Can you summarise what’s changed in mutual exchange? Your questions answered
By Bukola Aremu
Pre Localism Act 2011, all mutual exchanges took place by deed of assignment. Post Localism Act, surrender and re-grant is the mechanism used for mutual exchange.
Mutual exchange is where two tenants assign their tenancy to one another, the result being that each tenant takes over the other tenant’s tenancy. So if a secure tenant exchanged with an assured tenant, new tenancies are not signed. On mutual exchange, the tenancy stays with the property, not the person.
The Localism Act 2011 provides that if a secure or assured tenant whose tenancy commenced before 1 April 2012 wishes to exchange their property with a tenant holding a flexible or fixed-term tenancy, the exchange will be achieved by surrender and re-grant of new tenancies…
Click on the link below to read the rest of the Shoosmiths briefing.
Sign in or Register to continue reading this article
It's quick, easy and free!
It takes just 5 minutes to register. Answer a few simple questions and once completed you’ll have instant access.Register now
Why register to The Lawyer
In-depth, expert analysis into the stories behind the headlines from our leading team of journalists.
Identify the major players and business opportunities within a particular region through our series of free, special reports.
Receive your pick of The Lawyer's daily and weekly email newsletters, tailored by practice area, region and job function.
More relevant to you
To continue providing the best analysis, insight and news across the legal market we are collecting some information about who you are, what you do and where you work to improve The Lawyer and make it more relevant to you.
News from Shoosmiths
News from The Lawyer
Briefings from Shoosmiths
In 2013 global pop sensation Rihanna took legal action against the retail giant and its parent company Arcadia for using an image of her on a T-shirt and succeeded in the High Court with her claim of passing-off.
In the past five years planning promotion agreements – also known as land promotion agreements – have become popular with both landowners and developers as an alternative to option agreements.
Analysis from The Lawyer
Compliance and corporate governance codes for large financial institutions will undoubtedly include provisions to regulate high pay in the future
There’s more to the ABS model than attracting the man in the street and procuring external investment. Partners at the big corporate firms, take note…