ÿþ<!DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd"><HTML xmlns="http://www.w3.org/1999/xhtml"><HEAD><TITLE>Property update</TITLE> <META http-equiv=Content-Type content="text/html; charset=iso-8859-1"> <STYLE type=text/css>HTML { BORDER-TOP-WIDTH: 0px; PADDING-RIGHT: 0px; PADDING-LEFT: 0px; BORDER-LEFT-WIDTH: 0px; FONT-SIZE: 100%; BACKGROUND: none transparent scroll repeat 0% 0%; BORDER-BOTTOM-WIDTH: 0px; PADDING-BOTTOM: 0px; MARGIN: 0px; VERTICAL-ALIGN: baseline; PADDING-TOP: 0px; BORDER-RIGHT-WIDTH: 0px; outline: 0 } BODY { BORDER-TOP-WIDTH: 0px; PADDING-RIGHT: 0px; PADDING-LEFT: 0px; BORDER-LEFT-WIDTH: 0px; FONT-SIZE: 100%; BACKGROUND: none transparent scroll repeat 0% 0%; BORDER-BOTTOM-WIDTH: 0px; PADDING-BOTTOM: 0px; MARGIN: 0px; VERTICAL-ALIGN: baseline; PADDING-TOP: 0px; BORDER-RIGHT-WIDTH: 0px; outline: 0 } DIV { BORDER-TOP-WIDTH: 0px; PADDING-RIGHT: 0px; PADDING-LEFT: 0px; BORDER-LEFT-WIDTH: 0px; FONT-SIZE: 100%; 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outline: 0 } FONT { BORDER-TOP-WIDTH: 0px; PADDING-RIGHT: 0px; PADDING-LEFT: 0px; BORDER-LEFT-WIDTH: 0px; FONT-SIZE: 100%; BACKGROUND: none transparent scroll repeat 0% 0%; BORDER-BOTTOM-WIDTH: 0px; PADDING-BOTTOM: 0px; MARGIN: 0px; VERTICAL-ALIGN: baseline; PADDING-TOP: 0px; BORDER-RIGHT-WIDTH: 0px; outline: 0 } IMG { BORDER-TOP-WIDTH: 0px; PADDING-RIGHT: 0px; PADDING-LEFT: 0px; BORDER-LEFT-WIDTH: 0px; FONT-SIZE: 100%; BACKGROUND: none transparent scroll repeat 0% 0%; BORDER-BOTTOM-WIDTH: 0px; PADDING-BOTTOM: 0px; MARGIN: 0px; VERTICAL-ALIGN: baseline; PADDING-TOP: 0px; BORDER-RIGHT-WIDTH: 0px; outline: 0 } INS { BORDER-TOP-WIDTH: 0px; PADDING-RIGHT: 0px; PADDING-LEFT: 0px; BORDER-LEFT-WIDTH: 0px; FONT-SIZE: 100%; BACKGROUND: none transparent scroll repeat 0% 0%; BORDER-BOTTOM-WIDTH: 0px; PADDING-BOTTOM: 0px; MARGIN: 0px; VERTICAL-ALIGN: baseline; PADDING-TOP: 0px; BORDER-RIGHT-WIDTH: 0px; outline: 0 } KBD { BORDER-TOP-WIDTH: 0px; PADDING-RIGHT: 0px; PADDING-LEFT: 0px; BORDER-LEFT-WIDTH: 0px; FONT-SIZE: 100%; BACKGROUND: none transparent scroll repeat 0% 0%; BORDER-BOTTOM-WIDTH: 0px; PADDING-BOTTOM: 0px; MARGIN: 0px; VERTICAL-ALIGN: baseline; PADDING-TOP: 0px; BORDER-RIGHT-WIDTH: 0px; outline: 0 } Q { BORDER-TOP-WIDTH: 0px; PADDING-RIGHT: 0px; PADDING-LEFT: 0px; BORDER-LEFT-WIDTH: 0px; FONT-SIZE: 100%; BACKGROUND: none transparent scroll repeat 0% 0%; BORDER-BOTTOM-WIDTH: 0px; PADDING-BOTTOM: 0px; MARGIN: 0px; VERTICAL-ALIGN: baseline; PADDING-TOP: 0px; BORDER-RIGHT-WIDTH: 0px; outline: 0 } S { BORDER-TOP-WIDTH: 0px; PADDING-RIGHT: 0px; PADDING-LEFT: 0px; BORDER-LEFT-WIDTH: 0px; FONT-SIZE: 100%; BACKGROUND: none transparent scroll repeat 0% 0%; BORDER-BOTTOM-WIDTH: 0px; PADDING-BOTTOM: 0px; MARGIN: 0px; VERTICAL-ALIGN: baseline; PADDING-TOP: 0px; BORDER-RIGHT-WIDTH: 0px; outline: 0 } SAMP { BORDER-TOP-WIDTH: 0px; PADDING-RIGHT: 0px; PADDING-LEFT: 0px; BORDER-LEFT-WIDTH: 0px; FONT-SIZE: 100%; BACKGROUND: none transparent scroll repeat 0% 0%; BORDER-BOTTOM-WIDTH: 0px; PADDING-BOTTOM: 0px; MARGIN: 0px; VERTICAL-ALIGN: baseline; PADDING-TOP: 0px; BORDER-RIGHT-WIDTH: 0px; outline: 0 } SMALL { BORDER-TOP-WIDTH: 0px; PADDING-RIGHT: 0px; PADDING-LEFT: 0px; BORDER-LEFT-WIDTH: 0px; FONT-SIZE: 100%; BACKGROUND: none transparent scroll repeat 0% 0%; BORDER-BOTTOM-WIDTH: 0px; PADDING-BOTTOM: 0px; MARGIN: 0px; VERTICAL-ALIGN: baseline; PADDING-TOP: 0px; BORDER-RIGHT-WIDTH: 0px; outline: 0 } STRIKE { BORDER-TOP-WIDTH: 0px; PADDING-RIGHT: 0px; PADDING-LEFT: 0px; BORDER-LEFT-WIDTH: 0px; FONT-SIZE: 100%; BACKGROUND: none transparent scroll repeat 0% 0%; BORDER-BOTTOM-WIDTH: 0px; PADDING-BOTTOM: 0px; MARGIN: 0px; VERTICAL-ALIGN: baseline; PADDING-TOP: 0px; BORDER-RIGHT-WIDTH: 0px; outline: 0 } STRONG { BORDER-TOP-WIDTH: 0px; PADDING-RIGHT: 0px; PADDING-LEFT: 0px; BORDER-LEFT-WIDTH: 0px; FONT-SIZE: 100%; BACKGROUND: none transparent scroll repeat 0% 0%; BORDER-BOTTOM-WIDTH: 0px; PADDING-BOTTOM: 0px; MARGIN: 0px; VERTICAL-ALIGN: baseline; PADDING-TOP: 0px; BORDER-RIGHT-WIDTH: 0px; outline: 0 } SUB { BORDER-TOP-WIDTH: 0px; PADDING-RIGHT: 0px; PADDING-LEFT: 0px; BORDER-LEFT-WIDTH: 0px; FONT-SIZE: 100%; BACKGROUND: none transparent scroll repeat 0% 0%; BORDER-BOTTOM-WIDTH: 0px; PADDING-BOTTOM: 0px; MARGIN: 0px; VERTICAL-ALIGN: baseline; PADDING-TOP: 0px; BORDER-RIGHT-WIDTH: 0px; outline: 0 } SUP { BORDER-TOP-WIDTH: 0px; PADDING-RIGHT: 0px; PADDING-LEFT: 0px; BORDER-LEFT-WIDTH: 0px; FONT-SIZE: 100%; BACKGROUND: none transparent scroll repeat 0% 0%; BORDER-BOTTOM-WIDTH: 0px; PADDING-BOTTOM: 0px; MARGIN: 0px; VERTICAL-ALIGN: baseline; PADDING-TOP: 0px; BORDER-RIGHT-WIDTH: 0px; outline: 0 } TT { BORDER-TOP-WIDTH: 0px; PADDING-RIGHT: 0px; PADDING-LEFT: 0px; BORDER-LEFT-WIDTH: 0px; FONT-SIZE: 100%; BACKGROUND: none transparent scroll repeat 0% 0%; BORDER-BOTTOM-WIDTH: 0px; PADDING-BOTTOM: 0px; MARGIN: 0px; VERTICAL-ALIGN: baseline; PADDING-TOP: 0px; BORDER-RIGHT-WIDTH: 0px; outline: 0 } VAR { BORDER-TOP-WIDTH: 0px; PADDING-RIGHT: 0px; PADDING-LEFT: 0px; BORDER-LEFT-WIDTH: 0px; FONT-SIZE: 100%; BACKGROUND: none transparent scroll repeat 0% 0%; BORDER-BOTTOM-WIDTH: 0px; PADDING-BOTTOM: 0px; MARGIN: 0px; VERTICAL-ALIGN: baseline; PADDING-TOP: 0px; BORDER-RIGHT-WIDTH: 0px; outline: 0 } B { BORDER-TOP-WIDTH: 0px; PADDING-RIGHT: 0px; PADDING-LEFT: 0px; BORDER-LEFT-WIDTH: 0px; FONT-SIZE: 100%; BACKGROUND: none transparent scroll repeat 0% 0%; BORDER-BOTTOM-WIDTH: 0px; PADDING-BOTTOM: 0px; MARGIN: 0px; VERTICAL-ALIGN: baseline; PADDING-TOP: 0px; BORDER-RIGHT-WIDTH: 0px; outline: 0 } U { BORDER-TOP-WIDTH: 0px; PADDING-RIGHT: 0px; PADDING-LEFT: 0px; BORDER-LEFT-WIDTH: 0px; FONT-SIZE: 100%; BACKGROUND: none transparent scroll repeat 0% 0%; BORDER-BOTTOM-WIDTH: 0px; PADDING-BOTTOM: 0px; MARGIN: 0px; VERTICAL-ALIGN: baseline; PADDING-TOP: 0px; BORDER-RIGHT-WIDTH: 0px; outline: 0 } I { BORDER-TOP-WIDTH: 0px; PADDING-RIGHT: 0px; PADDING-LEFT: 0px; BORDER-LEFT-WIDTH: 0px; FONT-SIZE: 100%; BACKGROUND: none transparent scroll repeat 0% 0%; BORDER-BOTTOM-WIDTH: 0px; PADDING-BOTTOM: 0px; MARGIN: 0px; VERTICAL-ALIGN: baseline; PADDING-TOP: 0px; BORDER-RIGHT-WIDTH: 0px; outline: 0 } CENTER { BORDER-TOP-WIDTH: 0px; PADDING-RIGHT: 0px; PADDING-LEFT: 0px; BORDER-LEFT-WIDTH: 0px; FONT-SIZE: 100%; BACKGROUND: none transparent scroll repeat 0% 0%; BORDER-BOTTOM-WIDTH: 0px; PADDING-BOTTOM: 0px; MARGIN: 0px; VERTICAL-ALIGN: baseline; PADDING-TOP: 0px; BORDER-RIGHT-WIDTH: 0px; outline: 0 } DL { BORDER-TOP-WIDTH: 0px; PADDING-RIGHT: 0px; PADDING-LEFT: 0px; BORDER-LEFT-WIDTH: 0px; FONT-SIZE: 100%; BACKGROUND: none transparent scroll repeat 0% 0%; BORDER-BOTTOM-WIDTH: 0px; PADDING-BOTTOM: 0px; MARGIN: 0px; VERTICAL-ALIGN: baseline; PADDING-TOP: 0px; BORDER-RIGHT-WIDTH: 0px; outline: 0 } DT { BORDER-TOP-WIDTH: 0px; PADDING-RIGHT: 0px; PADDING-LEFT: 0px; BORDER-LEFT-WIDTH: 0px; FONT-SIZE: 100%; BACKGROUND: none transparent scroll repeat 0% 0%; BORDER-BOTTOM-WIDTH: 0px; PADDING-BOTTOM: 0px; MARGIN: 0px; VERTICAL-ALIGN: baseline; PADDING-TOP: 0px; BORDER-RIGHT-WIDTH: 0px; outline: 0 } DD { BORDER-TOP-WIDTH: 0px; PADDING-RIGHT: 0px; PADDING-LEFT: 0px; 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PADDING-BOTTOM: 0px; MARGIN: 0px; VERTICAL-ALIGN: baseline; PADDING-TOP: 0px; BORDER-RIGHT-WIDTH: 0px; outline: 0 } FIELDSET { BORDER-TOP-WIDTH: 0px; PADDING-RIGHT: 0px; PADDING-LEFT: 0px; BORDER-LEFT-WIDTH: 0px; FONT-SIZE: 100%; BACKGROUND: none transparent scroll repeat 0% 0%; BORDER-BOTTOM-WIDTH: 0px; PADDING-BOTTOM: 0px; MARGIN: 0px; VERTICAL-ALIGN: baseline; PADDING-TOP: 0px; BORDER-RIGHT-WIDTH: 0px; outline: 0 } FORM { BORDER-TOP-WIDTH: 0px; PADDING-RIGHT: 0px; PADDING-LEFT: 0px; BORDER-LEFT-WIDTH: 0px; FONT-SIZE: 100%; BACKGROUND: none transparent scroll repeat 0% 0%; BORDER-BOTTOM-WIDTH: 0px; PADDING-BOTTOM: 0px; MARGIN: 0px; VERTICAL-ALIGN: baseline; PADDING-TOP: 0px; BORDER-RIGHT-WIDTH: 0px; outline: 0 } LABEL { BORDER-TOP-WIDTH: 0px; PADDING-RIGHT: 0px; PADDING-LEFT: 0px; BORDER-LEFT-WIDTH: 0px; FONT-SIZE: 100%; BACKGROUND: none transparent scroll repeat 0% 0%; BORDER-BOTTOM-WIDTH: 0px; PADDING-BOTTOM: 0px; MARGIN: 0px; VERTICAL-ALIGN: baseline; PADDING-TOP: 0px; BORDER-RIGHT-WIDTH: 0px; outline: 0 } LEGEND { BORDER-TOP-WIDTH: 0px; PADDING-RIGHT: 0px; PADDING-LEFT: 0px; BORDER-LEFT-WIDTH: 0px; FONT-SIZE: 100%; BACKGROUND: none transparent scroll repeat 0% 0%; BORDER-BOTTOM-WIDTH: 0px; PADDING-BOTTOM: 0px; MARGIN: 0px; VERTICAL-ALIGN: baseline; PADDING-TOP: 0px; BORDER-RIGHT-WIDTH: 0px; outline: 0 } TABLE { BORDER-TOP-WIDTH: 0px; PADDING-RIGHT: 0px; PADDING-LEFT: 0px; BORDER-LEFT-WIDTH: 0px; FONT-SIZE: 100%; BACKGROUND: none transparent scroll repeat 0% 0%; BORDER-BOTTOM-WIDTH: 0px; PADDING-BOTTOM: 0px; MARGIN: 0px; VERTICAL-ALIGN: baseline; PADDING-TOP: 0px; BORDER-RIGHT-WIDTH: 0px; outline: 0 } CAPTION { BORDER-TOP-WIDTH: 0px; PADDING-RIGHT: 0px; PADDING-LEFT: 0px; BORDER-LEFT-WIDTH: 0px; FONT-SIZE: 100%; BACKGROUND: none transparent scroll repeat 0% 0%; BORDER-BOTTOM-WIDTH: 0px; PADDING-BOTTOM: 0px; MARGIN: 0px; VERTICAL-ALIGN: baseline; PADDING-TOP: 0px; BORDER-RIGHT-WIDTH: 0px; outline: 0 } TBODY { BORDER-TOP-WIDTH: 0px; PADDING-RIGHT: 0px; PADDING-LEFT: 0px; BORDER-LEFT-WIDTH: 0px; FONT-SIZE: 100%; BACKGROUND: none transparent scroll repeat 0% 0%; BORDER-BOTTOM-WIDTH: 0px; PADDING-BOTTOM: 0px; MARGIN: 0px; VERTICAL-ALIGN: baseline; PADDING-TOP: 0px; BORDER-RIGHT-WIDTH: 0px; outline: 0 } TFOOT { BORDER-TOP-WIDTH: 0px; PADDING-RIGHT: 0px; PADDING-LEFT: 0px; BORDER-LEFT-WIDTH: 0px; FONT-SIZE: 100%; BACKGROUND: none transparent scroll repeat 0% 0%; BORDER-BOTTOM-WIDTH: 0px; PADDING-BOTTOM: 0px; MARGIN: 0px; VERTICAL-ALIGN: baseline; PADDING-TOP: 0px; BORDER-RIGHT-WIDTH: 0px; outline: 0 } THEAD { BORDER-TOP-WIDTH: 0px; PADDING-RIGHT: 0px; PADDING-LEFT: 0px; BORDER-LEFT-WIDTH: 0px; FONT-SIZE: 100%; BACKGROUND: none transparent scroll repeat 0% 0%; BORDER-BOTTOM-WIDTH: 0px; PADDING-BOTTOM: 0px; MARGIN: 0px; VERTICAL-ALIGN: baseline; PADDING-TOP: 0px; BORDER-RIGHT-WIDTH: 0px; outline: 0 } TR { BORDER-TOP-WIDTH: 0px; PADDING-RIGHT: 0px; PADDING-LEFT: 0px; BORDER-LEFT-WIDTH: 0px; FONT-SIZE: 100%; BACKGROUND: none transparent scroll repeat 0% 0%; BORDER-BOTTOM-WIDTH: 0px; PADDING-BOTTOM: 0px; 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PADDING-BOTTOM: 10px; PADDING-TOP: 10px; BACKGROUND-COLOR: #eaedef } TD.news P { MARGIN-TOP: 10px; FONT-SIZE: 12px; COLOR: #52626f } TD.news P.findoutmore { MARGIN-TOP: 10px; FONT-WEIGHT: bold; FONT-SIZE: 12px; COLOR: #547730 } TD.news P.findoutmore A { FONT-WEIGHT: bold; FONT-SIZE: 12px; COLOR: #547730; TEXT-DECORATION: underline } TD.photo { TEXT-ALIGN: left } TD.photo P { PADDING-RIGHT: 5px; PADDING-LEFT: 5px; PADDING-BOTTOM: 10px; COLOR: #ffffff; PADDING-TOP: 10px; BACKGROUND-COLOR: #547730 } TD.photo P A { FONT-WEIGHT: bold; FONT-SIZE: 12px; COLOR: #ffffff; TEXT-DECORATION: underline } TD.subscribe { PADDING-RIGHT: 10px; PADDING-LEFT: 10px; PADDING-BOTTOM: 10px; PADDING-TOP: 10px; BACKGROUND-COLOR: #547730 } TD.subscribe H2 { FONT-WEIGHT: bold; COLOR: #ffffff; BACKGROUND-COLOR: #547730 } TD.subscribe H2 SPAN { COLOR: #84c447 } TD.subscribe P { MARGIN-TOP: 10px; FONT-SIZE: 12px; COLOR: #ffffff; BACKGROUND-COLOR: #547730 } </STYLE> </HEAD> <BODY> <TABLE cellSpacing=0 cellPadding=0 width="100%" border=0> <TBODY> <TR> <TD align=middle> <TABLE cellSpacing=0 cellPadding=0 width=750 border=0> <TBODY> <TR> <TD colSpan=3><IMG height=10 alt="" src="http://response.penningtons.co.uk/reaction/images/emails/spacer.gif" width=750></TD></TR> <TR> <TD><IMG height=1 alt="" src="http://response.penningtons.co.uk/reaction/images/emails/spacer.gif" width=144></TD> <TD><IMG height=1 alt="" src="http://response.penningtons.co.uk/reaction/images/emails/spacer.gif" width=36></TD></TR> <TR> <TD colSpan=3><IMG height=5 alt="" src="http://response.penningtons.co.uk/reaction/images/emails/spacer.gif" width=750></TD></TR> <TR> <TD colSpan=3><A href="http://www.penningtons.co.uk"><IMG height=180 alt="" src="http://response.penningtons.co.uk/reaction/images/emails/green_header.gif" width=750 border=0></A></TD></TR> <TR> <TD colSpan=3><IMG height=30 alt="" src="http://response.penningtons.co.uk/reaction/images/emails/spacer.gif" width=580></TD></TR> <TR> <TD><IMG height=1 alt="" src="http://response.penningtons.co.uk/reaction/images/emails/spacer.gif" width=144></TD> <TD> <H1><STRONG>Property </STRONG></H1> <H1>update</H1></TD> <TD><IMG height=36 alt="" src="http://response.penningtons.co.uk/reaction/images/emails/spacer.gif" width=36></TD></TR> <TR> <TD colSpan=3><IMG height=15 alt="" src="http://response.penningtons.co.uk/reaction/images/emails/spacer.gif" width=750></TD></TR> <TR> <TD><IMG height=1 alt="" src="http://response.penningtons.co.uk/reaction/images/emails/spacer.gif" width=144></TD> <TD><IMG height=1 alt="" src="http://response.penningtons.co.uk/reaction/images/emails/green_hr.gif" width=570></TD> <TD><IMG height=1 alt="" src="http://response.penningtons.co.uk/reaction/images/emails/spacer.gif" width=36></TD></TR> <TR> <TD colSpan=3><IMG height=18 alt="" src="http://response.penningtons.co.uk/reaction/images/emails/spacer.gif" width=750></TD></TR> <TR> <TD> <H3>June&nbsp;2010</H3></TD> <TD> <P class=intro>Welcome to the latest issue of our Property update, keeping you informed&nbsp;of new&nbsp;developments in this sector. </P></TD> <TD><IMG height=1 alt="" src="http://response.penningtons.co.uk/reaction/images/emails/spacer.gif" width=36></TD></TR> <TR> <TD colSpan=3><IMG height=18 alt="" src="http://response.penningtons.co.uk/reaction/images/emails/spacer.gif" width=750></TD></TR> <TR> <TD><IMG height=1 alt="" src="http://response.penningtons.co.uk/reaction/images/emails/spacer.gif" width=144></TD> <TD class=inthisissue> <P><STRONG>In this issue:</STRONG></P> <UL> <LI><IMG height=10 alt="" src="http://response.penningtons.co.uk/reaction/images/emails/green_bullet.gif" width=9><A href="#Green"><FONT color=white>'Green Lease Clauses'&nbsp; - Have you heard of these?&nbsp; You will do</FONT></A><FONT color=white>!</FONT>&nbsp; </LI> <LI><IMG height=10 alt="" src="http://response.penningtons.co.uk/reaction/images/emails/green_bullet.gif" width=9><A href="#When"><FONT color=#ffffff>When statute may prevent a tenant from providing a guarantor</FONT></A>&nbsp; &nbsp; </LI> <LI><IMG height=10 alt="" src="http://response.penningtons.co.uk/reaction/images/emails/green_bullet.gif" width=9><A href="#Reinstatement"><FONT color=white>Reinstatement - a summary of the requirements on lease expiry</FONT></A> </LI> <LI><IMG height=10 alt="" src="http://response.penningtons.co.uk/reaction/images/emails/green_bullet.gif" width=9><A href="#Suspension"><FONT color=white>Suspension of HIP packs</FONT></A>&nbsp;</LI></UL></TD> <TD><IMG height=1 alt="" src="http://response.penningtons.co.uk/reaction/images/emails/spacer.gif" width=36></TD></TR> <TR> <TD colSpan=3><IMG height=12 alt="" src="http://response.penningtons.co.uk/reaction/images/emails/spacer.gif" width=750></TD></TR> <TR> <TD align=right> <TABLE cellSpacing=0 cellPadding=0 width=130 align=right border=0> <TBODY> <TR> <TD class=photo><IMG height=173 alt="Mike Busby" src="http://response.penningtons.co.uk/reaction/images/Photos/Mike_Busby.jpg" width=130> <P align=right><STRONG><U><A href="http://www.penningtons.co.uk/Profiles/A-E/Mike-Busby.aspx">Mike Busby</A></U></STRONG></P></TD></TR></TBODY></TABLE> <DIV align=right></DIV></TD> <TD class=news> <H2><A name=Green></A>Green Lease Clauses - Have you heard of these? You will do!</H2> <P>Given that non-domestic buildings equate to 18% of the UK total of all carbon emissions, coupled with the need to decarbonise buildings by 2050 if the government's targets are to be met, there is going to be particular focus (with penalties for non compliance) on large landlord and tenant companies which are caught by the Carbon Reduction Commitment Energy Efficiency Scheme (CRC) and do not comply.</P> <P>Following on from my colleague, Simon Elliott's, <STRONG><A href="http://www.penningtons.co.uk/~/media/5b4e82c090a646f7baecc31e3783a685.ashx"><FONT color=#52626f>article</FONT></A></STRONG> on the CRC in the last e-bulletin, the costs of complying with the scheme will mean that well advised landlords will start (if they have not already done so) to incorporate 'green clauses' into their leases, looking to offload any associated costs onto the tenant.&nbsp; </P> <P>It may not all be one way traffic, however, and depending upon the drafting of the relevant clauses and the bargaining position of the parties in the market, a tenant may be able to share bonus payments made to its landlord in the secondary market, if they have taken measures to reduce carbon emissions and have therefore assisted the landlord in reducing its emissions for that particular building or portfolio.&nbsp; We may see the requirement in leases for a building management committee to allow tenants to contribute to strategies to reduce energy consumption in the building and rights/obligations to carry out works to improve it so as to reduce potential financial exposure.</P> <P>Members of the Green Property Alliance (which includes the British Property Federation, the British Retail Consortium and the RICS) produced a guide for landlords and tenants in June 2009 but did not come to any clear conclusions as to the appropriate apportionment of costs.&nbsp; There has been further recent consultation, however, with aims to establish a consensus on how CRC costs should be apportioned, with standard draft CRC clauses for new leases being produced.</P> <P>There are many key issues for landlords and tenants alike including should the contribution costs be split amongst all tenants in a portfolio on a percentage basis or allocated to a specific building? Should the contribution be based upon floor area or on actual usage?&nbsp; Will tenants want another uncertain payment or will they be prepared to accept a higher, inclusive rent?&nbsp; How will the common parts be treated?&nbsp; Many of these questions will be answered by the market place, but there needs to be a lead and there is little guidance at the moment.</P> <P><STRONG>What will we see initially in leases?</STRONG></P> <P>I think we can expect to see repairing clauses which require the tenant to use materials from sustainable sources; amendments to provisions dealing with payment of outgoings to ensure they cover all costs of occupation including CRC payments (as such payments may not relate to the particular building, rather a portfolio of properties); pre-conditions on permitted alterations ensuring that the energy efficiency of the building is not adversely affected, with the landlord having the ability to refuse consent if proof cannot be provided; obligations on both parties to adhere to environmental practice; arguments as to what should properly be included in the service charge provisions; and many more.</P> <P>'Green Clauses' will become far more commonplace in the years to come and both landlords and tenants alike need to be mindful (and advised) of the potential issues.</P> <P class=findoutmore>To find out more, please contact <U><A href="mailto:Mike.Busby@penningtons.co.uk?subject=Query: Property Update June 2010 - Green Lease Clauses">Mike Busby</A></U></P></TD> <TD><IMG height=1 alt="" src="http://response.penningtons.co.uk/reaction/images/emails/spacer.gif" width=36></TD></TR> <TR> <TD colSpan=3><IMG height=12 alt="" src="http://response.penningtons.co.uk/reaction/images/emails/spacer.gif" width=750></TD></TR> <TR> <TD align=right> <TABLE cellSpacing=0 cellPadding=0 width=130 border=0> <TBODY> <TR> <TD class=photo><IMG height=173 alt="Peter Howard" src="http://response.penningtons.co.uk/reaction/images/Photos/Peter_Howard.jpg" width=130> <P><STRONG><U><A href="http://www.penningtons.co.uk/Profiles/F-J/Peter-Howard.aspx">Peter Howard</A></U></STRONG></P></TD></TR></TBODY></TABLE></TD> <TD class=news> <H2><A name=When></A>When statute may prevent a tenant from providing a guarantor</H2> <P>The decision in February of the High Court in<I> </I><I>Good Harvest Partnership LLP v Centaur Services Limited</I> (2010) EWHC 330 (Ch) has serious implications for landlords.&nbsp;The question for decision was whether the Landlord and Tenant (Covenants) Act 1995 prevented an existing guarantor of a tenant's obligations under a lease from validly giving a further guarantee for an assignee. </P> <P>On the assignment of a lease, the assigning tenant s guarantor guaranteed that the assignee would perform the lessee s covenants in the lease. This was in addition to the authorised guarantee agreement ('AGA') given by the assignor.</P> <P>The assignee defaulted and the landlord applied for summary judgment.&nbsp; The guarantor successfully disputed the claim on the ground that its guarantee&nbsp;for the assignee was void under section 25 of the 1995 Act (the anti-avoidance section).&nbsp;</P> <P>This case did not involve a 'sub-guarantee', where an assignor s guarantor joins in an AGA to guarantee that the assignor will perform its obligations under the AGA.&nbsp; However, the judge commented<I> 'I do not think it is by any means clear that the Covenants Act permits a guarantor to sub-guarantee a tenant's obligations under an AGA'</I>.</P> <P>The landlord has lodged an appeal, which is due&nbsp;to be heard on 29 June,&nbsp;but if this decision is upheld, it means that many landlords will find that guarantees which they thought they held for some financially weak tenants are ineffective. &nbsp;This will increase the risk of tenant default, and in addition the values of some property holdings are likely to suffer.&nbsp;&nbsp;It could also cause serious problems where an assignment to another company in the same group is planned as part of a group re-organisation.&nbsp; If a parent company has given a guarantee for the assigning company, it will be unable to provide a direct guarantee for the assignee. &nbsp;Also, of course, further doubt has now been cast on the question of whether a parent company could give a sub-guarantee for an assignor's covenants in an AGA.&nbsp;&nbsp;</P> <P class=findoutmore>To find out more, please contact <U><A href="mailto:Peter.Howard@penningtons.co.uk?subject=Query: Property Update June 2010- When statute may prevent a tenant from providing a guarantor">Peter Howard</A></U></P></TD> <TD><IMG height=1 alt="" src="http://response.penningtons.co.uk/reaction/images/emails/spacer.gif" width=36></TD></TR> <TR> <TD colSpan=3><IMG height=12 alt="" src="http://response.penningtons.co.uk/reaction/images/emails/spacer.gif" width=750></TD></TR> <TR> <TR> <TD align=right> <TABLE cellSpacing=0 cellPadding=0 width=130 border=0> <TBODY> <TR> <TD class=photo><IMG height=173 alt="David Kearsley" src="http://response.penningtons.co.uk/reaction/images/Photos/David_Kearsley.jpg" width=130> <P><STRONG><U><A href="http://www.penningtons.co.uk/Profiles/K-O/David-Kearsley.aspx">David Kearsley</A></U></STRONG></P></TD></TR></TBODY></TABLE></TD> <TD class=news> <H2><A name=Reinstatement></A>Reinstatement -&nbsp;A summary of the requirement on lease expiry</H2> <P>Landlords should carefully consider their requirements for reinstatement of tenants' works (in the light of the lease provisions) well before the lease expires, bearing in mind that once the term has expired the tenant cannot be required to reinstate alterations.</P> <P><B>Reinstatement provisions</B></P> <P>Sometimes the relevant obligation will simply state that the tenant is to reinstate any alterations carried out during the term.&nbsp; In other cases the reinstatement obligation will be conditional on the landlord giving notice requiring reinstatement.&nbsp; Any requirement for a minimum amount of notice must be adhered to if the landlord is not to lose its ability to require reinstatement of the alterations in question.</P> <P>Where notice of reinstatement is required but no <I>maximum</I> period is specified, it is worth considering giving notice very early on (perhaps when the licence for alterations is completed) so it is not missed at a later date.</P> <P><B>Timing</B></P> <P>There is disagreement as to whether sufficient notice must be given to allow the works in question to be completed before expiry.&nbsp; </P> <P>There are few cases on the point.&nbsp; In one, the reinstatement provision required reinstatement if 'reasonably required' by the landlord.&nbsp; Only&nbsp;six days' notice was given and the tenant argued that the reasonableness should also relate to the timing of the notice.&nbsp; This was rejected by the court which held that the works of reinstatement should be begun but not necessarily completed by expiry, the tenant being allowed a reasonable period after expiry in which to complete the works.</P> <P>This inevitably raises questions as to the basis of the tenant's continuing occupation and the more sensible solution would perhaps be that the landlord should give enough notice to enable the tenant to carry out the works required, but this is not, generally, the way the cases have been decided.</P> <P><B>The Lease Code 2007</B></P> <P>The Lease Code is less favourable to landlords:</P> <P>'Landlords should not require tenants to remove permitted alterations and make good at the end of the lease, unless reasonable to do so. Landlords should notify tenants of their requirements at least six months before the termination date.'</P> <P>It will be interesting to see whether this influences a future case on the point.&nbsp; In any event, landlords should consider their position as early as possible and obtain necessary advice in order to develop a clear strategy.</P> <P class=findoutmore>To find out more, please contact <U><A href="mailto:David.Kearsley@penningtons.co.uk?subject=Query: Property Update June 2010 - Reinstatement">David Kearsley</A></U></P></TD> <TD><IMG height=1 alt="" src="http://response.penningtons.co.uk/reaction/images/emails/spacer.gif" width=36></TD></TR> <TR> <TD colSpan=3><IMG height=12 alt="" src="http://response.penningtons.co.uk/reaction/images/emails/spacer.gif" width=750></TD></TR> <TR> <TR> <TD align=right> <TABLE cellSpacing=0 cellPadding=0 width=130 border=0> <TBODY> <TR> <TD class=photo><IMG height=130 alt="" src="http://response.penningtons.co.uk/reaction/images/house.jpg" width=130>&nbsp;</TD></TR></TBODY></TABLE></TD> <TD class=news> <H2><A name=Suspension></A>Suspension of HIP packs</H2> <P>As you are no doubt aware, Home Information Packs are no longer required.&nbsp; Please click <A href="http://www.penningtons.co.uk/~/media/9b51487ce2184d829164472f4b411e71.ashx"><FONT color=#52626f>here</FONT></A> to be taken to our recent article in our social housing update.</P> <P class=findoutmore>&nbsp;</P></TD> <TD><IMG height=1 alt="" src="http://response.penningtons.co.uk/reaction/images/emails/spacer.gif" width=36></TD></TR> <TR> <TD colSpan=3><IMG height=12 alt="" src="http://response.penningtons.co.uk/reaction/images/emails/spacer.gif" width=750></TD></TR> <TR> <TD colSpan=3><IMG height=12 alt="" src="http://response.penningtons.co.uk/reaction/images/emails/spacer.gif" width=750></TD></TR> <TR> <TD><IMG height=1 alt="" src="http://response.penningtons.co.uk/reaction/images/emails/spacer.gif" width=144></TD> <TD><IMG height=1 alt="" src="http://response.penningtons.co.uk/reaction/images/emails/spacer.gif" width=36></TD></TR> <TR> <TD colSpan=3><IMG height=20 alt="" src="http://response.penningtons.co.uk/reaction/images/emails/spacer.gif" width=750></TD></TR> <TR> <TD><IMG height=1 alt="" src="http://response.penningtons.co.uk/reaction/images/emails/spacer.gif" width=144></TD> <TD align=left> <TABLE cellSpacing=0 cellPadding=0 width=395 border=0> <TBODY> <TR> <TD> <P><STRONG>London</STRONG><BR><SPAN>t:</SPAN> +44 (0)20 7457 3000<BR><SPAN>f:</SPAN> +44 (0)20 7457 3240</P></TD> <TD><IMG height=1 alt="" src="spacer.gif" width=7></TD> <TD> <P><STRONG>Basingstoke</STRONG><BR><SPAN>t:</SPAN> +44 (0)1256 407100<BR><SPAN>f:</SPAN> +44 (0)1256 479425</P></TD> <TD><IMG height=1 alt="" src="http://response.penningtons.co.uk/reaction/images/emails/spacer.gif" width=8></TD> <TD> <P><STRONG>Godalming</STRONG><BR><SPAN>t:</SPAN> +44 (0)1483 791800<BR><SPAN>f:</SPAN> +44 (0)1483 424177</P></TD></TR></TBODY></TABLE></TD> <TD><IMG height=1 alt="" src="http://response.penningtons.co.uk/reaction/images/emails/spacer.gif" width=36></TD></TR> <TR> <TD colSpan=3><IMG height=20 alt="" src="http://response.penningtons.co.uk/reaction/images/emails/spacer.gif" width=750></TD></TR> <TR> <TD><IMG height=1 alt="" src="http://response.penningtons.co.uk/reaction/images/emails/spacer.gif" width=144></TD> <TD> <P class=small><STRONG>Please note:</STRONG> Specialist advice should be obtained before taking, or refraining from taking, actions based on comments in this update which is only intended as a brief note. <FONT color=#405a5c size=4>© </FONT>Penningtons Solicitors LLP, 2010.</P></TD> <TD><IMG height=1 alt="" src="http://response.penningtons.co.uk/reaction/images/emails/spacer.gif" width=36></TD></TR> <TR> <TD colSpan=3><IMG height=10 alt="" src="http://response.penningtons.co.uk/reaction/images/emails/spacer.gif" width=750></TD></TR> <TR> <TD><IMG height=1 alt="" src="http://response.penningtons.co.uk/reaction/images/emails/spacer.gif" width=144></TD> <TD> <P class=small>Penningtons Solicitors LLP is a limited liability partnership registered in England and Wales with registered number OC311575. It is regulated by the Solicitors Regulatory Authority. Its registered office address is Abacus House, 33 Gutter Lane, London EC2V 8AR.<BR></P> <P class=small>&nbsp;</P></TD> <TD><IMG height=1 alt="" src="http://response.penningtons.co.uk/reaction/images/emails/spacer.gif" width=36></TD></TR> <TR> <TD><IMG height=1 alt="" src="http://response.penningtons.co.uk/reaction/images/emails/spacer.gif" width=144></TD> <TD><IMG height=1 alt="" src="http://response.penningtons.co.uk/reaction/images/emails/green_hr.gif" width=570></TD> <TD><IMG height=1 alt="" src="http://response.penningtons.co.uk/reaction/images/emails/spacer.gif" width=36></TD></TR> <TR> <TD colSpan=3><IMG height=5 alt="" src="http://response.penningtons.co.uk/reaction/images/emails/spacer.gif" width=750></TD></TR> <TR> <TD colSpan=3><IMG height=10 alt=spacer src="http://response.penningtons.co.uk/reaction/images/emails/spacer.gif" width=750></TD></TR> <TR> <TD><IMG height=1 alt="" src="http://response.penningtons.co.uk/reaction/images/emails/spacer.gif" width=144></TD> <TD><IMG height=1 alt="" src="http://response.penningtons.co.uk/reaction/images/emails/spacer.gif" width=36></TD></TR> <TR> <TD colSpan=3><IMG height=10 alt=spacer src="http://response.penningtons.co.uk/reaction/images/emails/spacer.gif" width=750></TD></TR> <TR> <TD colSpan=3><IMG height=10 alt="" src="http://response.penningtons.co.uk/reaction/images/emails/spacer.gif" width=750></TD></TR></TBODY></TABLE></TD></TR></TBODY></TABLE></BODY></HTML>