Commercial property
Last updated: 9 November 2011
Practice notes
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Property section
The Law Society's Property Section assists residential and commercial property solicitors and licensed conveyancers by providing best practice information and support on areas including e-conveyancing, housing, land registration, money laundering, planning and environment, as well as tax and revenue.
Practice advice
The Practice Advice Service can assist solicitors with commercial conveyancing queries. Advice is free and confidential.
This area is for commercial conveyancers and solicitors working in commercial property and provides latest information about commercial property law, as well as links to related Law Society advice and services.
Latest information
New SDLT returns: HMRC issues advice
Following the introduction of the new SDLT 1 form in July, HM Revenue & Customs (HMRC) has issued advice for those submitting returns, including hints and tips for questions 49 to 51 on the SDLT1 return.
Read more
Leasehold occupier survey
If you rent your office and are a small business you may want to take 10 minutes to respond to a Royal Institution of Chartered Surveyors (RICS) survey that provides an indicator to landlords as to the areas that need to be improved.
Take the survey - closing date: 31 July
Code of practice in commercial property
RICS has published a new edition of its code of practice for service charges in commercial property, which provides best practice guidance in relation to service charges for commercial properties in new leases and lease renewals. The second edition of this code comes into force on 1 October 2011 and includes guidance in the following key areas:
- promoting better communication and improved relations between landlords and tenants
- 'demonstrably fair and reasonable' service charges
- sustainability issues, including the need for a fair and reasonable approach to the apportionment of sustainability costs between landlords and tenants and the carrying out of works that improve the environmental performance of buildings
- alternative dispute resolution (ADR) as a cost effective means of resolving service charge disputes and the inclusion of ADR clauses in all new leases (including renewals).
The new code also includes two model lease clauses designed to assist practitioners to comply with the guidance.
Read the new code
DCLG proposes changes to the energy performance certificates regulations
The Department for Communities and Legal Government (DCLG) has announced proposed changes to the Energy Performance of Buildings (Certificates and Inspections) (England and Wales) Regulations 2007. The changes were expected to come into force on 1 July 2011 but they have now been delayed until further notice. DCLG has simply stated that they intend to implement the changes as soon as possible.
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Proposed HS2 link: implications for practitioners
The proposed high speed rail link between London and the West Midlands (commonly referred to as 'HS2') has implications for practitioners working in residential conveyancing and commercial property.
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SRA publishes new supervision and enforcement strategy
The SRA has published a draft supervision and enforcement strategy, which sets out how the SRA will engage with firms that undertake conveyancing work.
Read the strategy
Read more about the strategy
Reminder: changes to SDLT Returns
From 4 July 2011, the new SDLT1, SDLT3 and SDLT4 forms must be used and a unique identifier for the lead purchaser supplied to HM Revenue & Customs (HMRC). The unique identifier will take the form of a national insurance number and date of birth for individuals, and a unique taxpayer reference or VAT registration number for companies and partnerships. Lead purchasers who are unable to provide any of these unique identifiers should contact the Stamp Taxes Helpline on 0845 6030135 to obtain a reference number.
HMRC has warned that any stamp duty land tax (SDLT) returns submitted on or after 4 July 2011 using the old forms or without the required information will be rejected. This may result in the purchaser incurring a penalty charge where a correctly completed SDLT return is submitted outside the 30 day deadline and a subsequent delay in registering the title at Land Registry.
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Disruption to HMRC computer system for SDLT returns
HMRC has warned that due to major IT changes, its computer system for SDLT returns will be unavailable from 00:01 on Saturday 25 June 2011 until 00:01 on Monday 4 July 2011.
Read HMRC's plan for paper returns
Read HMRC's plan for online returns
SDLT relief for purchases involving multiple dwellings
The Finance Bill 2011 includes provisions for a new SDLT relief for purchasers of multiple dwellings, which is intended to stimulate the residential property market.
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Land Agreements subject to competition law
From 6 April 2011, all 'land agreements' are subject to competition law.
Land agreements have previously been excluded from UK competition law and the prohibition on anti-competitive agreements. The Office of Fair Trading (OFT) has published guidance for businesses on the types of land agreements that may infringe competition law.
New Land Registry practice guide for statements of truth
Land Registry has published a new practice guide setting out the requirements for statements of truth used in support of Land Registry applications. Practice guide 73 explains how to prepare statements of truth so as to comply with the Land Registration Rules 2003.
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Code for leasing business premises
The code aims to promote fairness in commercial leases, and recognises a need to increase awareness of property issues, especially among small businesses, ensuring that occupiers of business premises have the information necessary to negotiate the best deal available to them.
Code for leasing business premises website
Buy Renewal of Business Tenancies from the Law Society bookshop
Stamp Duty Land Tax calculators
For most transactions involving the sale or transfer of land or property you can use the calculators on the HM Revenue & Customs website to help you to work out how much to pay.
SDLT calculators
Buy Stamp Duty Land Tax, an expert guide to the area written by Reg Nock