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LBTT threshold must be implemented immediately

09 July 2020

In response to the Chancellor's Summer Statement at Westminster, the Cabinet Secretary for Finance, Kate Forbes MSP, has said that the Scottish Government will raise the threshold for Land and Buildings Transaction Tax (LBTT) from £145,000 to £250,000. Read More...

Electronic signatures for conveyancers

09 July 2020

HM Land Registry has today, 9 July issued draft guidance on the introduction of e-signatures in order to tackle the issues that legal formalities have caused during the COVID-19 pandemic. Read More...

Code of practice for the commercial property sector

Tuesday 23 June 2020

On Friday 19 June 2020, the UK Government published a Code of Practice to encourage commercial tenants and landlords to work together to protect viable businesses.

The UK Government outline that the Code applies to all commercial leases held by businesses that have been seriously negatively impacted by the Coronavirus pandemic. It applies across the UK.

The Code of Practice has four principles:

  1. Transparency and Collaboration
  2. A Unified Approach
  3. Government Support
  4. Acting Reasonably and Responsibly

New arrangements and Service and Insurance Charges are also covered in the 11-page document.

The Code of Practice is voluntary because each client and business relationship will respond differently to the circumstances.

Importantly, the Code does not change the underlying legal relationship or lease contracts between landlord and tenant and any guarantor.

NAEA Propertymark welcomes the Code of Practice, but the Government must continue to provide assistance to the commercial property market to ensure businesses can survive through the lockdown and beyond.

In May, NAEA Propertymark wrote to the Secretary of State for Business, Energy, and Industrial Strategy seeking clarification for the commercial property sector. 

Code of Practice