This is an extract of our Leases Running Of Covenants Ii document, which we sell as part of our GDL Land Law Notes collection written by the top tier of Cambridge/Bpp/College Of Law students.
The following is a more accessble plain text extract of the PDF sample above, taken from our GDL Land Law Notes. Due to the challenges of extracting text from PDFs, it will have odd formatting:
Land: Leases - Running of Covenants II (Post-1996 Leases) Introduction - Landlord and Tenant (Covenants) Act 1995
- 1 Jan 1996: LT(C)A 1995 came into force. app. to all 'new leases': all leases created after 1 Jan 1996. some exceptions: where option or agreement to grant lease entered into before 1 Jan 1996. old leases: pre-1996 rules still apply, but modified by retrospective provisions - s17-s19 LT(C)A. date of assignment irrelevant: if lease created pre-1996, old rules apply even if later assignment.
- Main provisions. liability of original parties: s5: abolishes continuing liability of original T. ss6-8: enables original L to be released for continuing liability. s11: excluded assignments - original parties not released. s16: Authorised Guarantee Agreement (AGA) - T guarantees performance of covenants by assignee. s22: commercial leases - pre-conditions to assignment possible. passing of benefit + burden: s2: app. to all landlord + tenant covenants - 'touching + concerning' requirement abolished. s3: passes benefit + burden of all landlord + tenant covenants. s3(5): restrictive covenants can be enforced directly on sub-tenant. s3(6): NOT covenants 'expressed to be personal'.
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