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Property Law Journal: 27 June 2011
Dechert LLP

Dan Hawthorne and Lydia Hutchinson explore the current UK REIT regime and the likely impact of the proposed changes introduced by the Budget

The 2011 Budget contained little in the way of real estate-related measures to get the pulse racing. However, the announcement of an informal consultation with the real estate industry on the UK’s Real Estate Investment Trust (REIT) regime has the potential to introduce groundbreaking changes that could transform the attractiveness of the UK REIT. The government stated that, subject to the responses to the consultation, it will:

Dellah Gilbert discusses the changes proposed in the recent Law Commission Report, including proposals for a new Law of Property Bill

Easements and covenants are the linchpin of property law. They govern what a landowner can or cannot do with their property. However, they also represent some of the most complex aspects of property law. They have evolved over hundreds of years through the courts and then been added to or adapted by statute.

Daniel Cuthbert and Carl Roche assess the current state of play with regards to break clauses that are dependent on vacant possession

Over the last five to ten years we have seen a marked increase in break clauses that are conditional on vacant possession. The condition for vacant possession has, in some cases, replaced a requirement to comply or materially comply with covenants. This has reduced the difficulty previously faced by tenants seeking to gain an early exit from their leases.

Nabarro LLP

Edward Gamble examines the issues that arise in disputes between owners and occupiers and occupying protesters

We live in a time of protest. A wide range of issues from public sector spending cuts through to environmental concerns and international political issues are prompting large numbers of people to demonstrate their views by taking part in increasingly well-organised protest action.

looks at the registration requirements introduced by the Land Registration Act 2002 Paul Stafford

The Land Registration Act 2002 made the preservation of manorial rights after midnight on 12 October 2013 dependent on registration. For lords of the manor who are owners of landed estates with lordship titles, or are owners of lordship titles without landed estates, the consequence has been that they cannot protect their interests unless they can show that the source of their rights is valid, their content identified and that the land said to be affected really is subject to them (see ‘Title challenge’ by Paul Stafford, PLJ 262, 24 January 2011, p18). Details of how the registration process will operate were explained by the Land Registry in a Practice Guide of November 2008 (no 66), and it is clear from that explanation that the process may intensify conflict between lords of the manor and those whose land may be subject to their rights.

Forsters LLP

Should valuation of the tenants’ interests on a collective enfranchisement take account of the 1993 Act, or assume a ‘no Act world’? Natasha Rees considers a Court of Appeal decision on the issue

The appeal case McHale v Cadogan [2010] concerns an important issue relating to the way in which participating tenants’ interests should be valued for the purposes of collective enfranchisement. Schedule 6 of the Leasehold Reform Housing and Urban Development Act 1993 contains very detailed provision for calculating the price to be paid by tenants when enfranchising. One key element of the price is the ‘marriage value’, half of which must be paid by the participating tenants to the landlord.