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Commercial Property

Introduction/Background

The majority of commercial leases in Scotland incorporate provisions entitling the Landlord to terminate a Lease in the case of Tenant breach.  Irritancy clauses, as they are known, entitle a Landlord to take steps to regain possession and reclaim rent and other monetary arrears including interest within a relatively short period of time. 

With stringent social distancing measures still in place, many professionals working in the real estate industry are considering electronic signatures as an alternative method of concluding contracts and securing the execution of formal deeds.   Prior to the Covid-19 lockdown, the use of electronic signatures was rare but with signatories confined to home, reliance on the traditional ‘’wet ink’’ signature approach can be a challenge.        

After successfully quashing a legal challenge in the Supreme Court, in a bid to reduce alcohol related harm, minimum pricing of alcoholic drinks will become a part of the Law in Scotland with effect from today, 1 May 2018.

What is LBTT?

On the 1st of April 2015, Land and Buildings Transaction Tax (“LBTT”) replaced Stamp Duty Land Tax in Scotland. LBTT is a property tax applied to residential and commercial land and buildings transactions (including commercial leases). In most cases an LBTT return will require to be made to Revenue Scotland shortly after the date of entry to the property by either the purchaser or tenant (normally submitted by their solicitor).

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Contact Info

ABERDEEN OFFICE
28 Albyn Place, Aberdeen AB10 1YL
Tel: +44 1224 845845

 

INVERNESS OFFICE
Camas House, Fairways Business Park,
Inverness IV2 6AA
Tel: + 44 1463 713225

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