Residential lease extensions – Falling between the cracks

Owners of long leasehold interests in residential property have a legal right to extend their lease under the Leasehold Reform, Housing and Urban Development Act 1993 in respect of flats, or the Leasehold Reform Act 1967 in respect of houses. The former is the most common in light of leasehold being the preferred legal medium […]

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MEES – Unintended Consequences

As dawn has now broken on a new age of property legislation and energy efficiency in the form of the MEES Regulations (Minimum Energy Efficiency Standards) we have awoken to the issue which is created by the high proportion of commercial properties which are mid-way through a lease term with an energy efficiency rating of […]

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Commercial Property Sales

Underwoods have recently completed several commercial property sales in Northampton town centre that provide further evidence as to the strength of the local market. These include:- 13-17 Bridge Street a part Grade II listed retail premises formerly occupied by White and Bishop Ltd for over 80 years has been sold to a local developer who […]

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Property & Pensions

Financial advisors tend to counsel against commercial property investments as part of a pension fund on the grounds that they are illiquid, can be subject to void periods with no rental income (and related costs) and that values can go down as well as up. However, there are very good reasons why overseas investors have […]

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Rates Revaluation – The Clock is ticking

Business Rates demands issued this month will the last which show the current Rateable Values (RV’s) of non-domestic properties. The Valuation Office Agency (VOA) are working on a new Rating List which will come into force on 1st April 2017 to show new RV’s Values that will determine the amount of rates payable for the […]

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£450,000 Saved for Client upon Lease Renewal

Underwoods have recently completed negotiations and documented a lease renewal on behalf of tenant clients saving £450,000 over the term of the new lease. With the current lease not due to expire until March 2016 the occupier can now forecast rental outgoings with certainty over the next 5 years up to the rent review. The […]

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Rates Relief on Obsolete Building

It has taken two appeals and 5 years of negotiations by Underwoods. Eventually the Valuation Office Agency conceded that a disused flour mill in Peterborough was obsolete and the Rateable Value has been reduced to zero with effect from June 2010 yielding a rates refund in excess of £150,000. Rating Law dictates that buildings are […]

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Energy Efficiency – Sub-Standard Buildings

Draft Regulations setting out Minimum Energy Efficiency Standards (MEES) have been published by the Government. The regulations categorise any building with an energy performance rating of F or G as “sub-standard”. The proposals set out requirements for properties to be brought up to an E Rating. MEES will apply to new lettings from 1st April […]

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Strong Demand for Investment Opportunities

Underwoods have recently completed the sale of an industrial investment property at 3 Vaux Road, Wellingborough following strong demand during the marketing period. The premises comprise quality modern accommodation occupying on a generous site extending in all to 1.083 acres, with potential for future expansion and development. Let to Wyvern Cargo, a successful haulage company […]

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The Valuation of Licensed and Leisure Properties

It was the debacle over valuations of Queens Moat Hotels in the early 90’s that lead to the wholesale rewriting of Valuation Manuals & the content of Valuation Reports. Nevertheless, valuation methods are largely unchanged. The value of licensed and leisure premises is inextricably linked to trading performance and potential. Purchasers are buying into earnings […]

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