Law of Property Act 1925: Primary legislation governing legal estates and interests in land, including requirements for creation and transfer of interests in land
Landlord and Tenant Act 1954: Key legislation for commercial leases, covering security of tenure and requirements for valid assignment/transfer of leasehold interests
Law of Property (Miscellaneous Provisions) Act 1989: Contains Section 2 requirements mandating that contracts relating to land must be in writing
Landlord and Tenant (Covenants) Act 1995: Governs the release of tenant covenants and guarantor obligations in lease arrangements
Land Registration Act 2002: Covers registration requirements for leasehold interests and establishes priority of interests in land
Doctrine of Privity of Contract: Common law principle requiring consent of all parties (original landlord, original tenant, and incoming tenant) and governing release and assumption of obligations
Landlord Consent Requirements: Verification of whether the original lease requires landlord's consent for novation
Guarantee and Security Considerations: Assessment of any existing guarantees or securities that need to be addressed in the novation
VAT Implications: Consideration of Value Added Tax implications in the lease novation process
Stamp Duty Land Tax: Assessment of any SDLT obligations arising from the lease novation
Land Registry Requirements: Consideration of necessary Land Registry notifications and registrations following the novation
