Virtual Conference: Current Property Issues 2022

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KEY SUBJECTS

• CASE LAW UPDATE
• PROPERTY VALUATION: CLIENTS’ REQUIREMENTS AND MISCONCEPTIONS
• COMMERCIAL RENT (CORONAVIRUS) ACT 2022
• THE PROPERTY MARKET: CHANGE IS THE ONLY CONSTANT, EVERYTHING ELSE IS A VARIABLE
• TENANT SATISFACTION – AN AGENDA FOR MUTUALLY BENEFICIAL CHANGE
• ESG – HOW TO APPROACH IT IN THE REAL WORLD

SPEAKERS

Sarah Thompson-Copsey, Non-Practising Solicitor, Legal Lecturer and Trainer

Nick French, Real Estate Valuation Theurgy, Property Education

Stephen Pippard, Managing Director, The Commercial Tenants Association

Ben Strange, Director, Mobius Building Consultancy

CONFERENCE PROGRAMME

09.30am CHAIRMAN’S INTRODUCTION

CASE LAW UPDATE

A practical review of recent commercial property and landlord and tenant cases, which will include:

• Privacy and neighbouring buildings – the view from the Supreme Court in Fearn v Tate Gallery
• The New Look CVA, the Court of Appeal and compromised leases
• Keep open covenants – can they be enforced? Sapphire v M&S
• Service charges: inherent defects and implied obligations
• Relief from forfeiture and peaceable re-entry – help for landlords from the Court of Appeal: Keshwala v Bhalsod
• Renewal leases: will the court allow new terms – and the credibility of valuers’ evidence

Sarah Thompson-Copsey, Non-Practising Solicitor, Legal Lecturer and Trainer

PROPERTY VALUATION: CLIENTS’ REQUIREMENTS AND MISCONCEPTIONS

Hopefully, 2022 will see a slow return to “normality” as the impact of Covid 19 restrictions lessen and consumer and work returns to a semblance of pre-pandemic behaviour. Property values are driven by the demand and supply of each property type. Some of the behavioural changes that were experienced during the last two years were a temporary reaction to circumstance whilst others have been an accelerated structural market change.

The role of the valuer has always been to reflect prices in the market but, going forward many clients will be unwilling to accept substantial falls in Market Value of particular properties whilst at the same time accepting the increase in value of other assets. And all of this is happening against the backdrop of the Environmental, Social and Governance (ESG) objectives of owners and occupiers and government restrictions changing the acceptability and demand for certain properties.

This alone would be a challenge but valuers will come under more and more scrutiny from clients that will result in increased regulation and professional standards. In particular, the RICS Independent Review of Real Estate Investment Valuations is likely to have a far–reaching and long-term effect on the way that we work with investment clients. This talk will look at these initiatives in depth.

• The RICS Independent Review of Real Estate Investment Valuations
• The Department for Business, Energy & Industrial Strategy MEES Consultation
• The impact on ESG on Valuation and the need to discuss ESG in Valuation Reports
• The EBA/EU proposals on Prudent Value as a long-term valuation definition

Nick French, Real Estate Valuation Theurgy, Property Education

COMMERCIAL RENT (CORONAVIRUS) ACT 2022

In March 2022 the restrictions on forfeiture, CRAR and statutory demands for failure to pay rent end and the government anticipates that the Commercial Rent (Coronavirus) Act 2022 will be law. What does this mean for landlords and tenants and what steps should the landlord take to ensure maximum rent recoverability?

• What is a “protected rent debt” and how long is the “protected period”?
• What restrictions are in place on landlords’ remedies for such debt?
• What is the “approved” arbitration process and how does it work?
• What can the arbitrator determine in respect of the outstanding debt?
• What remedies remain and are all tenants protected?

Sarah Thompson-Copsey, Non-Practising Solicitor, Legal Lecturer and Trainer

THE PROPERTY MARKET: CHANGE IS THE ONLY CONSTANT, EVERYTHING ELSE IS A VARIABLE

Everyone wants a crystal ball as none of us like uncertainty. Yet, in today’s world, all markets have been dominated by more change, and faster change, than normal. At some point, the pandemic will end and the world will enter a period of relative calm but there will be a change in sea level and players in those markets will adopt new norms and new behaviours that will impact upon the way in which we use space.

In the absence of any definitive scrying, this talk will look at the drivers in the market and a number of possible scenarios for UK property going forward. Each possibility will be sculptured by the predominance of ESG (Environmental, Social and Governance) issues both at the company and governmental level as the world tries to meet COP26 commitments to limit global warming.

Most importantly, the talk will look at opportunities and challenges for property professionals.

• The new mantra of ESG replacing the terms of “sustainability” and “resilience”
• The drivers for the demand and supply of space – a need to understand highest and best use
• The return of tourism and the impact upon the hospitality industry
• The impact of government initiatives on the property markets

Nick French, Real Estate Valuation Theurgy, Property Education

TENANT SATISFACTION – AN AGENDA FOR MUTUALLY BENEFICIAL CHANGE

This presentation will look at ways to improve the traditionally adversarial relationship between landlord and tenant, looking at how to foster better relationships, the potential benefits to landlords of treating tenants as customers, and what today’s tenants need from landlords. It will consider:

• The tenant experience of the leasing process – lessons to be learnt
• Advice and support industry professionals should offer both landlord and tenants
• Satisfaction survey – commercial tenancy experience with landlords and property management companies
• Case studies – The good, the bad and the ugly
• Tenant and Responsible Landlord Charter – a way forward?

Stephen Pippard, Managing Director, The Commercial Tenants Association

ESG – HOW TO APPROACH IT IN THE REAL WORLD

Environmental, Social and Governance (ESG) has long been in favour with pension funds, institutional investors, etc. around its importance for large commercial property portfolios.  This talk will test this theory, but will also consider the relevance of ESG for smaller property stakeholders; what is it, what is it worth, what do you need to do, and should you bother with it at all?

• What is ESG?
• Why is it important/relevant?
• What are the practical measures I would need to take to address ESG in my portfolio?
• What payback can I hope to achieve; what is ESG worth?
• What is the possible future direction of ESG?
• Are those pursuing ESG taking their eye off the ball on more important climate-related measures/requirements?

Ben Strange, Director, Mobius Building Consultancy

5.00pm CLOSE OF PROCEEDINGS