What is the future of commercial real estate law?

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SearchFlow one of the biggest conveyancing search providers in England and Wales has over 2,500 legal clients and conducts more than 1 million searches every year.

On the 17^th of May SearchFlow’s web seminar will brings together leading lawyers and practitioners to discuss the future of commercial real estate law.

Titled “Building for a Stable Future: Legal Firm Perspectives on Commercial Real Estate”, the event will be moderated by Tracy Burtwell, Sales Director at SearchFlow and will feature James Cottrell, Head of Commercial Real Estate at Taylor Walton, and Ryan Davies, Real Estate Knowledge Lawyer at Gowling WLG.

The webinar, says SearchFlow forms part of a continuing dialogue between the company and industry experts in the commercial real estate sector. It follows up on research commissioned by SearchFlow late last year on the future of commercial real estate law, and a forthcoming report based on in-depth interviews on the topic with James Cottrell, Ryan Davies and Kelly Peck of Barr Ellison LLP.

SearchFlow’s Tracy Burtwell says:

“The pace of change is accelerating and increasingly, new technologies are wrapped around data in innovative ways, upping the competitive ante. It is, therefore, hugely important to understand how our clients and end users are interpreting and adapting to the evolving demands of major projects and to advances in technology.

“Commercial real estate is of particular interest to us, given our wide footprint in this sector and continually evolving product suite designed for commercial real estate law firms. This webinar offers a timely opportunity to look into the future and discuss what lies ahead.”

The webinar will commence on Tuesday 17th May 2022 at 12.30pm BST and will cover topics as diverse as the commercial impact of hybrid working for law firms, the level of ESG-readiness in the commercial real estate sector, and “the logic behind technology investment decisions as the industry attempts to contextualise and embrace digital transformation.”

Interested professionals can register for the webinar at: https://info.searchflow.co.uk/building-future-webinar-register

How the commercial property market has changed

The commercial real estate sector has seen significant change and challenges over the last decade. It was hit hard by the financial crash in 2008-09, especially those property companies that were exposed with significant speculative developments, borrowings and high interest charges.

But this experience instilled some discipline; the market was ruthless and almost indiscriminate and eventually resulted in property companies putting their houses in order. It was perhaps just as well as coming down the track was one major challenge after another.

Getting debt levels under control and with a low interest rate environment most property companies since the 2008-09 crash have been in better a position to navigate the challenges of first Brexit, then Covid and now the cost of living crisis, inflation and the war in Ukraine. What’s more, most older commercial properties will need substantial investment to bring them up to the new environmental and energy efficiency standards.

Navigating the pandemic proved particularly challenging for commercial landlords as businesses and tenants struggled to trade and pay rent. Rent collection rates fell and are only now beginning to recover as the economy opens up again.

One feature of this last property cycle has been the lack of investment, leading to a shortage of supply. Landlords have been more cautious, focusing on on income and diversification. There are opportunities out there for those willing to be brave. In particular, conversions between retail and residential or leisures uses, and industrial / warehousing offers positive opportunities.

In an inflationary environment, where cash value erodes at (currently) approaching 10% per year, having money invested in property projects at reasonable loan rates is likely to be a good long-term strategy.

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BREAKING: Housing benefit payments linked to rental property quality in ‘New Deal’

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Private landlords will be prevented from receiving housing benefit for tenants when renting out low-quality homes under new rules announced as part of the Renters Reform Bill, housing secretary Michael Gove has announced today.

The reforms aim to slash the £3 billion a year in housing benefit estimated to go to landlords renting out sub-standard homes and should save the NHS up to the £340 million a year it spends on treating health problems these properties create, according to the Department for Levelling Up, Housing and Communities.

The National Audit Office’s recent report estimated that £9.1 billion in housing support was paid to private renters or directly to private landlords in 2020-21 and revealed that 29% of renters receiving welfare live in a non-decent home.

This ‘New Deal’ for renters aims to improve the lives of millions by driving up standards in the private and socially rented sector, extending the Decent Homes Standard and giving all renters the legal right to a safe and warm home.

The government adds that the standard will place a legal obligation on the small number of landlords renting out homes that are of such low quality they are endangering the health of their tenants to quickly improve them.

Currently, areas in the North have the highest proportion of non-decent private rented homes.

New Deal

Gove says: “Too many renters are living in damp, unsafe and cold homes, powerless to put it right, and under the threat of sudden eviction. The New Deal for renters announced today will help to end this injustice, improving conditions and rights for millions of renters.”

The government has promised to publish a White Paper setting out more detail on the proposals for landmark reform in the private rented sector and promises to continue to work with the sector to develop the Renters Reform Bill.

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Shelter’s newest attack on letting agents is appalling and childish

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Shelter claims Landlords and letting agents have got away with cutting corners for far too long and have released a satirical video with an agent played by comedian Rory Marshall (see video below)

However, Propertymark CEO, Nathan Emerson

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REVEALED: How the new ‘property portal’ for landlords and tenants will work

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First details of the ‘private rental portal’ revealed in yesterday’s Queen’s Speech have emerged.

LandlordZONE understands that the portal will be similar to but more comprehensive than the ones already in operation in Wales and Scotland, using the address of each private rented property in England to create a database of homes and their landlords/agents.

As in Scotland, this is likely to include the owner of the property, the company managing it if applicable and a contact address for the owner/management.

This portal may then be linked to any redress cases linked to the property and its landlord, and will include any information on outstanding repairing standards enforcement orders and other breaches of the Decent Homes Standard.

Landlords are to get their own ‘ombudsman’ service that will enable tenants and landlords in dispute to resolve issues outside of the court system.

Briefing notes accompanying the Queen’s Speech explain that: “The Bill will… help landlords understand their obligations, give tenants performance information to hold their landlord to account, and help councils crack down on poor practice”.

Regulatory info?

But at this stage, it is not clear whether the portal will include regulatory information such as additional or selective licencing, gas safety, MEES and electrical checks.

In Scotland, landlords on the register must use their registration number on property listings advertising their listing so that prospective tenants can check their previous history, a requirement that is likely to be copied in England.

Speaking at an online Geospatial conference yesterday, David Holmes, senior policy adviser for the private rented sector at the Department for Levelling Up, Housing and Communities (DLUHC), said: “It could provide more data to give local authorities accurate information on private rental properties, and support the targeted enforcement of standards based on a better understanding of the stock.

Obligations

“Also, it could improve private landlords’ awareness of their obligations and be a conduit for communicating changes and provide tenants with more information on the standards of properties they are viewing and obligations a landlord could owe to them.”

If like the Scottish and Welsh systems, landlords in England found to have broken rules could be thrown out of the portal, making it impossible for them to rent their properties legally.

Sean Hooker, Head of Redress at the PRS, says his organisation “looks forward to working with the DLUHC to developer its plans for the portal”.

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Government says it will ‘end injustice’ with new deal Renters Reform Bill

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Michael Gove, and the Department for Levelling Up, Housing and Communities, have followed up on the Queen’s speech with exactly what their intentions are for the Renters Reform Bill.

Apparently, 21% of private renters live in homes of an unacceptable standard and 22% did not end their tenancy by choice (ignoring the fact this could be for rent arrears or anti-social behaviour etc.).

View Full Article: Government says it will ‘end injustice’ with new deal Renters Reform Bill