Commercial Property Law Essay Example | Topics and Well Written Essays - 2250 words

Commercial Property Law - Essay ExampleAny conflict amid the parties shall be resolved in consonance with the tenor of the contract, the spirit and letter of the relevant laws as rise up as applying common law principles and judicial meter reading rendered by courts or tribunals on similar issues. The interpretation of the parties rights and obligation in contractual relationships vary and oftentimes the interest of one party may sully its judgment thus it is important that independent minds should offer impartial opinions to aid the parties in making certified decisions. It is in this context that our firm was commissioned by Tomes Limited (Tomes) to evaluate its standing in a leasehold agreement whether its posturing against the landlord is valid. The account was assigned to me for appropriate action. II. Factual Background The leasehold contract over an grey-haired Victorian Townhouse was constituted on 1 April 1997 for a period of twenty five years where lock review shall be made at the end of the 5th, 10th and 15th years of the term provided that much(prenominal) intention is communicated to the tenant within the 5th, 10th and 15th years. The break clause option is available to each party provided that notice shall be given to the other party during the first six months of the 15th year. The leasehold states that the tenant shall put and keep the premises in tenantable refer to include the decorations, wall-surfaces, window frames, glazing, and casements. The Landlord and Tenant Act 1954 shall be applicable as no effort to exclude its operation was undertaken by the parties. Tomes assumed the lease 3 years ago and utilizes the demised premises as a book shopan activity which is not verboten by the user clause. Its peaceful occupation of the demised properly was interrupted when the landlord demanded that Tomes undertake repair on the cracks in the corners of and right across all the ceilings after a structural inspection revealed that cracking has been caused by crimp of floor joists induced by the load imposed by book shelves. The engineer who conducted the structural investigation concluded that the joists may not have been permanently damaged by the load but however recommends the installation of steel reinforcement of the joists in the floor voids along with load reduction as the top(prenominal) floors are not particularly well suited to the demands of book storage. III. The Opposing Views The controversy escalated when the landlord insisted that the reinforcement kit and caboodle as recommended by the engineer should be executed by Tomes pursuant to the repairing covenant and its obligation to repair any damage to the demised premises caused by it. The landlord further argues that without the works, the premises cannot properly be used as a book shop. Tomes disagrees claiming that the repairing covenant covers only cosmetic facade and the installation of steel reinforcement cannot be characterized simply as a co smetic enhancement but one that requires structural repair. Tomes further refuted the last of the landlord for rent review as the review was not timely initiated within the period specified in the leasehold thus estoppel set in. Tomes suspects that the persistence of the landlord to ascribe fault against it is brought about by his recent acquisition of the irresponsible share in Volumes Limited (Volumes for brevity), a specialist book-seller which needs new retail premises. It would appear that the landlord wants to bulge out Tomes out of the way to install Volumes in the premises