Part Freehold & Leasehold - A Guide to Sales & Purchases

Introduction

It will be unusual if you never have to deal with the sale or purchase of part of a title and whether dealing with commercial or residential property, a key skill is understanding how to effectively approach sales and purchases of part of freehold and leasehold land and property.

Challenges and traps can arise in any transaction involving a sale or purchase of part, whether you are dealing with a domestic garden, hundreds of acres of land, or the splitting of commercial premises.

If you are acting for the seller, do you understand what protections you should incorporate into the sale documents? As the buyer’s lawyer, do you appreciate the extent of your obligations to protect the buyer? Particular challenges you will face include knowing when and how the benefit and burden of existing rights and covenants are passed on, and the reservation of rights. A sale of part of leasehold land raises additional issues. What, for example, are the implications and effects of splitting the reversion? How do you protect your client where there is a sub-letting of part?

This virtual classroom seminar covers the fundamentals of sales and purchases of part, and the particular issues you will need to address.

What You Will Learn

This live and interactive session will cover the following:

• Split reversions and potential complications
• Assigning and subletting part
• The status of existing rights and quasi-easements, s62 Law of Property Act, and the rule in Wheeldon v Burrows
• Granting and reserving new rights and easements
• Passing on (or retaining) the benefit of existing restrictive covenants
• Imposing new restrictive covenants
• Splitting planning obligations under s106 agreements
• Issues involving the Community Infrastructure Levy where there is a single planning permission for sold and retained land

Recording of live sessions: Soon after the Learn Live session has taken place you will be able to go back and access the recording - should you wish to revisit the material discussed.