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Property Management > (OLD) Key lease terms and their implications to property management > Flashcards

(OLD) Key lease terms and their implications to property management Flashcards

1
Q

What is Alienation?

A

Refers to provisions in leases which govern tenant’s ability to:

  • transfer the lease (known as an assignment)
  • underlet the premises (known as an underletting or sub-letting)
  • share occupation of the premises (known as sharing occupation)

ALWAYS Read the Lease (RTL)

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2
Q

What is the difference between assignment and sub-letting?

A

Upon assignment the new tenant (T2) has a direct relationship (privity of contract) with the Landlord

When sub-letting, the new sub-tenant (T2) has a direct relationship with the tenant (T1) and pays him the rent, who then pays rent to the landlord

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3
Q

What are the reasons to sub-let, rather than assign a lease?

A

Requirement of the lease

For part of the demise and not the whole

If MR > PR then there is a profit rent

If tenant wants to re-occupy in the future

There can be an absolute, open or restrictive (qualified) alienation clause- either allowing alienation (open), subject to some conditions (qualified) or not allowing a sub-letting or assignment (absolute)

Usual clause = landlord’s consent = not unreasonably withheld and delayed

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4
Q

What actions can be taken when dealing with an application for consent to assign / sublet?

A

Read the lease (RTL)

Will the tenant cover surveyor’s and legal costs?

Is the proposed rent the MR or same as PR?

What will be effect on investment value of property?

What does lease state regarding the grant of consent for assignment and subletting?

Any reasonable grounds for withholding consent?

Strength of the covenant of the proposed new tenant?

Any accounts and references to consider?

Has a rent deposit been agreed? Is there an AGA clause?

Obtain the client’s approval to proceed

If consent is to be granted, a license for assignment or sub-letting will be required

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5
Q

What is the relevance of the Landlord and Tenant Act 1988?

A

Aim of legislation = ensure a statutory duty exists on landlord to deal with consents (e.g.alienation) diligently

Failure to do so can result in successful claim for damages

Blockbuster Entertainment Ltd v Barnsdale Properties Ltd (2003) = landlord’s delay in agreeing to under letting and tenant = awarded £70k damages to cover loss of rent and other outgoings

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6
Q

What did the Landlord and Tenant (Covenants) Act 1995 introduce?

A

Relates to assignment of leases

Came into force January 1996 (called ‘new’ leases)

Act abolished privity of contract for new leases

Introduced Authorised Guarantee Agreements (AGA’s)

A Section 17 Notice has to be served upon guarantor within 6 months of tenant defaulting to require former tenant who has entered into an AGA to pay arrears

Can only be one AGA in place at any time

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7
Q

Which Act introduced Authorised Guarantee Agreements (AGA’s)?

A

Landlord and Tenant (Covenants) Act 1995

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8
Q

What is an Authorised Guarantee Agreements (AGA’s)?

A

Places obligation on outgoing tenant to guarantee performance of lease covenants by new tenant / “Assignee”

If Assignee fails to perform lease covenants (e.g. rent payment / repair obligations) - AGA allows landlord to pursue outgoing tenant under terms of the AGA

Also provides landlord with option to insist on outgoing tenant taking on a new lease (on the same terms of the existing lease) if the new tenant defaults and the existing lease is disclaimed

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9
Q

What is privity of contract for new leases?

A

Original tenant can assign interest in tenancy but not relationship with the landlord

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10
Q

Which Act abolished privity of contract?

A

Landlord and Tenant (Covenants) Act 1995

Before LTA 1995, first tenant = liable for rent, etc regardless of assignment. Assignee default meant original tenant could suddenly be presented with a demand for rent at any time

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11
Q

What does the Code for Leasing Business Premises, 2007 state about AGAs?

A

AGAs should not be required as a condition of the assignment, unless at the date of the proposed assignment the proposed assignee, and any proposed guarantor, is of a lower financial standing or is resident or registered overseas

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12
Q

What are some recent, high profile cases relating to AGAs?

A

Good Harvester Partnership LLP v Centaur Services Ltd (2010):

  • Case dealt with whether a tenant’s guarantor can be required to guarantee an AGA
  • Court held a tenant’s guarantor cannot be required to give a direct guarantee of assignment
  • It is now unsafe to rely on original tenant’s guarantor obligations on assignment

KIS Victoria Street v House of Fraser (Stores Mgmt) Ltd (2011):
- Case clarified above position regarding tenant’s guarantors after assignment

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13
Q

What does the Code for Leasing business Premises (2020) state about subletting?

A

Lease may also lay down a minimum rent for the tenant to charge on a subletting

Tenants should avoid provisions that prohibit tenant from subletting at rent below their PR, in case MR fallen by the time they wish to sublet.

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14
Q

What are alterations?

A

Alterations = carried out by tenant during lease

Must be approved in writing by landlord prior to works

Usually subject to reinstatement at end of lease

Some works may not require landlord’s formal consent so always Read The Lease (RTL)

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15
Q

What is the relevant RICS GN for alterations?

A

RICS Licence for Alterations Guidance Note, 2013

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16
Q

What does the RICS Licence for Alterations Guidance Note, 2013 set out?

A

Sets out advice to surveyors dealing with applications from tenants to make alterations to office and industrial properties

States importance of dealing with matter without unnecessary delay and ensuring Licence = completed to protect both parties

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17
Q

What is a licence for alterations?

A

To be completed before works commence

Obtain undertaking for costs at commencement of instruction

Protects landlord and tenant for future rent reviews, lease renewals and dilapidations

Most licences require the tenant to reinstate the works at the end of the lease

Remember LTA 1988 requirements for Landlords to act within a reasonable timescale

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18
Q

What are TWO useful functions of a licence for alterations?

A

To protect the parties at rent review

To protect dilapidations at the end of the lease

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19
Q

What actions can be taken when dealing with an application for consent for alterations?

A

Always RTL - is landlord’s approval required?

LTA 1927 - landlord’s consent not be unreasonably withheld

Request full set of plans and a specification

Obtain undertaking for surveyor’s and legal costs

Need to be documented in a Licence of Alterations

Check long term impact on property (if tenant defaults)

Consider whether financial bond = appropriate to be held by the landlord

Consider if reinstatement required at the lease expiry

Has the tenant got the necessary planning consent and building regulations?

Request copy of proposed risk assessment for works

Inspect completed works to ensure they are as agreed

Consider requirements of Code for Leasing Business Premises, 2007 - states clauses should not be over-restrictive

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20
Q

What does the LTA 1927 state about alterations?

A

Landlord must be reasonable when dealing with requests from tenants for alterations

Landlord’s consent must not be unreasonably withheld (section 19)

If Section 19 = followed landlord may be obliged to pay compensation for alterations if they constitute improvements

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21
Q

What case can you think of in relation to alterations and the LTA 1927?

A

Iqual v Thakar (2004):
- Case relates to grounds where landlord can reasonably refuse tenant’s request to undertake alterations. Court found in favour of landlord having regard to the 1927 Act

  • Purpose of consent = to protect landlord’s property interests and is for the tenant to prove that the landlord has acted unreasonably without consent
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22
Q

What are the THREE key themes of the Code for Leasing business Premises (2020) PS?

A

Fairness, Accountability and Transparency (FAT)

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23
Q

What does the Code for Leasing business Premises (2020) PS outline?

A

Superseded the 2007 Code (voluntary), 2020 Code contains mandatory requirements

Contains recommendations for landlord and tenants when negotiating new leases and best practice

Also includes in appendix a template HOTs which mirrors the code

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24
Q

What are the compulsory requirements for RICS members under the Code for Leasing business Premises (2020) PS?

A

Lease negotiations must be approached in constructive and collaborative manner

Unrepresented party must be advised about existence of the code and its supplemental guide

Must be written HOTs subject to contract summarising identity and extent of the premises; length of term; whether inside / outside LTA 1954 etc

Same requirements apply to lease renewals / extensions

Negotiations should aim to produce terms = fair balance between parties

Landlord / its letting agent = responsible for ensuring compliant HOTs in place before circulating draft lease

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25
Q

What does the Code for Leasing business Premises (2020) PS state about assignment and subletting?

A

Leases should allow tenants to assign premises with landlord’s consent not to be unreasonably withheld

Any proposed guarantor must be at least of equivalent financial standing to assignor

AGAs should not be required as a condition of assignment, unless proposed assignee and any proposed guarantor = of lower financial standing / registered overseas

Tenants should avoid provisions that prohibit subletting at a rent < rent they are paying, in case MR has fallen by time they wish to sublet

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26
Q

What does the Code for Leasing business Premises (2020) PS state about service charges?

A

Landlords must provide best estimates of SC, ins and all other outgoings to prospective tenants

Landlords must disclose known irregular events that might impact on future service charge

Parties should have regard to current edition of Service Charges in commercial property, RICS PS

SC provisions in leases should be drafted in conformity with mandatory provisions of RICS PS

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27
Q

What does the Code for Leasing business Premises (2020) PS state about repairs?

A

Tenant’s repairing obligations should be appropriate to length of lease and condition of premises

Unless otherwise agreed, tenants should only be obliged to give back premises at end of lease in same condition as start of lease

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28
Q

What does the Code for Leasing business Premises (2020) PS state about alterations and changes of use?

A

Landlord’s control over alterations and changes of use should not be more restrictive than necessary

Internal non-structural alterations should not require landlords’ consent

Landlords should not require tenants to remove permitted alterations and make good at end of lease, unless reasonable to do so

Landlords should notify tenants of their requirements at earliest practicable time before lease expiry date

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29
Q

What does the Code for Leasing business Premises (2020) PS state about insurance?

A

Terms of insurance policy should be fair, reasonable and represent good value for money

Landlords must disclose any commission which they receive

Policy should include terrorism cover

If whole property = damaged by an uninsured risk and cannot be occupied, tenants should be allowed to terminate lease unless the landlord agrees to rebuild at his own cost

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30
Q

What does the Code for Leasing business Premises (2020) PS state about ongoing management?

A

Schedule of dilapidations should be sent to tenant before expiry / within 56 days after expiry

Landlords should comply with obligations under rent deposit deeds re. how funds are held and interest credited

If landlord receives proposal for alterations and fails to object within 3 months, the LTA 1927 may make
landlord lose right to object to alterations

Termination and renewal – where tenant has protection under LTA 1954, both parties should seek professional advice no more than 1 year before term due to end

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31
Q

What are dilapidations?

A

ALWAYS RTL

Are negotiations taking place at lease expiry to bring property back to its condition at start of the lease, assuming there is a repairing liability

Check lease to see if any licences for alteration were granted

Tenant usually required to return building to its original state as stated in the lease

32
Q

What TWO choice can be made before lease expiry, in relation to dilapidations?

A

TWO choices before lease expiry date;

  1. Tenant can do the agreed works, or
  2. Tenant can pay a sum to landlord to undertake works Breach +Loss +Evidence = Recovery
33
Q

What is a schedule of dilapidations?

A

Can be is issued during last 18 months of lease

Is intended to prevent any damage to value of property caused by disrepair

Schedule can include repairs, removal of the tenants fixtures and alterations, redecoration and renewal of worn out parts of building

Should the tenant fail to carry out repairs / remedial work, they are breaching terms of lease according to section 146 of the Law of Property Act 1925

34
Q

What are the THREE forms of schedules of dilapidations?

A
  1. Interim Schedule – served by either landlord / tenant during lease term, usually with at least 3yrs remaining
  2. Terminal Schedule – served normally in last 3yrs of lease
  3. Final Schedule – served at / after lease expiry /break clause date when tenant out of occupation and landlord wants to agree a claim for damages
35
Q

What is the format of a schedule of dilapidations?

A

o Outline repairing obligations
o State remedy and cost of breach
o Loss of rent, if appropriate, over period of time to do the works
o Fees + VAT for the claim – surveyors and lawyers
o Negotiations conducted on without prejudice basis until agreement reached
o If agreement not reached, landlord’s surveyor may be required to prepare a Scott Schedule for the Court setting out a summary of the landlord’s and tenant’s position

36
Q

What are the TWO key documents for dilapidations protocols?

A
  1. RICS & Property Litigation Association (PLA) Dilapidations Protocol document updated in 2012
  2. RICS Guidance Note – UK Dilapidations in England and Wales 7th ed. September 2016
37
Q

What does the PLA stipulate in the (1) Dilapidations Protocol 2012 document?

A

A voluntary pre-action protocol

Its guidelines and recommendations before proceedings = now legally enforceable

Schedule of works must be provided with a separate financial claim

Schedule should be served within 56 days of lease expiry

Reasonable approach required – ‘A fair assessment of the landlord’s loss’

Valuation to be provided if landlord /tenant claiming diminution in value

38
Q

What does the (2) RICS GN on Dilapidations 2016 stipulate?

A

Endorses Dilapidations Protocol, 2012 document

Emphasises importance of careful and considered estimate of loss

Both parties = to keep to agreed timescales as set out in Protocol

Parties in dispute = expected to act reasonably and make genuine endeavours to settle

Separates role of a surveyor as an ‘adviser’ prior to litigation and as an ‘expert witness’ for any litigation

39
Q

Why might a dilapidations claim not reach agreement / not in full agreement?

A
  1. When the lease is not on full repairing terms
  2. Reinstatement not required by the landlord
  3. If a schedule of condition limits the repairing liability
  4. If the building is to be demolished or substantially refurbished after the lease expiry- If the value of the reversion is nil
  5. When it is agreed between the landlord and tenant to roll over the claim until the end of the next lease granted
40
Q

What responsibilities might the property manager consider in relation to empty buildings?

A

Maintaining fabric of the building

Clear building to remove any combustible material

Undertake and record regular inspections (for insurance purposes)

Undertake a health and safety and FRA of the building

Inform LPA for payment of empty rates

Planned maintenance programme to include servicing of plant

Maintain the asbestos register

41
Q

What are the requirements for building insurance?

A

Usually responsibility of landlord to arrange and re-charge tenant

Cover for reinstatement of the building for a range of insurance perils (such as fire, storm, flood, subsidence, loss of rent, theft, terrorism, public liability etc.) + VAT

Usual basis of measurement = GIA for commercial properties

Regular revaluations should be undertaken

42
Q

What is the relevant GN for commercial property insurance?

A

Comprehensive advice is contained in the RICS Guidance Note on Insurance for Commercial Property Managers, 2011

43
Q

What are the two fundamental principles of rent collection?

A
  1. Accuracy of information

2. Timing

44
Q

How is rent collected?

A

Usually paid quarterly in advance on the usual English quarter days = 25th March, 24th June, 29th September and 25th December

Demand sent out in advance

RTL for timing of payments and interest on arrears

Check whether VAT is to be levied

A standing order arrangement which can only take out a previously agreed amount of money

Client accounting procedures (RICS Client Money Handling PS applies).

Be careful about accepting rent from a tenant whose lease has expired and the lease was granted outside the Act as may create a new protected tenancy

45
Q

What should the property manager do where rent arrears exist?

A

RTL

Important to recognise warning signs; could include bounced cheques, persistent late payments etc.

Normal commercial lease allows interest to be paid 2-4% above Bank Base Rate, 7-14 days following rent payment date

Check if any previous tenants have privity of contract if ‘old lease’ granted before 1 January 1996, guarantors, an AGA or a rent deposit = in place

Consider chances for re-letting property at current MR compared to PR, plus costs of vacant property

Act promptly to try and recover outstanding monies

Consider payment plan with tenant to keep in occupation and avoid empty rates

46
Q

What are the EIGHT remedies for rent default?

A
  1. Court proceedings
  2. Use a rent deposit
  3. Pursue former tenants and guarantors
  4. Serve a statutory demand
  5. Commercial rent arrears recovery (CRAR)
  6. Forfeit the lease
  7. Negotiate a payment plan
  8. Agree another mutually acceptable arrangement
47
Q

What can be done with serving a statutory demand?

A

Preliminary step to pursuing bankruptcy /winding-up proceedings

Can put pressure on tenant to pay arrears

Advisable only when there is no dispute about level of arrears

The tenant has 21 days to pay the arrears

After this time period, landlord can present a bankruptcy / winding up petition to court

Process can be used for debts over £750.00

48
Q

What can be done with commercial rent arrears recovery (CRAR)?

A

April 2014: common law remedy of distress = abolished and new procedure for CRAR = introduced

Allows commercial landlord to instruct enforcement agent to take control of tenant’s goods and sell them in order to recover value of the rent arrears

Agent must serve notices on the tenant

Landlords should think carefully about using procedure as doing so will waive any right to forfeiture that may have arisen

49
Q

What does the Section 6 of the Law of Distress Amendment Act, 1908 stipulate in relation to forfeiture?

A

Allows landlord to serve notice to ensure any sub-tenant’s rent paid for any arrears due from the tenant can be received by superior landlord

Notice informs sub-tenant that head-tenant is in arrears, specifies how much, and requires sub-tenant to pay rent directly to superior landlord until arrears = paid off

50
Q

What does Section 17 of the LTA 1995 stipulate in relation to forfeiture?

A

Requires landlords to act quickly when tenants fall into arrears

Must serve a Section 17 Notice on any former tenant and their guarantors within 6 months of start of arrears

51
Q

What is the definition of a repair?

A

Key principles emerged from Ravenseft Properties v Davstone (Holdings) Ltd (1978):

  • Repair = distinct from renewal – a tenant cannot be expected to hand back a completely different premises
  • Tenants may be responsible for inherent defects
  • Repair is not an improvement (P. Roberts, EG 2007)
52
Q

What is an effective FRI lease?

A

When landlord is responsible for repairs and re-charges via the service charge

53
Q

What are the FOUR options for landlords when dealing with a breach of repairs?

A
  1. Serve a repair notice
  2. Forfeit the lease
  3. Do the works and charge the tenant
  4. Serve an interim schedule of dilapidations
54
Q

What is a Notice to Repair?

A

Served under s146 of the Law of Property Act 1925

May be served by the landlord subject to terms of repair works required of the lease

Sets out following info:

  • Details of repairing /decorating breach occurred
  • Timescale allowed to remedy breach
  • Course of action if tenant fails to remedy breach
55
Q

What is Forfeiture?

A

Must be a forfeiture clause in the lease

Enables landlord to re-enter property following breach by the tenant, and by doing so, terminate the lease

Landlord wishing to forfeit lease for disrepair will have to serve Section 146 notice on tenant

The tenant must be given a reasonable time period to undertake the works

56
Q

What is a leading case relating to a landlord’s right to re-enter the property to effect repairs?

A

Jervis v Harris (1996) = landlord’s right to re-enter property to effect repairs, and then claim to recover cost of doing so from tenant as a debt, in event of tenant not complying with repairing covenant of their lease

Was not a claim for compensation for breach of tenant’s covenant to repair, but reimbursement of sum actually spent by landlord

This case gives landlord right to pursue an effective remedy against defaulting tenants, to ensure the premises = kept in good repair for duration of term of lease

57
Q

In what instances should a ‘Jervis v Harris’ clause be used when repairs are required to a property?

A

When the tenant is solvent (bankrupt)

Where the landlord wants the lease and rent to continue

The landlord wants to retain control to carry out repair works

Where the threat of entry may compel the tenant to do the work

58
Q

What does the Leasehold Property (Repairs) Act 1938 stipulate?

A

Act applies to leases >7 year term and at least 3 years until lease expiry

Aims to protect tenants against onerous interim schedules of dilapidations

Act requires landlords to serve a S146 notice on tenant

59
Q

In what FOUR instances can the Court permit enforcement of the repairing covenant?

A

If the landlord can prove one of the 4 following points:
1. Immediate remedy = necessary to prevent substantial diminution in value of property reversion

  1. Immediate remedy = necessary to comply with current legislation
  2. If tenant does not occupy whole property, immediate remedy = required in interests of another occupier
  3. The breach = capable of immediate remedy at relatively small cost compared with consequences of postponement
60
Q

What are some lease restructuring mechanisms?

A

Granting a longer lease in return for lower rent / rent free period

Agreeing to a Company Voluntary Arrangement (CVA) / a pre-pack administration with a tenant (if their company is insolvent)

Agree to monthly payment of rent (instead of quarterly)

Insertion / removal of break clauses subject to payment of premium

Rent-free periods for any fitting out

Incorporation of RICS CoP for Commercial Service Charges, 2011 and Code for Leasing business Premises, recommended terms

61
Q

Why might a landlord restructure their lease?

A

In current market, many landlords have to consider lease ‘engineering’ to maintain value of their investment or retain a tenant

62
Q

What are the THREE stages of a planned maintenance programme?

A
  1. Cyclical maintenance – regular activities carried out irrespective of condition of property, such as servicing plant, H&S maintenance and redecoration
  2. Preventative maintenance – dependent on condition survey prepared by building surveyor, forecasting future repair needs. Could be replacement of single glazed windows with double glazing etc
  3. Responsive maintenance – initiated by building occupier, such as repairing leak unblocking drains / undertaking remedial works to building
63
Q

What is a schedule of condition? (HINT: do not confuse with schedule of dilapidations)

A

Limit tenant’s repairing obligation relating to agreed items of disrepair for duration of lease

Agreed by negotiation between landlord and tenant prior to commencement of lease and attached to lease

Reinstatement at end of lease by tenant = limited by terms of the schedule

Must be carefully recorded – often with a supporting photographic record and plans

64
Q

What are service charges?

A

Charges to tenants of multi-tenanted properties of costs incurred by a landlord to maintain and manage a property

Many prospective tenants = now trying to negotiate SC caps / link increases to RPI / CPI

Always RTL

65
Q

What are usual service charge arrangements (HINT: BBAB)?

A

A SC Budget should be agreed with tenant prior to commencement of year

Quarterly Billings = based on this estimate

Annual audited Accounts = prepared at year end

Balancing payment made at end of year upon presentation of audited accounts

66
Q

What is the key RICS guidance relating to service charges?

A

RICS PS: professional standards and guidance, UK Service charges in commercial property 1st ed September 2018

67
Q

What are the FOUR key objectives of the RICS PS: professional standards and guidance, UK Service charges in commercial property?

A
  1. improve general standards and promote best practice, uniformity, fairness and transparency in management and administration of SC in commercial property
  2. ensure timely issue of budgets and year-end certificates
  3. reduce causes of disputes, and provide guidance on resolution of disputes
  4. provide guidance to solicitors, their clients and managers of SC in negotiation, drafting, interpretation and operation of leases
68
Q

What does the RICS PS: professional standards and guidance, UK Service charges in commercial property state about the mandatory requirements that professionals involved in management of SC accounts should consider?

A
  1. All SC expenditure must be in accordance with terms of the lease
  2. Owners and managers must seek to recover no more than 100% of actual costs of supply of the services
  3. Owners and managers must ensure SC budgets, plus explanatory commentary, = issued annually to all tenants
  4. Owners and managers must ensure a SC apportionment matrix = provided annually to all tenants
  5. SC monies (including reserve and sinking funds) must be held in one or more discrete (or virtual) bank accounts
    etc. ..
69
Q

What are some of the 24 core principles which underpin the mandatory requirements of the RICS PS: professional standards and guidance, UK Service charges in commercial property?

A

Full transparency on apportionment matrix for entire property along with appropriate % allocation calculations

An Independent Accountant’s Certificate should be provided annually to confirm accounts give true and accurate record of expenditure incurred

Lease renewals can give both landlord and tenant the opportunity to modernise SC

New Sustainability section of Code encourages managers to consider sustainability as part of a cost benefit analysis of which services to provide / improvements to make to building

More advice on how to challenge SC – with ADR recommended for all disputes

Best practice for anticipated future items of expenditure

Must prove value for money (using SC benchmarking)

70
Q

What are the FOUR methods of SC apportionment?

A
  1. Floor area = most common using RICS Code of Measuring Practice 2015
  2. Fixed percentages = may be specified in lease
  3. Rateable value – difficult if RVs change or are appealed (therefore RICS SC PS no longer
    recommends)
  4. Weighted floor area – such as a department store (different costs for servicing different sized units)
71
Q

What is SC benchmarking?

A

Benchmarking ensures operational performance standards = checked against industry-used indices

Ensures best practice and high levels of performance

72
Q

What are TWO well used benchmarking indices used by property managers to benchmark SC and total costs of occupation?

A

OSCAR- (JLL) for offices, shopping centres and retail parks

ITOCC (International Total Occupancy Cost Code) produced by IPD for commercial property occupiers

73
Q

What are some notable SC cases?

A

Leonora Investments v Mott Macdonald (2008)

Boots UK Ltd. V Trafford Centre Lid (2008)

74
Q

What happened in the Leonora Investments v Mott Macdonald (2008) SC case?

A

Related to whether commercial landlord can bypass terms in a lease for recovery of SC from a tenant

Office building in Croydon and payment of a large SC demand for costs of works to the common parts

Landlord mistakenly not included costs in its quarterly charges during preceding year / its end of year SC statement

Court ruled the landlord could rectify its mistake if it served a revised end of year statement in the future

Landlord would still get its monies reimbursed, but the current claim failed.

75
Q

What happened in the Boots UK Ltd. V Trafford Centre Lid (2008) case?

A

High Court held the landlord could pass on the cost of entertainments, Christmas decorations, a Christmas grotto and a Sky wall to its tenants via the SC as there was a ‘providing promotions’ clause in the lease

76
Q

What does RICS promote for SC?

A

FAT:
 Fairness
 Accountability
 Transparency

Property Management (6 decks)

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