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Belgravia is a neighborhood in the City of Westminster, which is one of the most affluent areas of London. The Belgravia property market is known for its luxury properties, exceptional architecture, and impeccable location. The area is renowned for its high-end residential properties, which have attracted wealthy residents from around the world.

The average price of a property in Belgravia is at around £4.2 million, and the properties in the area are some of the most expensive in the world. The properties in Belgravia are mostly period conversions and Georgian terraces that have been beautifully restored, and they offer large rooms, high ceilings, and stunning views. The properties in the area have been designed and built to meet the highest standards, and they offer exceptional facilities and services to their residents.

Belgravia is an area in high demand, and it offers a unique investment opportunity for those who are looking for a prime property investment. Property values in Belgravia are steady, and they are expected to grow in the years to come. The area has a strong rental market, and property investors can expect rental yields of up to 4%. Demand for rental properties in the area is high, and the rental market is competitive.

The neighborhood is home to a wide range of high-end amenities and facilities, including world-class restaurants, exclusive shops, and elegant bars. The area also has its own parks and green spaces, including Belgrave Square, Eaton Square, and Buckingham Palace Gardens, which provide a tranquil escape from the hustle and bustle of the city.

Belgravia is located in the heart of London, and it is well-connected to other parts of the city. The area is served by excellent transport links, including the Victoria and Piccadilly lines on the London Underground, and several bus routes that run through the area. The neighborhood is also within easy reach of several major airports, including Heathrow and Gatwick.

In conclusion, the Belgravia property market is one of the most exclusive and sought-after property markets in the world. The properties in the area are renowned for their luxury, style, and elegance, and they offer some of the best amenities and facilities in London. The area is a fantastic investment opportunity for those who are looking to invest in prime property, and it offers excellent rental yields and strong capital growth potential.

Royal Assent was given to create the Economic Crime (Transparency and Enforcement) Act 2022 (the Act) on 15 March 2022. The new Act requires Companies House to set up and maintain a new public register of the beneficial owners of non-UK entities that own UK land, which will be known as The Register of Overseas Entities (the Register).

It’s estimated that 95,000 UK properties are held by overseas companies. The Act intends to address concerns around the lack of transparency as to who owns the land when an overseas entity is listed as the registered owner with HMLR.

The objective of the Act is to prevent the use of UK property either to launder money, finance terrorism or invest the proceeds of other unlawful activities.

Where an overseas entity wishes to own UK land, it will need to identify and list its beneficial owners much like the present PSC process. Generally, if a beneficial owner holds 25% or more of the shares or voting rights, or if they can appoint or remove a majority if its directors, or have the ability to exercise some other significant influence or control over the entity, then they will need to be included on the Register.

The Act will change land registration procedures to impose restrictions that prevent dealings in the UK land. These will significantly strengthen the incentive on overseas entities and those dealing with them to ensure compliance with the Act but raise additional transactional steps that will need to be overcome.

Work on the implementation of the Register is underway, and we at Feltons welcome this move.

Once the Register’s launch date is known, overseas entities who already own land in the UK will be given 6 months to register their beneficial owners or managing officers.

We can assist with the registration process.

Please contact Paula Felton if you require further information:
pfelton@feltonssolicitors.co.uk

The existing tenant may be asked to enter into an Authorised Guarantee Agreement (AGA) which requires them to guarantee the performance of the lease covenants by the assignee.

Under an AGA if the assignee does not pay the rent or breaches other covenants, the landlord could ask the departed tenant as a guarantor to pay any outstanding rent or remedy the breach.

Underletting is where the existing lease remains in place, but the tenant under-leases the whole or part of the property to a third party. The existing tenant becomes the landlord of the third party and remains the tenant bound under the existing lease.

Surrender is where you give the property back to the landlord and the lease ends at that point. You may be able to negotiate with the landlord for the surrender of the lease. It is up to the landlord to agree to a surrender and the landlord may require the payment of a lump sum to do so.

This is an area where it’s best to take legal advice when negotiating these terms into a lease you are taking on as well as when you are trying to exit. Advice on break clauses, AGAs, assignments and other matters can save a business many thousands of pounds.

Please contact our commercial and residential property specialist solicitors Paula Felton or Beverley Obrart if you would like to discuss this further. Paula and Beverley have over 60 years combined experience in this area.

pfelton@feltonssolicitors.co.uk

bobrart@feltonssolicitors.co.uk