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Rights of light—identifying provisions in leases—checklist This Checklist sets out which clauses in a lease and other relevant documents should be reviewed to determine whether a right of light exists. A right of light is an easement that entitles a landowner to receive natural light through an aperture in a building on its property. The owner of the land that is burdened by the right of light (the 'servient Building') cannot interfere with it without consent. On any proposed development it is therefore necessary to identify any neighbouring properties potentially enjoying a right of light (the 'dominant Building'). For further information regarding rights of light, see the following Practice Notes: • Establishing and maintaining rights of light • Rights of light—obstruction notices • Rights of light claims • Rights of light—insurance for developers Section 2 of the Prescription Act 1832 (PA 1832) requires actual enjoyment of light, which means that a right of light can be acquired for their own benefit and in their own right by those with a...
Security review checklist This Checklist covers the all the searches that must be undertaken and the key questions that must be answered when conducting a review of the security granted in favour of a lender in support of a company's borrowings. This Checklist is designed to be used where the borrower is a limited company registered in England and Wales. This Checklist should be used in conjunction with the Precedent: Security review report to present the results of your security review. You may also find the guidance contained in the Practice Note: Introductory guide to security reviews helpful in completing this Checklist. Searches The searches detailed below should be carried out immediately following receipt of instructions from the lender to carry out the security review and, in accordance with best practice, should be repeated on the date the security review report is issued to the lender (although you should note that certain lenders have standard terms which specify when searches must be undertaken). In any event, the dates of the...
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Hot Topics for Banking & Finance lawyers This Practice Note provides information on key new and upcoming legal developments, as well as topics currently of particular interest to Banking & Finance lawyers. New UK listing rules On 11 July 2024, the FCA published the new UK listing rules (UKLR). See News Analysis: FCA publishes final reforms to listing regime in new UK Listing Rules sourcebook. What do they do? The new rules significantly reform the UK listing regime and create a simplified and more competitive UK listing structure. A key change is the introduction of a single listing category for commercial companies (replacing the premium and standard listing categories) subject to a more disclosure-based regulatory regime. Among other things, the rules for the commercial companies category remove the need for votes on significant or related party transactions and offer variability around dual class share structures with enhanced voting rights. More emphasis on disclosure aims to bolster investor protections to hold the management of companies they co-own to account. The...
Denmark—cross border banking and finance guide Loan market and developments Please provide a brief overview of the current state of the loan markets in your jurisdiction and any significant recent market developments. The majority of all commercial loans continue to be provided as bank loans (committed and uncommitted) often on a secured basis. The security package may include security over, for example, shares, real property, bank accounts and sometimes also a floating charge covering all moveable property, receivables and intellectual property rights of the corporate borrower in question. Financing of both private and commercial real property is most often made by way of a mortgage credit loan made available by a mortgage credit institution against security over the relevant property. The Danish Capital Markets Act introduced the SME Growth Markets in Denmark, referring to small and medium sized companies (SMEs). In the preparatory remarks to the act it is stated that SMEs have had difficulties in obtaining finance after the financial crisis. By introducing...
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Explanatory note for a client’s will to spouse absolutely, then to children absolutely FORTHCOMING CHANGE: Abolition of non-dom regime and introduction of residence-based IHT regime. At Autumn Budget 2024 on 30 October 2024, the Labour government confirmed that it will proceed with plans of the former Conservative administration to abolish the remittance basis of taxation and replace it with a residence-based regime, to commence on 6 April 2025. The government also confirmed its intention to move to a residence-based regime for inheritance tax. The changes will also affect the rules determining excluded property status, the Abolition of protected settlements status of offshore trusts, and changes to overseas workday relief. For information on these changes, including draft legislation published with Autumn Budget 2024, see: Autumn Budget 2024—Private Client analysis — International , Autumn Budget 2024 (paras 2.56 and 5.51), OOTLAR (para 1.3) and TIIN: Reforming the taxation of non-UK domiciled individuals. [Your] Will—[explanatory note] This [explanatory note] explains the main provisions of your Will. Please read this [explanatory...
Explanatory note for a client's Will—unmarried couple with children using a discretionary trust FORTHCOMING CHANGE: Abolition of non-dom regime and introduction of residence-based IHT regime. At Autumn Budget 2024 on 30 October 2024, the Labour government confirmed that it will proceed with plans of the former Conservative administration to abolish the remittance basis of taxation and replace it with a residence-based regime, to commence on 6 April 2025. The government also confirmed its intention to move to a residence-based regime for inheritance tax. The changes will also affect the rules determining excluded property status, the Abolition of protected settlements status of offshore trusts, and changes to overseas workday relief. For information on these changes, including draft legislation published with Autumn Budget 2024, see: Autumn Budget 2024—Private Client analysis—International , Autumn Budget 2024 (paras 2.56 and 5.51), OOTLAR (para 1.3) and TIIN: Reforming the taxation of non-UK domiciled individuals. [Your ]Will—[name of testator]—[explanatory note] This [explanatory note] explains the main provisions of your Will. Please read this [explanatory...
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The personal representatives of an estate have assented land to the residuary beneficiaries of an estate, who are all charities, and currently hold the land on bare trust for those beneficiaries. The charities intend to sell the land in the very near future. Is it necessary to instruct a qualified surveyor under section 119 of the Charities Act 2011 to conduct a valuation of the property being sold? Unless the charities are exempt charities, it appears that a sale of the land on their behalf by the personal representatives (assuming that they retain the legal title until the sale), would be subject to the conditions set out in sections 117–123 of the Charities Act 2011. We refer you to the following content that may be helpful in your research: • Practice Notes:
If personal representatives exercise their power of appropriation over the deceased’s land, what formalities must be fulfilled? This Q&A assumes that the power of appropriation will be exercised by personal representatives and not trustees. By way of background, the process of appropriation is where a personal representative (PR) or a trustee uses a specific asset in the estate or trust fund, to meet in full or in part, a beneficiary’s entitlement or interest. What is appropriation? PRs have a power of appropriation under the common law over any part of the residuary estate (but not a fund) which may be exercised with the consent of the beneficiary, in or towards satisfaction of a vested legacy or a share of residue. This power allows PRs to deal with both real and personal property even if that property is subject to a trust for conversion. See Practice Note: Personal representatives and trustees—power of appropriation. The powers of appropriation given to PRs is set out in section 41 of...
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Law360, London: A multibillion-dollar trial between the biggest aircraft lessors in the world and their insurers over hundreds of planes stranded in Russia kicks off in London on 2 October 2024 in a case that could have wide ramifications for the insurance and reinsurance sector.
This week's edition of Tax weekly highlights includes: (1) News Analysis on FTT decision on NIC host employer provisions in Aramark, (2) News Analysis on Supreme Court decision on mutuality and control in Professional Game Match Officials (PGMOL), and (3) News Analysis on FTT decision on SDLT in Brindleyplace.
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