As with any major purchase, the devil is in the detail when it comes to investing in commercial property. For the prospective purchaser, thorough pre-purchase investigations will pay dividends several times over.
Putting politics aside, Brexit will undoubtedly have a significant impact on how UK plc does business. Whilst it is likely to have a limited impact on English contract law, its impact on the practical obligations within contracts may be more significant.
The use of liquidated damages as a sole remedy for contractor delay is a well-established mechanism in the construction industry. It is designed to provide certainty for both employer and contractor in relation to the financial effects of the contractor’s culpable delay. The employer does not need to prove its loss caused by the contractor’s late completion, and the contractor knows the exact financial implications of its own actions, therefore giving both sides the certainty that they require in this scenario. Unfortunately, for a period of time recently, the Court of Appeal threw the liquidated damages mechanism into some considerable doubt in circumstances where the Contractor’s employment under the contract has been terminated.
If landowners want to change the use of their property from agricultural to commercial or residential then it is important to ensure that they have the correct easements in place to support that change of use.
The Government has announced extra protection for businesses by placing a moratorium on commercial landlords’ sanctions for at least three months so that those who cannot pay their rent because of cashflow difficulties related to the coronavirus will be protected from eviction.