In the current economic climate, we are seeing more and more lease restructures - particularly break options being removed coupled with the grant of rent-free periods. Landlords and tenants who are discussing lease variations need to make sure that they are aware of any VAT implications.
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The law never stands still, and the way it applies to you and your organisation is constantly evolving. Our people are on top of these developments and can keep you up to date with some of the most interesting aspects of these changes. Check out our articles and updates for our perspective on issues that might affect you.
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Many restaurant and licensed trade operators will be looking at car parks, service yards and other outdoor areas with a view to using these for impromptu outdoor restaurants, cafes or pop up bars as the hospitality industry in Scotland gears up for the provisional re-opening date of 15 July. While there will be an understandable rush to get venues ready for any change in the lockdown, and the authorities are showing a willingness to be flexible, there are still potential pitfalls with serious repercussions for operators.
In March 2020, the UK government signalled a shift in energy policy by announcing its intention to bring onshore wind and solar development back into the Contracts for Difference (CfD) subsidy regime. It is no surprise then that investors are attracted by the bondlike nature of these subsidised projects. The 2020s will likely see increased confidence among funders, with a resulting boost to renewable energy projects in Scotland. However, funders should be aware that there is a discrete property and security law regime in Scotland that affects what security can be obtained by Lenders. It is important that developers and funders seek expert legal advice on the quirks of the Scottish system.
Our Commercial Real Estate team has been looking at some of the main concerns for our property clients in Scotland, and in our most recent bulletin you'll find below have laid out some useful guidance on the big issues.
Generally speaking, many UK insurers define a commercial property as being "unoccupied" if it is empty or not being fully utilised for business purposes for a continuous period of 30 days. Some insurers have extended the period to 60 days due to the current lockdown, but owners of such properties should carefully check their policies and contact their providers to be sure that they remain covered.