REAL ESTATE LAW PRACTICE PROBLEM

You are working in the lease advisory team in a real estate consultancy business. Your client completed the purchase of the property on 31st March 2017 and has asked for advice on the following issues. Your company was not involved in the acquisition. Your client understands that she will need to take detailed legal advice in due course but has asked your company to identify the key legal and practical considerations.
Prepare a briefing note for your head of department which sets out your analysis of the problems and provides advice as appropriate. You should support your reasoning with relevant case law and legislation.

The maximum word count is 3,000 words.

There is a supplementary document to this brief comprising a tenancy schedule and outline layout plan.

The Property:
The property comprises two buildings of traditional brick construction in the centre of Manchester, Buildings A and B on the attached layout plan. They form part of a terrace of eight-storey buildings (six upper floors, ground and basement) mainly used as offices, with retail units on the ground floors, fronting the highway. There is open ground to the rear, currently used for car parking/deliveries, with individual access to each property, as shown by the blue arrows. There is a two metre high brick wall enclosing the open ground behind each of the buildings.
Building A was refurbished six years ago to a very high standard and is in excellent condition. It is fully let and the current office market rental level is £250pm2 per annum. Building B is in poor condition, both externally and internally. A substantial amount of the space is vacant. The current market rental level is £120pm2 per annum.
Details of leases are shown on the attached tenancy schedule. All leases are on typical ‘institutional’ terms with upwards only rent reviews and the tenants responsible for paying insurance and service charge to cover management costs, repair and maintenance of the building and common parts. For all tenant break options, the tenant must give six months prior notice and have paid all rent due. You should assume that each of the leases incorporate the specific wording of Clause 5.18 and Schedule 8 of the course standard lease, Unit 3 University Avenue.

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