouse/civil partner and children on preferential terms. For parties living or working abroad, private medical insurance may assume particular...

Authorised payments v unauthorised payments A pension scheme that has registered with HMRC enjoys favourable UK tax treatment. In broad terms, investment income and gains arising within a UK registered pension scheme are exempt from UK tax. For members, such a registered arrangement provides a tax-efficient means to secure an income in retirement, subject to the range of pensions allowances (eg the annual allowance) that restrict the extent of pension tax-efficiency. For further information, see: Pensions allowances—overview. A UK registered pension scheme must also meet certain conditions. On registration, the scheme administrator must confirm that the scheme satisfies all the criteria for registration as a pension scheme under the Finance Act 2004 (FA 2004). Critically, this includes confirming that the instruments or agreements establishing the pension scheme do not give any person an entitlement to unauthorised payments. For information on the registration requirements, see Practice Note: Registration of pension schemes...

It is common for parties to revisit and adjust the provisions of a current lease. A deed of variation can capture and implement agreed amendments, yet it is neither the sole mechanism for altering a lease nor invariably the right one. The most suitable structure for changing lease terms depends on: the nature of the amendment the parties intend to make, and the particular circumstances impacting the existing lease As with any transaction, appropriate due diligence and careful risk management are essential. This Practice Note covers: principal risks arising from a lease variation amendments that should not be effected by a deed of variation due diligence requirements for a lease variation transaction what a deed of variation should contain pre-completion issues (existing covenant breaches, completion mechanics) post-completion steps (registration, notices, tax) For guidance on structuring a lease re-gear, see Practice Note: Lease re-gears—what, when and how?. For guidance on...

1 Definitions and interpretation 1.1 In this Agreement, and except where the context dictates otherwise, the expressions below shall bear the meanings set out here: Relevant Proportion means, for the purpose of clause, the greatest share of the Company’s [ trading ] losses [ and other amounts eligible for relief from taxation ] that the law permits to be surrendered to the relevant Shareholder (or a member of its Shareholder Group), or, as applicable, the greatest share of the Company’s trading profits against which the Shareholder (or a member of its Shareholder Group) is permitted by law to surrender its [ trading ] losses [ and other amounts eligible for relief from taxation ] ; VAT means United Kingdom value added tax [ and any other tax imposed in substitution for it OR , any other tax imposed in substitution for it and any equivalent or similar tax imposed outside the United Kingdom ] ; 2 Tax matters 2.1 [ The...

Precedent transfer An editable Word version of the TR1 precedent form can be downloaded, saved or printed via the link below: Drafting notes to precedent transfer Panel 8—Consideration If the Landlord is paying the Premium to the Tenant, choose the first option “The transferor has received from the transferee for the property the following sum (in words and figures):” and insert the Premium as specified. If the Tenant is paying a reverse premium to the Landlord for the surrender, choose the second option “The transfer is not for money or anything which has a monetary value” and set out the reverse premium payment (and the Landlord’s acknowledgement of receipt) in Panel 11 (Additional provisions). Note that the Land Registry fee for the application must be calculated by reference to the reverse premium amount, because the definition of “monetary consideration” in article 1(2) of the Land Registration Fee Order 2024, SI 2024/931 does not state the direction in which the consideration is paid. Panel 9—Title guarantee...