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Commercial Property

Registers of Scotland have introduced a new Land Register – the Register of Persons Holding a Controlled Interest in Land (or the “RCI”) – which went live on the 1 April 2022. This is an additional register, sitting alongside the Register of Sasines (which is being phased out) and the Land Register of Scotland, with the aim of identifying those individuals, who cannot be identified through the existing land registers, who have a “significant influence or control” over the named owner or long tenant (20+ years) of the land or property in question. The aim of the RCI is to improve transparency in who actually owns or tenants Scottish land.

What are Heat Networks

Picture a ‘Film Noir’ setting. We’re in New York, a distant siren blares. The shadowy street is illuminated by passing vehicles, revealing a solitary figure, concealed by plumes of steam rising from sidewalk grates. In considering such a scene, one may wonder why it is that Scotland’s streets have never featured these columns of hot vapour. But that Hollywood look may start to be a common sight in Scottish towns as a result of recent Holyrood legislation, coming in the form of the Heat Networks (Scotland) Act 2021 (“the Act”).

Leases and town centre regeneration

Emma Stephen, partner in our Commercial Property team, is featured in the latest edition of AGCC's Bulletin.

The pandemic has ripped through town centres leaving boarded up shop fronts, dilapidated buildings and deserted high streets in its wake.  However, there are many angles to look at this problem from including planning, taxation, investment, unit size, new shopping centres etc.  This article looks at the impact leasing has and how landlords can play their part in regeneration.

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.        

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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