Legal Practice Notes

FORTHCOMING CHANGES : There are a number of proposed reforms to the leasehold and enfranchisement landscape—see Practice Note: Property key future developments tracker for further details. This Practice Note sets out the principal time limits for exercising the statutory entitlement (subject to statutory qualifying criteria) of qualifying tenants holding long leases of flats to together acquire the freehold of the relevant premises containing the flats (collective enfranchisement) under the Leasehold Reform, Housing and Urban Development Act 1993 ( LRHUDA 1993). It also explains the implications of missing those deadlines, including limits for service of a section 21 counter-notice, for service of the draft lease and responses, and for applications to the First-tier Tribunal ( FTT) (or Leasehold Valuation Tribunal ( LVT) in Wales) and/or to the County Court. For more comprehensive guidance on the LRHUDA 1993 collective...

This Practice Note explains the statutory entitlement, subject to statutory qualifying conditions, of qualifying tenants with long leases of flats to acquire, collectively, the freehold of the building containing those flats under the Leasehold Reform, Housing and Urban Development Act 1993 ( LRHUDA 1993). It outlines the tests for qualifying premises and tenants, the service of a section 13 notice and any section 21 counter-notice, applications to the First-tier Tribunal ( FTT) (or the Leasehold Valuation Tribunal ( LVT) in Wales), County Court procedure, valuation and calculation of the purchase price, and completion of the acquisition. For a summary of typical time limits involved in the collective enfranchisement procedure, see Practice Note: Quick guide to time limits for collective enfranchisement under the Leasehold Reform, Housing and Urban Development Act 1993. The collective right to...

This Practice Note explains what you need to do when gathering documents, including the client processes that should be put in place to support collection. It does not cover the disclosure scheme in the Business & Property Courts. For guidance on those cases, see: Disclosure Scheme ( Business & Property Courts)—overview. What you should already have achieved By the time you reach the disclosure stage, you should have: begun planning disclosure—this enables proper collation and review of all available information, and ensures you have time to find solutions or agree a strategy for any categories of electronic documents you expect to be difficult gained a clear understanding of where and how your client stores its documents, including electronically stored information. See Practice Note: Disclosure—identifying documents. This can be achieved using the electronic documents questionnaire ( EDQ), which acts as a helpful checklist and allows you to put...

What is a CDO? Core concepts Collateralised debt obligations ( CDOs) are sophisticated, high-value arrangements that span multiple parties, heavy documentation and, commonly, more than one jurisdiction. In a typical CDO, an orphan shell entity — a special purpose vehicle ( SPV) set up by the investment bank structuring the deal — issues newly minted structured finance instruments, being debt securities in the form of bonds or notes, referred to in this Practice Note as ' CDO securities', which are: split into several classes or tranches with differing size, credit ratings and priority of payment (categorised as senior, mezzanine or subordinated); and backed — that is, funded by and secured over — a diversified portfolio of financial assets acquired by the SPV, typically comprising commercial loans, corporate bonds and/or structured finance securities (including asset-backed securities,...

Risks associated with derivative transactions Derivative dealings carry various hazards, two of which are typical across many transaction types. The first is the danger that the counterparty fails to pay sums owed, or otherwise fulfil its duties. In the most severe outcome, this arises from that counterparty’s insolvency. The second hazard appears in derivatives that schedule periodic payment dates over the term; in the intervals between such dates, amounts can accrue but are not due for payment until the next date. This creates a credit exposure, with the possibility that one party becomes insolvent before payment falls due, potentially leaving the other party unable to recover what accrued for that interval. As with other forms of credit exposure, the party at risk will seek acceptable security from the counterparty to eliminate or lessen that exposure. This practice is prevalent where one party...

These training materials This pack includes pre-built Power Point slide templates with accompanying trainer notes, for use by a trainer when delivering a training session on collateral warranties in construction law, aimed at trainee solicitors and others new to construction. Subjects addressed comprise, among others, what collateral warranties are, which parties issue and receive them, the principal clauses you should expect to see in a warranty, plus drafting guidance and also practical considerations when handling collateral warranties in practice. The materials come in both Power Point and Word formats and are entirely customisable. Click the......

Practice Note This Practice Note explores the nature of a collateral warranty, identifies which stakeholders on a construction project commonly require such warranties, and explains their rationale. It sets out the typical categories of beneficiaries and the rights they gain against the warrantor in respect of the building contract, a consultant’s appointment, or a sub-contract. As a core rule of contract law, only a party to a contract may sue on it, a principle referred to as privity of contract. Consequently, absent another direct contractual nexus, a contractor or consultant will usually owe no contractual duty of care to anyone other than its immediate client. ( That position has been adjusted by the Contracts ( Rights of Third Parties) Act 1999 which, in specified situations, enables a third party to enforce terms in a contract made by others for its benefit. For more detail see...

This Practice Note outlines the key aspects of the collaborative process, the factors to consider when assessing its suitability, the responsibilities of collaborative solicitors, and the steps to follow at each stage of the process. Features Within the collaborative framework, each party appoints a collaborative lawyer and enters into a collaborative participation agreement. There are no adversarial court proceedings. The parties also sign a disqualification clause confirming that, if agreement cannot be reached and proceedings are issued, they will cease to use their current lawyers and instruct new representatives. the collaborative agreement records a promise to negotiate in good faith, with openness and transparency matters are typically addressed in face-to-face “four-way” meetings attended by both parties and their solicitors correspondence is ordinarily kept to a minimum The collaborative process is a holistic approach in which the parties and their lawyers may involve other...

Practice Note This Practice Note outlines the differing statutory meanings of cohabitation, for both same- and different-sex partners, alongside the Law Commission’s proposals on cohabitation and draft laws concerning cohabitants’ rights. It covers definitions applicable to relationships between same and different-sex couples as found in statute, and summarises legislative bills dealing with the rights of cohabitants. It also reviews calls to reform cohabitation law. Legislation employs multiple formulations for what constitutes cohabitation. Moreover, the Law Commission’s July 2007 report, Cohabitation—the financial consequences of relationship breakdown, suggested additional criteria to define cohabitation for intended legislation, which the government did not progress. The government has since confirmed an intention to consult on reform by spring 2026. See Practice Note: Case law definitions of cohabitation......

This Practice Note outlines guidance on clauses that may appear in a cohabitation contract or agreement, covering financial provision, property interests, arrangements for children and variation, and highlights terms that are likely to be unenforceable. When preparing a cohabitation contract, the usual contractual requirements should be observed. Depending on the nature of the parties’ assets, they should also consider entering a deed of trust at the same time—see Practice Note: General principles—cohabitation contracts. A Precedent letter for clients contemplating a cohabitation contract/agreement is available: Cohabitation agreements—client guide. See also Precedent: Cohabitation contract. Terms Although cohabitation contracts can be wide-ranging, provisions such as stipulating how much time the couple must spend together are unlikely to be enforceable (see Balfour v Balfour). Agreements drawn up overseas may reflect different priorities, yet the same enforceability issues will arise if a dispute is heard in this...

Cohabiting partners typically do not enjoy the same rights as a spouse or civil partner when their partner dies, regardless of relationship length or whether the couple are same- or opposite-sex. This Practice Note highlights how a cohabitant’s entitlements on a partner’s death differ from those of a spouse or civil partner in relation to tenancies, tax, intestacy, pensions, bereavement benefits and fatal accidents. See also Practice Notes: Family provision claims—the cohabitant and Family provision claims—practice and procedure. Tenancies A cohabitant, spouse or civil partner is equally able to succeed to: a protected agricultural occupancy under the Rent ( Agriculture) Act 1976 a regulated tenancy under the Rent Act 1977 an assured tenancy under the Housing Act 1988 a secure tenancy under the Housing Act 1985, which may carry conditions for pre-1 April 2012 tenancies See also Practice Note: Occupation of the family...

The cohabitant The Inheritance ( Provision for Family and Dependants) Act 1975 ( I( PFD) A 1975) allows a claim by someone who cohabited with the deceased, and applies to partners of the deceased whether opposite sex or same sex. To advance a claim, the applicant must demonstrate: that cohabitation continued throughout the two years immediately prior to the deceased’s death that they shared the same household as the deceased that they lived with the deceased as their husband or wife, or civil partner The court will consider the realities of relationships, including brief separations, for example due to employment requiring time away from the family home. Likewise, a period of active service in the armed forces will also not be held against the claimant. Accordingly, the requirement of living together right up to death is not always interpreted...

Chapter 4 of the Financial Conduct Authority’s ( FCA) Conduct of Business sourcebook ( COBS 4) sets out the conduct of business standards for communications—including financial promotions—issued by authorised firms to their clients. This Practice Note outlines how COBS 4 operates for firms in the UK and helps those firms assess whether the rules apply to them and in which situations... Scope of this Practice Note The FCA’s rules in chapter 4 of the Conduct of Business sourcebook ( COBS 4) generally apply where a firm communicates with a client or prospective client while carrying on designated investment business or Mi FID, equivalent third country or optional exemption business, and where it communicates or approves a financial promotion connected to investment business... This Practice Note addresses chapter 4.1 of the Financial Conduct Authority’s ( FCA) Conduct of Business Rules ( COBS 4.1), which clarifies how the COBS 4...

Although structured coaching sessions away from the workstation are highly worthwhile for all involved, managers can also weave coaching into everyday tasks. Nurturing a coaching mindset and meeting each scenario with a coach’s perspective can swiftly elevate skills across the team. In this Practice Note, we explore: how to cultivate a coaching approach to management the ‘ Growth Mindset’—what it means and how to foster it goal-setting—from five-minute to five-year plans integrating coaching into your day establishing coaching boundaries what to do when coaching goes off track five essential tips for coaching For more on coaching, see Practice Notes: An introduction to coaching, Coaching for coachees, and Popular coaching models and methodologies. How to develop a coaching approach to management For managers or supervisors, leading with a coaching lens can transform how you guide your team......

Coaching can be approached in numerous ways, with a range of tools available to help you gain the most from every session. Employing a varied mix of frameworks and techniques supports meaningful progress and structured dialogue; yet, since there is no absolute right or wrong, select whichever approach and/or tool(s) best fit your specific context. In this Practice Note we will consider: the O Shaped Lawyer concept the GROW coaching model setting SMART goals the MAPS model and when it is most effective how the ‘5 Whys’ method can assist positive goal setting—what it means and why it is effective using goals, markers, my part/and your part at the close of a session For further reading on coaching, see Practice Notes: An introduction to coaching, Becoming a coaching manager and Coaching for coachees. The O Shaped Lawyer The O Shaped Lawyer concept was founded by Dan Kayne, a former General Counsel for Network Rail, and was...

Coaching is widely discussed across commerce, and rightly so, as it ranks among the strongest methods a manager can draw on to build and enhance the team’s skills. While coaching meetings may stand alone as distinct events, they can sit within a broader style of management and oversight. This Practice Note examines: what coaching is—and is not coaching versus mentoring—the differences and similarities the abilities an excellent coach requires purposes coaching can serve getting to the core of the matter keeping coaching focused posing brilliant coaching questions establishing a coaching programme For more on coaching, see Practice Notes: Becoming a coaching manager, Coaching for coachees, and Popular coaching models and methodologies. What is, and isn’t, coaching? Coaching is a versatile yet structured method designed to help people progress and mature in their careers. Rather than giving answers, the coach poses...

Coaching is a collaborative endeavour. While a coach should be suitably trained, the coachee also needs a clear briefing on what to expect and how to draw the greatest benefit from the meetings. Being offered coaching is a valuable opportunity and reflects genuine investment in your development, so it’s crucial every coachee knows how to make the most of each session. In this Practice Note, we will explore: what to expect from a coaching session your responsibilities within the process defining what you want from the coaching relationship how coaching develops more than skills alone how you can enable your coach to support you useful actions to take between sessions the ways coaching can assist at every stage of your career how to use feedback to learn and grow five top tips for getting the most from...

An introduction to commercial mortgage-backed securities Commercial mortgage-backed securities ( CMBS) are investment notes made available to investors, backed by a single loan or a pool of loans, each secured against commercial property assets (eg office blocks or factories) in each case......

This Practice Note This Practice Note outlines the principal documents needed for a commercial mortgage-backed securities ( CMBS) deal, identifying the principal parties to each, the salient issues to assess in them, and the stage in the process at which they ought to be executed. As with any financing method or transaction, there are many variations in how the detailed terms of any given transaction may function, which fall outside the remit of this Practice Note. Furthermore, unless expressly stated, the requirements of specific jurisdictions—most notably the United States—in relation to a CMBS transaction are not addressed in this Practice Note. This Practice Note should be read alongside Practice Note: Key parties, documents and terms of a commercial mortgage-back securities transaction. It focuses on documents, participants and timing considerations, rather than prescribing structures or variations, and is intended as guidance for reference purposes only......

CASE HUB ARCHIVED This archived case hub reflects the position as at the decision date of 10 May 2016 and is no longer updated. For more detail, see the timeline, commentary and related cases. Case facts Outline CMA Article 101 TFEU/ Chapter I CA98 investigation into Ultra Finishing Limited concerning the suspected inclusion, within vertical agreements, of a minimum advertised price by Ultra Finishing (as manufacturer) for online sales of bathroom fittings, restricting retailers from pricing below that level (case CE/9857-14). Latest developments On 10 May 2016, the CMA issued an infringement decision and levied a £786,668 penalty on Ultra. The fine was reduced by 20% following Ultra’s decision to settle with the CMA. A further 5% discount was granted after Ultra agreed to implement a competition compliance programme across its business and staff. The programme will feature a clear board-level commitment to competition compliance (to be...