Tag: Commercial property

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PARSLOWS RECOGNISED BY LEGAL 500

PARSLOWS RECOGNISED BY LEGAL 500 

Parslows and a number of its lawyers both in Jersey and England & Wales have been recognised by the Legal 500 in its annual ranking, which is an independent worldwide guide to the best performing law firms.

The Legal 500’s rankings are based on feedback from clients worldwide, submissions from law firms and private practice lawyers, and a team of researchers.

Parslows market profile has grown impressively over the last six years, with the number of fee earners increasing five fold over that period. It now boasts a truly full service offering, having established client relationships which confirm that it “punches above its weight” among its Jersey competitors

Parslows group, which is made up of Parslows Jersey, Parslows International, Parslows Executors and Parslows Notaries, has been ranked in the following practice areas:

  • Corporate & Commercial
  • Private Client, Trusts and Tax
  • Employment law
  • Commercial Property

Some of the commentary published in the Legal 500 Guide regarding Parslows and its lawyers includes:

  • Young firm Parslows is ‘on par with many of the larger firms in terms of breadth of experience and responsiveness’ and ‘excellent across all areas of law’, according to one client.
  • Outfits such as Parslows …  continue to carve a space for themselves in the well-served jurisdiction.
  • In Jersey, the ‘very responsive’ Mason Birbeck combines ‘great technical knowledge with the ability to relay complex information in clear language’. 
  • David Hill leads the team from London and is also highly recommended by clients.
  • The ‘highly regarded’ Mason Birbeck heads the trusts and private wealth department at Parslows, which is valued for being ‘highly responsive in all areas’ and, according to one client, ‘more attentive than its competitors’.
  • The ‘excellent, very responsive and readily available’ commercial property team at Parslows is headed by the highly recommended Carl Parslow.

Commenting on Parslows’ listing David Hill, who runs Parslows’ London office said: “It is an honour to be recognised in the Legal 500, the publication which provides the most comprehensive worldwide coverage on recommended law firms and lawyers. Parslows is in an exceptionally strong position to offer cost effective, highly professional legal services in both Jersey and the United Kingdom. Our aim has always been to make ourselves accessible and affordable without compromising on either our service levels or degree of expertise.”

Ends.

Media Contact:

Parslows Jersey

Tel: 01534 630530

Email: enquiries@parslowsjersey.com

Commercial Property

Commercial Lease l Should I enter into a personal guarantee under a Jersey lease? | – Q&As

Guarantee | Parslows International

Commercial Lease l Should I enter into a personal guarantee under a Jersey lease?

As a Company Director am I obliged to give a personal guarantee?

It has become accepted practice in Jersey for Lessors to seek a personal guarantee from corporate tenants when entering into a commercial lease. While there is no lawful requirement for personal guarantees to be provided, the reality is that the provision of a lease without a personal guarantee is unlikely to be agreed.

Will I be released from my personal guarantee if I assign the lease to a new lessee?

Unless the Jersey lease specifically provides, there is no obligation on a lessor to release a guarantor.  When negotiating the terms of a lease, particularly a long lease, it is important to consider this (amongst other issues) and make sure you agree with the lessor to include a clause to release the personal guarantor on assignment.

Will I remain liable under a personal guarantee if the lease term is extended?

In general terms you cannot be bound by or liable under a Jersey lease unless you have executed it. If the term of the lease is extended and you as a guarantor had not agreed to do, then its liability may not extend to the renewed term of the lease.  However this is a general statement and you should always take legal advice on this point are there are exceptions to this general statement.

Can the Lessor choose whom to take action or does the Lessor have to action all the parties under the lease?

The Lessor under a standard Jersey guarantee will be entitled to choose whom to action.  It will come of no great surprise that the Lessor is likely to assess whom, out of the lessor and or guarantor, has the stronger asset position and take action accordingly.  Moreover if the Lessor actions, for example the guarantor, and finds there is a shortfall, the Lessor will thereafter be entitled to pursue the Lessee for the balance.

Comment

Great caution should always be taken when providing a personal guarantee under a lease (or otherwise).  If is not a document you should sign without legal advice.

If you require any further information, advice or assistance please contact our head of Commercial Property Carl Parslow at carl.parslow@parslowsinternational.com

 

Commercial Property


Main Contact | Carl Parslow

Head | Commercial Property 


Please note that the information provided on this website is for general information purposes only and is designed to provide you with an outline of the legal services we offer.  Whilst we endeavour to ensure our information is correct and useful, we make no representations or warranties regarding the accuracy or completeness of the information offered.  Information on our website does not constitute legal advice and Parslows International accepts no liability for any loss or damage arising out of, or in connection with, the information found in this website.  Please consult a lawyer in the event that you require professional assurance that our information, and your interpretation of the same, is correct. 
Commercial Property

Trials and Tribulations of Exercising a Break Clause in a Commercial Lease

Break Clause Parslows International Trials and Tribulations of Exercising a Break Clause in a Commercial Lease

It is not uncommon for a commercial lease to contain a break clause in favour of the lessee. However such a break clause will often be drafted conditional upon certain events.  The most common being that the lessee will have paid the rents reserved, observed and performed the lessee’s covenants and provided vacant possession.

Lessee’s should always be wary and not underestimate the strict nature of a break clause.  Courts will strictly construe a break clause and any conditions attached to it.

An example of the break clause being considered was the English case of Avocet Industrial Estates LLP –v- Merol and another (2011).  There are numerous other examples. Here the English High Court found that the lessee owed interest of around £130 due to occasional late payment of rental.  The court found the lessee to be in default of the terms of the lease and therefore the lessee’s break notice was invalid. The level of interest involved was relatively small, the lessor had not issued a demand for the interest and the Lessor had not utilised a rent deposit that it was also holding by way of security for non-payment of rent.

Whilst there is a Code for Leasing Business Premises in England and Wales 2007 which includes recommendations as to preconditions as to a break clause, these are not compulsory. In Jersey there is no such code.  The contractual terms will determine the relationship.  It is therefore important to consider taking appropriate legal advice.

Considerations

  • If a break clause is to be included in the lease take legal advice to ensure that the terms are fully understood and reasonable
  • If you decide to exercise the break clause you must pay close attention to all the requirements of the clause, including the formal requirements, and follow them precisely.
  • If you are considering exercising a break clause take early advice before you give notice to ensure you haven’t missed anything.

Otherwise you may find the break clause is not valid and that you are contractually obliged to the lease for the remainder of the term.

If you require any further information, advice or assistance please contact our head of Commercial Property Carl Parslow at carl.parslow@parslowsinternational.com

Commercial Property

 


Main Contact: Carl Parslow

Head | Commercial Property 


Please note that the information provided on this website is for general information purposes only and is designed to provide you with an outline of the legal services we offer.  Whilst we endeavour to ensure our information is correct and useful, we make no representations or warranties regarding the accuracy or completeness of the information offered.  Information on our website does not constitute legal advice and Parslows accepts no liability for any loss or damage arising out of, or in connection with, the information found in this website.  Please consult a lawyer in the event that you require professional assurance that our information, and your interpretation of the same, is correct.