Landlord’s Consent for a Lease Assignment

Lease-Assignment-1

AS A COMMERCIAL PROPERTY landlord you have certain rights.

However, your ability to refuse consent to a lease assignment will depend on several factors.

[Read more…]

With Property … How to Stay Cool When Things Get Hot

Keeping-Cool

A RECENT CASE in the Queensland Civil Administrative Tribunal (QCAT) has brought the laws governing cooling-off periods into sharp focus. And the ability of vendors to retain termination fees where contracts are terminated was challenged.

While the laws relating to cooling off periods differ in each state, this article will discuss the general principles of cooling off periods … and what you need to be aware of when seeking to exercise your rights. [Read more…]

The Previous “BEWARE” … Has Now Become LAW!

High Court Ruling

THE LANDMARK DECISION of Willmott has recently been upheld by the High Court. The decision confirms that a liquidator has the ability to disclaim a lease, meaning that the tenant will no longer hold a leasehold interest in the land.

In our article published in September last year, a case summary was provided of the Victorian Supreme Court of Appeal decision. This article will focus on the reasons provided by the High Court. [Read more…]

Getting All The Adjustments Correct at Settlement

Settlement

IN THE CONVEYANCING stage, before settlement, the vendor and purchaser adjust the purchase price to deal with the following matters:

  • Periodic payments of all statutory outgoings (such items as council rates, water rates and land tax); plus …
  • Rent and outgoings payable by a tenant under a lease. [Read more…]

Tenants — Beware When You Fall Behind With Your Rent!

payment-overdue

WHILE THIS MAY have be written from a Tenant’s perspective … the message is equally valuable for Landlords, owning Commercial investment property.

Many landlords, tenants (and legal practitioners for that matter!) do not appreciate the significance of a default clause in a commercial lease that deals with the non-payment of rent. [Read more…]

BEWARE … If You’re a Commercial Tenant

Plantation

A LANDMARK DECISION by the Court of Appeal of the Victorian Supreme Court means that a landlord’s liquidator can now disclaim a tenant’s lease — meaning that you, the Commercial tenant, no longer hold a leasehold interest in the land.

Case: In the Matter of Willmott Forests Ltd (in liquidation) [2012] VSCA 202 (‘Willmott’)

The Facts of the Case

The facts can be summarised as follows: [Read more…]

Important Changes to Land Zoning within Victoria

Planning-Changes

A significant number of our clients have been purchasing property in Victoria — despite them living all around Australia. If you have already (or are about to) purchase within the State — then read on, to find out if the recent land zoning changes could affect you.

REFORMS TO THE VICTORIAN residential, commercial and industrial planning zones have come into operation in recent months.

The changes have resulted in the replacement of the business zones, introduction of the new commercial and residential zones, and amendments to the industrial zones. [Read more…]

Environmental Issues Loom Large Among Commercial Property Transactions

Green-Building

ENVIRONMENTAL CONTAMINATION is fast becoming a contentious issue in the 21st century. As such, it is not surprising this is becoming one of the key factors in property transactions.

Sale contracts

All aspects of contamination and compliance with environmental laws have emerged as an issue in negotiations between vendors and purchasers.

Generally speaking, a vendor will aim to sell a property ‘as is, where is’. Accordingly, the vendor’s preference would be for the purchaser to rely on its own enquiries; and therefore, buy the property in its present state of repair.

This would mean the purchaser buys the property subject to any pre-existing contamination, or non-compliance with environmental laws. [Read more…]

Where There’s a Will … There’s a Way

Wills
TO DIE “Intestate” is to die without having made a Will. That means the distribution of your estate would then be in accordance with the law, and potentially against your wishes.

And that’s because, without a Will to provide a clear allocation of your assets and property … estates are divided according to the applicable state or territory legislation.

The legislation provides for the distribution of an estate in light of considerations such as … whether the deceased leaves any partners, children, living parents, brothers, sisters, or children of brothers and sisters. [Read more…]