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Summary Property Management - Advanced Commercial Property

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Condenses all the reading, lectures and SGS activities to about 30% the original volume. Clear, Concise and Organised.

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  • May 12, 2023
  • 11
  • 2022/2023
  • Summary

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JCBLAW

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6. PROPERTY MANAGEMENT

LEASE DOCUMENTATION

LANDLORD’S LICENCES

 Licence = doc which LL grants formal consent to T to change use / assign / underlet / alter
premises
o Contain formal consent + covenants given by T/Assignee (A)/Undertenant (UT) to LL
 Important LL refrains from confirming they have agreed to disposal or alteration ‘in principle’
o Could be construed as a grant of LL’s full written consent before a formal licence has
been entered into (Aubergine Enterprises v Lakewood International[2002])

 Usually take the form of a deed entered into by LL and T + A / UT/ any guarantors
 Draft licence prepared by LL’s solicitors (LLS) to be approved/amended by other party’s
solicitors
o Supplemental to lease so LLS must check lease AND supplemental docs e.g. deeds
of variation or assignment before drafting licence
 Ensures licence made between correct parties + no variations to lease from
original grant affect the licence being given

 Where UT wishes to assign lease, further underlet or make alterations to premises it will
require consent from both LL (the T under headlease) and any head LL

 s.2 LTA 1988 – imposes duty on any party receiving written app for consent to deal with the
leasehold property (i.e. assign, underlet, charge etc.) to pass the app to any relevant 3 rd
party whose consent is required to do so
o + must do so in reasonable time
 T + LL need to ensure any LL Mortgagee’s consent also obtained

, LICENCE TO ASSIGN

 Assignment = T transfers lease to the assignee – permission usually granted by LL in the
Licence to Assign (L2A) which will contain:


COVENANTS BY THE ASSIGNEE

 old lease – L2A will contain direct covenant by A with LL to observe and perform the
covenants in the lease
o Creates privity of contract between the parties
o E.g. The Assignee shall pay the rents and observe and perform the tenant
covenants of the Lease from completion of the assignment for the residue of the
term of the Lease.

 new lease – direct covenant not required because already implied by statute – s.3(1)(b)
Landlord and Tenant (Covenants) Act 1995 (LT(C)A 1995)
o HOWEVER – LLS will in practice try to obtain direct covenant

 s.5(2) LT(C)A – A of new lease benefits from T of new lease to be released automatically
from tenant covenants upon assignment
o AS should qualify phrase ‘for the residue of the term’ (above) and insert ‘throughout
the Term (until released by virtue of the LT(C)A 1995)’

 Condition of consent may be provision of an authorised guarantee agreement (AGA) under
which the outgoing T will guarantee A’s performance of tenant covenants whilst lease
remains vested in A (s.16 LT(C)A)B

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