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Landlord and tenant – Assignment of lease. A lease was granted to a tenant (T1). T1's obligations under the lease were guaranteed by G. T1 assigned the term of the lease to another (T2), in breach of a covenant in the lease. Accordingly, that assignment was an 'excluded assignment' within the meaning of s 11 of the Landlord and Tenant (Covenants) Act 1995 and T1, as the original lessee and G, as the guarantor, were not released from their liabilities in relation to the covenants in the lease. The parties wished to bring about a result whereby the term of the lease was again vested in T1 and whereby the tenant's obligations under the lease were guaranteed by G under a fresh guarantee. The Chancery Division held that it was open to the parties to proceed with a direct re-assignment of the lease by T2 to T1, with T1's obligations being guaranteed by G in a new guarantee. Such arrangement was not invalidated by s 25 of the Act.
Landlord and tenant – Assignment of lease. A lease was granted to a tenant (T1). T1's obligations under the lease were guaranteed by G. T1 assigned the term of the lease to another (T2), in breach of a covenant in the lease. Accordingly, that assignment was an 'excluded assignment' within the meaning of s 11 of the Landlord and Tenant (Covenants) Act 1995 and T1, as the original lessee and G, as the guarantor, were not released from their liabilities in relation to the covenants in the lease. The parties wished to bring about a result whereby the term of the lease was again vested in T1 and whereby the tenant's obligations under the lease were guaranteed by G under a fresh guarantee. The Chancery Division held that it was open to the parties to proceed with a direct re-assignment of the lease by T2 to T1, with T1's obligations being guaranteed by G in a new guarantee. Such arrangement was not invalidated by s 25 of the Act.
Sam Townend KC explains the Bar Council’s efforts towards ensuring a bright future for the profession
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Westgate Wealth Management Ltd is a Partner Practice of FTSE 100 company St. James’s Place – one of the top UK Wealth Management firms. We offer a holistic service of distinct quality, integrity, and excellence with the aim to build a professional and valuable relationship with our clients, helping to provide them with security now, prosperity in the future and the highest standard of service in all of our dealings.
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