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.
News from Shoosmiths
News from The Lawyer
Briefings from Shoosmiths
Damages recoverable from a tenant: the differences in England and Scotland.
Following an investigation sparked by complaints from rival espresso coffee capsule manufacturers, the French Competition Authority has accepted commitments from Nespresso.
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…