fbpx

Property Roundtable Spring Session

Mar 30, 2021

The Spring Session of the Property Roundtable marked both 1 year since the inception of the Roundtable discussions and the approaching anniversary of the first Covid lockdown. Much has changed in the past year, and with the benefit of hindsight the potential positive changes which have been adopted as a result of the pandemic are starting to become clearer.

Covid and Brexit Delays

On the whole the panel reported that they had not experienced and particular delays during the past quarter owing to either Covid or Brexit. It was considered that for Covid delays the majority of transaction that are ongoing will have already factored in any anticipated Covid delay. There has been some impact felt from Brexit, including good being delayed where manufacture or distribution has involved the European bloc, but generally only a small number have felt these effects so far.

The 2021 Budget

As we have recently reported [link to this article: https://www.herrington-carmichael.com/2021-spring-budget-an-extension-to-the-sdlt-holiday/] the Chancellor has extended the Stamp Duty Land Tax holiday from the end of March to a staggered phasing out from June to September this year. This, when combined with the extension to the existing Help to Buy scheme has eased the much anticipated March pinch-point, although transaction volumes remain high across the board, from agreeing new finance deals, taking instructions for house sale, new development acquisitions and bumper demand for searches and due diligence assisting technologies. As has been widely reported in the press, the roundtable has found that location remains a key factor in a successful development, with leafy lanes and houses on the whole taking precedent over city-centre apartment schemes.

A positive change from the last 12 months

Taking a look back over the last year, the roundtable agreed that there are a number of positive changes to the way we have been working and structuring deals during the pandemic. For example, when the impact of Covid were first felt last year it became the norm for parties to a transaction to hold up-front and clear conversations as to their position, their aims and the way they see a project progressing. We have certainly seen a continuation of this with really strong communication being a cornerstone of our work approach. This has allowed professionals across the industry to better understand the wants and needs of each deal and being better placed to manage expectations throughout.

Government Services

While many deals are in progress, the delays to many government services are still being felt. This includes long delays in registration at the Land Registry, waits for local search results and planning delays. From the panel’s experience the backlogs experienced last year have led to a log-jab which has been hindered further by some parts of the public sector being less able to swiftly move to home working. Some functions seem to be improving, but it may be some time until services are back to their peak pre-Covid service levels.

Retail

With the panel looking forward to a relaxation of some lockdown measured in the coming months, talk turned to the changing face of our high streets. While many familiar brands like Debenhams and Thorntons may be leaving our high streets, there is a lot of opportunity for the reimagining of these public spaces. Many felt that the changes that we are seeing to the retail sector may simple be an acceleration of existing trends and that Covid has been a catalyst for change. Several of the roundtable reported an increase in “town square” mixed-use developments with office, food and drink, retail and residential all within the same development, rather than larger more stand-alone schemes.

If you would like to discuss anything raised in this article further, please contact Steph Richards directly at steph.richards@herrington-carmichael.com or on 01276 854 929.

 

This reflects the law and market position at the date of publication and is written as a general guide. It does not contain definitive legal advice, which should be sought in relation to a specific matter.

Steph Richards

Steph Richards

Senior Solicitor, Property Law

Sign up

Enter your email address for legal updates on Property & Construction Law.

Please see our privacy policy regarding use of your data.


Contact Us

    The information you submit will be handled in accordance with our privacy policy.

    FREE: Legal Insights and Event News 

    Keep you, your family and / or business up to date on how the law affects you, by subscribing to one of our legal insights.

    Subscribe for free Legal Insights
    & Event updates

    Receive the latest legal developments and professional advice to keep your family and business safe.
    Please choose which list you would like to subscribe to below.





    Please see our privacy policy regarding use of your data.


    Latest News & Insights

    Top Legal Insights

     

    Contract Law

    Material Breach of Contract

    What is a ‘material’ breach of contract by a party to a commercial contract? This is a critical issue regularly considered by the courts. What constitutes a material breach and what are the remedies?

    Property Law

    Commercial Lease: The Financial impact on Landlord and Tenant

    Coronavirus (COVID-19) and the restrictions now in place to control its spread, are having a significant effect on many business sectors.

    Divorce and Family Law

    Divorce in Lockdown: Can I get some discreet legal advice?

    We have spoken to clients who are unfortunately experiencing some family issues, and would like to obtain expert legal advice, yet don’t know how...

    Land & Property Dispute

    Restrictive Covenants – The Price of Modification

    Having identified that your land is burdened by a restrictive covenant and for the purposes of this article the covenant in question will be that only one residential building can be erected on the land. What do you do next?

    Wills, Trusts and Probate

    Why is having a will so important?

    It is entirely up to you if and when you want to create a Will, but it is important to be aware of the consequences of not having a Will.

    Award winning legal advice

    We are solicitors in Camberley, Wokingham and London. In 2019, Herrington Carmichael won ‘Property Law Firm of the Year’ at the Thames Valley Business Magazines Property Awards, ‘Best Medium Sized Business’ at the Surrey Heath Business Awards and we were named IR Global’s ‘Member of the Year’. We are ranked as a Leading Firm 2020 by Legal 500 and Alistair McArthur is ranked in Chambers 2020.

    undefined
    undefined

    London

    60 St Martins Lane, Covent Garden, London WC2N 4JS 

    +44 (0) 203 755 0557

     

    Camberley

    Building 2  Watchmoor Park, Riverside Way, Camberley, Surrey  GU15 3YL

    +44 (0)1276 686 222

     

    Wokingham (Appointment only)

    4 The Courtyard, Denmark Street, Wokingham, Berkshire RG40 2AZ

    +44 (0)118 977 4045

    info@herrington-carmichael.com

    © 2020 Herrington Carmichael LLP. Registered in England and Wales company number OC322293.

    Herrington Carmichael LLP is authorised and regulated by the Solicitors Regulation Authority.

    Privacy   |   Legal Notices, T&Cs, Complaints Resolution   |   Cookies   |   Client Feedback