Activity levels in the residential development market remain lower than developers, lenders and other real estate professionals have become accustomed to over the last 15 years. With 14 base rate rises implemented by the Bank of England (BoE) in the last 18 months - now at 5.25% - the UK is currently subject to the highest base interest rate since 2008 ...
While the next general election isn’t due until January 2025, or earlier, housing is shaping up to be a key battleground for both parties. It could arguably even decide the election. There seems to be clear blue water developing between the two main parties on this issue ...
The Planning (Agent of Change) Bill was a private member’s bill introduced in Westminster in 2018 by former government minister John Spellar to ‘require specified planning controls in relation to developments likely to be affected by existing noise sources’ ...
The Renters (Reform) Bill was given its first reading in May 2023 after five years of consultation and refinement. The Bill seeks to provide greater flexibility and security for residential tenants in England by imposing additional restrictions and obligations on private landlords. The reforms also look to improve the leasehold system through increased regulation, digitisation and standardisation. A noticeable omission from the Bill, however, is an exemption for private lettings to students ...
Chile’s Ministry of Public Works (MOP) announced 11 new projects that will be constructed throughout the country. This announcement is the first call for public works tenders since the beginning of President Boric’s term in office. The portfolio of concessions planned for 2023 calls for investments totaling USD 5.8 billion. Concessions included in the portfolio: New Route 5 in the Santiago-Los Vilos section - USD 1 ...
On July 26, 2023, SERNAC published a new interpretative circular that refers to the protection of the real estate consumer in the sale of real estate and its preparatory acts. Although this circular establishes mandatory guidelines for SERNAC officials, it also constitutes a guide to be taken into consideration by real estate providers when complying with their legal obligations ...
The government has published its long-awaited response to the consultation on implementing the new building control regime for higher-risk buildings (HRBs) and wider changes to the building regulations for all buildings. The provisions will be implemented through secondary legislation (The Building (Higher-Risk Buildings Procedures) (England) Regulations 2023 and The Building Regulations etc. (Amendment) (England) Regulations 2023)) that will come into force on 1 October 2023 ...
An interesting point has arisen in an unopposed lease renewal case that considered whether a landlord’s break option should be included in a new lease, to allow the landlord to occupy the premises for the purposes of its own business. BMW sought renewal leases of its showroom at 70 Park Lane, London, which was let under four separate tenancies ...
Hydrogen is seen by many as the fuel of the future, a substance that can provide heat through combustion, or electrical power from fuel cells, emitting only water in the process. Its potential usefulness, specifically its ability to replace fossil fuels without generating greenhouse gases, makes it the poster child for clean energy. There are various ways of producing hydrogen, but currently most of it is done in the most cost-efficient way, by steam reforming ...
Legal Property Due Diligence In a property transaction, whether that is buying, leasing, or financing, a legal property due diligence exercise may be required to assess the potential risk to a client before committing to the transaction. The potential for AI to be used to review and digest legal property DD documentation with speed and accuracy is clear ...
Following the announcement that visa fees are to be increased, the government has announced a hike in civil penalty fines for employers and landlords who employ or let properties to foreign nationals who do not have the right to work or reside in the UK. The planned increases come as part of government announcements on policy to reduce the number of people living and working in the UK without a legal immigration status ...
On August 7th, 2023, President Gabriel Boric enacted the Law that systematizes Economic Crimes and Attempts against the Environment, and, among other modifications, expands the criminal liability of legal entities (“Law”). Consequently, the Law will come into force and will apply to all acts committed from the date of its publication in the Official Gazette ...
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Property owners in the UK are already feeling the pinch, with a slowdown in activity coupled with economic factors, including high inflation and interest rates - causing a further tightening in the lending market. The Minimum Energy Efficiency Standard (MEES) regulatory regime is another cause for searching behind the sofa cushions for coppers in order to upgrade, update and 'green' existing assets ...
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The Virginia General Assembly made significant amendments to general rules for construction contracts, as well as the specific rules for public entity construction contracts in the Prompt Payment Act, that largely remove the option of “pay when paid” contracts between general contractors and subcontractors. Beginning in 2022, Virginia Code section 11-4 ...
On July 3, 2023, Ohio’s biennial budget bill[1] was signed into law by Governor Mike DeWine. In addition to major budget provisions, the bill also includes notable changes to Ohio’s Medical Marijuana Control Program (“MMCP”), the state program that regulates and licenses cultivators, processors, testing laboratories, dispensaries and medical marijuana cardholders. Beginning January 1, 2024, the MMCP will be under new management ...
The Regulations implement most of the recommendations made to the government in the Grenfell Tower Inquiry Phase 1 report which require a change in the Law and impact those responsible for buildings with at least two residential units and common parts ...
On July 13, 2023, Law No. 21,586 was enacted. This law amends Law No. 21,435 to extend the term to fulfill certain requirements set forth therein, and also amends the Water Code to introduce an administrative procedure to clarify and complete titles of water rights (“WR”). Amendments to Law No ...
Shoosmiths’ mobility head, Jonathan Smart, was a speaker at the SMMT International Automotive Summit 2023, hosted in London. Jonathan moderated a panel discussion focused on the competitive challenges facing the UK’s automotive manufacturing sector. The summit was aimed at addressing the challenges facing the automotive sector, including building resiliency, international collaboration, unlocking potential, competitiveness and innovation ...
UK REACH (Registration, Authorisation, Evaluation and Restriction of Chemicals) is the UK’s post-Brexit chemicals regulatory framework for the Great Britain (GB) market. It is regulated by the Health and Safety Executive (HSE) and has the overall aim of ensuring the protection of human health and the environment from the use of chemicals. UK REACH places responsibility for understanding and managing the risks associated with the use of chemicals on those who place them on the market (i.e ...
Michelle Craven-Faulkner, Partner and Rail Sector Lead participated in a roundtable in Birmingham last month hosted by Insider Media Limited, which was focused on the challenges, obstacles and opportunities supply chains face when looking at how manufacturing is adapting and innovating to bring forward the green revolution in transport. Michelle joined a team of experts and leading players from the mobility sector covering rail, automotive and aerospace ...
‘Flexibility becomes the norm as businesses look to build resilience in their real estate portfolio and workplace strategy.’ That is the key takeaway from Colliers’ recently released Global Occupier Outlook 2023 report, which found that two-thirds of corporate occupiers active in EMEA anticipate that up to 20% of their commercial real estate portfolio will move from traditional leases to flex leases within the next five years ...
Background FK Construction Limited (“FK”) was sub-contractor to ISG Retail Limited (“ISG”) for works involving roofing and cladding in relation to ISG’s Project Barberry. FK issued an application for payment of £1,691,679.94. ISG failed to issue a payment notice, submitting a pay less notice instead. The sum sought by FK was not paid, and FK referred the dispute to adjudication ...
