Valuation day meaning

Pre-completion Checklist for funder's solicitor Checklist for borrower's solicitor Title information Where the borrower’s solicitor is issuing a certificate or report on title, verify they have supplied a signed engrossment of it, with all plans and annexures, to be held to their order until completion day. Confirm the borrower’s solicitor has incepted any required defective title or chancel repair insurance and that the premium is paid before completion. The certificate/report on title must also set out the title insurance policy particulars. Obtain confirmation from the valuer that the valuation stands unchanged in light of the certificate/report. Deliver to the funder a signed, dated summary report covering the title position. Provide the funder with any construction, planning and/or environmental reports prepared as part of the transaction. Make sure all HM Land Registry forms are approved and, where the application will be sent off by the funder’s solicitor, that signed forms have been received. Ensure all third party notices are approved...

This flowchart explains the actions required from the issue of a pension sharing order, following the court’s final order/decree of divorce, dissolution or nullity, through to the execution of that pension sharing order in due course...

In this issue: Arbitration in England & Wales International Arbitration Investment treaty arbitration Institutional and ad hoc arbitration Daily and weekly news alerts Useful information Arbitration in England & Wales Ex-Chelsea director scores FA arbitration in agent’s claim A London judge on 14 March 2025 accepted that a football agent’s commission dispute tied to the transfer of France international Kurt Zouma should fall within the Football Association’s remit. Deputy Judge David Quest KC held in the High Court that, by virtue of the FA rules, the quarrel brought by club introducer Saif Alrubie against Chelsea Football Club and ex-director Marina Granovskaia must be determined by arbitration rather than before the courts. See Law 360: Ex-Chelsea director scores FA arbitration in agent’s claim. International Arbitration Germany — the Federal Court of Justice confirmed the effectiveness of an arbitration clause that carved out the application of German general terms and conditions law (I ZB 48/24). In I...

Original news Mr S (CAS-30342–Z1B0) – 2 July 2024 Summary The PO has dismissed a complaint concerning a PSO. The PSO was correctly determined at the valuation date as a fixed percentage of the complainant’s cash equivalent transfer value. As the scheme’s unit prices fell after the valuation date, the administrators were right to cash in additional units to ensure the same monetary amount, as calculated at that date, was transferred to the ex-spouse’s pension arrangement. The PO’s decision highlights the challenges that can arise even when there is only a short delay in implementing a pension sharing order. What were the facts? Mr S was a member of the Fidelity Master Trust–Sytner Group Retirement Plan Section (the Scheme). A Pension Sharing Order (PSO) was issued against Mr S’s Scheme benefits. Section 29(2) Welfare Reform and Pensions Act 1999 (WRPA 1999) provided that: “Where the relevant order specifies a percentage value to be transferred, the appropriate amount …. is the specified percentage of the cash equivalent...

In this issue: Transferring property Residential property Property in Wales Statutory compliance Environment, energy and buildings Easements, rights and covenants Property taxes Property in Scotland Additional property updates this week Daily and weekly news alerts New and updated content Trackers Transferring property Failure of proprietary estoppel claim—statements too vague In Maile v Maile [2025] EWHC 2494 (Ch), the High Court rejected two grandsons’ proprietary estoppel case against their late grandmother’s estate. The court held that testamentary assurances must be specific, unequivocal and carry an air of finality, not merely reflect present intention, and that claimants must show they would have behaved differently absent the alleged promises. The grandsons contended they were to receive a 170‑acre farm valued at £1.73m, relying on repeated remarks from childhood that “one day this will all be yours”. However, a 2016 codicil restored an equal division between the grandmother’s daughters, displacing a 2011 codicil that had...

Term Meaning Accounting reference date On incorporation, a company is typically assigned an accounting reference date, being the final day of the month that contains the anniversary of its incorporation. Directors can alter this by submitting the relevant form to the Registrar of Companies. It denotes the end of the annual accounting period and is also called the balance sheet date. Accounts payable Sums a business or individual owes to others for goods or services already received. Accounts receivable Sums due to a business or individual from others for goods or services supplied. Accrual In company accounts, recognition of income earned or costs incurred during a reporting period, even though the cash has not yet been received or paid. Adjusted earnings Where reported earnings are affected, positively or negatively, by exceptional one-off events in the year, directors may present adjusted earnings to clarify performance. These are earnings with exceptional items excluded, which they believe better indicate the underlying results...

What is an assessment period? When a qualifying insolvency event affects the sponsoring employer of an eligible scheme, the scheme moves into a Pension Protection Fund (PPF) assessment period as a result of that event. This arises on the occurrence of that event. The day on which that period starts is known as the ‘assessment date’ for the scheme. Since 3 January 2012, the assessment period is no longer required to last for at least 12 months. Throughout the assessment period, the PPF considers whether the scheme satisfies the requirements for entry into the PPF. In particular, the PPF will appoint an actuary to carry out a valuation of the scheme as at the assessment date, in order to determine whether the scheme’s assets are less than the protected liabilities—broadly, the benefits the PPF would pay to members if the scheme were to enter the PPF...

This Practice Note reviews the typical elements of take-or-pay provisions and includes illustrative clause wording. It also addresses the difference between take-or-pay provisions and take-and-pay provisions. For a primer on take-or-pay clauses within the energy industry, together with the recurring regulatory and competition law considerations, see Practice Note: An introduction to EU law and competition law issues for take-or-pay clauses in energy contracts. For further insight into the English courts’ approach to take-or-pay provisions, and a detailed analysis of take-or-pay clauses alongside the rule on penalties, see Practice Note: Take-or-pay clauses in energy contracts: the rule on penalties. Common features of take-or-pay clauses This section concentrates on take-or-pay terms in gas and LNG SPAs. Comparable characteristics are found in take-or-pay mechanisms across other energy-sector agreements. For additional background, see Practice Note: An Introduction to Oil & Gas Sales and Trading. Scheduling Take-or-pay obligations can be structured to apply over a contract year (which is more typical in LNG SPAs), yet they can equally be set to...

This [ Agreement OR DEED ] is dated [ insert day and month ] 20[ insert year ] Parties [ insert name of buyer ] [ of [ insert address ] OR trading under the name [ insert trading name ] at [ insert address ] OR a firm with its principal place of business at [ insert address of firm ] OR [ an LLP OR a company ] incorporated in [ insert place of incorporation, eg England and Wales ], registered number [ insert registered number ], whose registered office is at [ insert address ] ] (the Buyer), [ insert name of seller ] [ of [ insert address ] OR trading under the name [ insert trading name ] at [ insert address ] OR a firm with its principal place of business at [ insert address of firm ] OR [ an LLP OR a company ] incorporated in [ insert place of incorporation, eg England and Wales ], registered...

Parties On [date], [Seller details] (Seller) and [Buyer details] (Buyer) enter this Option Agreement. Definitions Deposit: £[...]; Option Fee: £[...] plus any VAT; Interest: [4]% above [bank] base rate. Option: Buyer may require transfer on paying the Price within the Option Period ending [time/date]. Legislation, VAT and Working Day as defined; Property, Price and solicitors as specified. Grant of Option For the non-refundable Option Fee (separate from the Price unless stated), the Seller grants the Option; it lapses if not exercised in time; any necessary mortgagee consent is/will be in place. Exercising the Option The Buyer may serve an Option Notice within the Option Period for the whole Property [and must pay any Deposit as required]. On valid exercise, the sale contract in the Schedule immediately arises. Notices, Costs and VAT Notices are by hand or pre-paid post to stated addresses; VAT is additional; costs are as provided; overdue sums bear Interest. Termination and...

This [ Agreement OR DEED ] is entered into on [ insert day and month ] 20[ insert year ] Parties [ insert name of buyer ] [ of [ insert address ] OR trading as [ insert trading name ] of [ insert address ] OR a firm with its principal place of business at [ insert address of firm ] OR [ an LLP OR a company ] incorporated in [ insert place of incorporation, eg England and Wales ] with registered number [ insert registered number ], whose registered office is at [ insert address ] ] (the Buyer); [ insert name of seller ] [ of [ insert address ] OR trading as [ insert trading name ] of [ insert address ] OR a firm with its principal place of business at [ insert address of firm ] OR [ an LLP OR a company ] incorporated in [ insert place of incorporation, eg England and Wales ] with registered...