Stamp duty is not applicable on value of chattels

Stamp duty is not applicable on value of chattels. If sale price include chattels, tax liability can be reduced by apportioning part of purchase price to chattel. VAT is applicable on the purchase price exclusive of the chattels.

For this particular transaction, VAT is applicable on transfer of a going concern. So, there cannot be any way to reduce the tax liability in relation to the purchase of the Property as their intended business is to run a large gallery different from the current business running in the Property. To verify, they have to check whether the business of sellers are VAT registered or not. The sale of the Property is with vacant possession on completion. This excludes the furnitures. The buyer must the ownership of the furnitures before taking ownership of the furnitures.

Question 2

There is a restrictive covenant on the buyer. The buyer cannot any building or structure on the Property without the consent of the seller. So, the buyer needs to get approval from the seller after the sale contract is executed. The Memo states that Joyce handed over the responsibility of the business to James. The transfer of the title must be verified so that the consent from the right owner could be sought.

Question 3

CON29O.

Question 4

General Consent Listed Building Consent Planning Consent

Question 5

List of desired amendments:

Contract rate: Replace “7 per cent above the base rate from time to time of Barclays Bank Plc” with “the minimum permissible rate above the base rate from time to time of Barclays Bank Plc.” Under SPECIAL CONDITIONS: Add Clause 2 – “The Property is sold with vacant possession”.

Question 6

The completion can be delayed by notifying the seller about the 15 working days’ notice required by the bank to release funds. If such notification is not give and the completion gets delayed, the agreement is breached. The seller can claim compensation for such breach.

Question 7

Company search against Jaimie Lloyd and Hugo Thomas.

Question 8

IV. Pay Stamp Duty Land Tax within 30 days of completion

SECTION B

Question 9

a. The given Epitome provides Conveyance on sale dated 21 April 1973 as the root document to the current seller. For Conveyance on sale, for a good root document, it must show 30 years. However, it does not provide the names of the people against which Land charges were registered before this. A valid Epitome must show an unbroken chain of ownership from the root document. This might cause a problem to establish ownership. In order to tackle this issue, there must be a check done to establish the original ownership and to check whether the related documents in the Epitome were stamped to establish whether the ownership was accepted by the Registry.

b. II. K16 bankruptcy only search in the name of Shirley Hartlowe 1926 to 1957, a K15 Central Land Charges search in the name of Wright Homes Limited from 1973 to 2020 and a search of the register at Companies House against Wright Homes Limited

SECTION C

Question 10

a. Based on the given reason, Terranova cannot refuse Comptwise’s application to assign the Lease of the Property to Fattorini. Assignment must be as per Clause 11 Alienation of the Lease.

b. Terranova may withhold its consent to an application by the Tenant to assign this Lease. Reasons as provided under Clause 11.3 could be: there are arrears of Rent or other monies; enters into an un-authorised guarantee agreement; assignee is a member of the same group of companies as the Tenant; assignment will materially diminish the value of the Landlord’s reversion to this Lease; there is no guarantor guaranteeing the observance and performance by the assignee.

Question 11

HM Land Registry Form TR1.

Question 12

a. Clause 6.2.3 states that “The revised rent will be the rent at which the Property might reasonably be expected to be let in the open market at the relevant Review Date making the Assumptions and disregarding the Disregards”. Hence, if the economic downturn continues, it will impact the rent. b. There will not be any decrease in rent as Clause 6.2.1 provides that the “For each Review Period the Rent will be the greater of: 6.2.1.1 the Rent payable immediately before the relevant Review Date or if payment of Rent has been suspended the Rent which would have been payable had there been no suspension” c. As per Assumption, Clause 6.1.1.1 “that no work has been carried out on the Property by the Tenant anyone deriving title under the Tenant or their predecessors in title during the Term which has diminished the rental value of the Property”. The work conducted by Fattorini will impact the value of the rent. It has maximised floor space, which cannot be treated as diminishing the rental value. As such, installation of the mezzanine floor cannot affect the level of rent payable.

Question 13

Clause 12.13 provides for payment of interest on unpaid amount. Clause 12.13.1 provides for interest at a yearly rate of 4% above the base lending rate from time to time on any Rent that is not paid within fourteen days of its due date. Clause 12.13.2 provides for payment of the interest from the “due date to the date of payment (both before and after any judgment) calculated on a daily basis (and compounded with rests on the usual quarter days)”. Fattorini cannot withhold or delay any payment or affects the rights of Terranova in relation to non-payment. Terranova must serve Fattorini a notice under this Leaseto that effect.

SECTION D

Continue your exploration of Simon's Eligibility to Claim Unfair Dismissal: An Analysis of the Employment Rights Act with our related content.

Question 14

a. V. Service of a Form 2 Notice under section 25 on Clover b. I. 20 December 2020 c. I. Grounds (f) and (g) d. Clover can claim compensation under section 37. It cannot get compensation under section 37 if the court has refused its tenancy on other grounds, even if one or more of grounds (e), (f) and (g) also applies.

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