Deed of Mutual Covenant (Flying Freehold)
Publisher one
Genie AIJurisdiction
England and WalesCost
Free to useRelevant sectors
Type of legal document
🏚️ Deed of covenantBusiness activity
Protect flying freeholdA deed of covenant is a type of agreement that is used to make certain promises between two parties. The agreement is typically made in order to ensure that one party will do something, or refrain from doing something, that is required by the other party. The agreement is legally binding and can be enforced by the courts if necessary.
The legal template "Deed of Mutual Covenant (Flying Freehold) under UK law" is a legally binding agreement between two or more parties involved in a property ownership arrangement known as a "flying freehold" in the United Kingdom.
A flying freehold refers to a unique situation where a portion of one property is built or extends over another property, creating overlapping spaces or shared structures between the two. This can commonly occur in buildings such as apartments or terraced houses.
The purpose of this legal template is to establish specific terms and conditions that govern the relationship and responsibilities of the parties involved in the flying freehold arrangement. It will outline the respective rights, obligations, and restrictions applicable to both the owner of the flying freehold (the building or extension owner) and the owner of the underlying property (the property beneath the flying freehold).
The Deed of Mutual Covenant serves to ensure a harmonious coexistence, as well as the proper maintenance, use, and enjoyment of the shared areas or structures. It may cover various important aspects, such as:
1. Boundaries and Shared Spaces: Clearly defining the boundaries between the flying freehold and the underlying property, as well as identifying and specifying shared spaces, walls, roofs, common entrances or exits, and any other shared facilities or amenities.
2. Maintenance and Repairs: Establishing the responsibilities for repairs, renovations, and maintenance of the shared areas. It may outline how costs will be apportioned, including details on regular contributions to a sinking fund or reserve fund for such purposes.
3. Alterations and Changes: Providing guidelines and procedures for making alterations or modifications to the flying freehold or the shared spaces, including ensuring that adequate permissions or approvals are obtained.
4. Access and Rights of Way: Addressing any rights of access, easements, or rights of way required for maintenance, use, or emergency situations, and clarifying the conditions under which they may be exercised.
5. Dispute Resolution: Prescribing methods for resolving disputes that may arise between the parties, including mediation or arbitration, to prevent the escalation of conflicts and facilitate amicable solutions.
As the legal framework for a flying freehold can be quite complex, this template aims to provide a standard document that can be customized according to the specific needs and circumstances of the individual flying freehold arrangement. It ensures that the rights and obligations of each party are clearly defined and legally enforceable, offering clarity and protection to all involved.
A flying freehold refers to a unique situation where a portion of one property is built or extends over another property, creating overlapping spaces or shared structures between the two. This can commonly occur in buildings such as apartments or terraced houses.
The purpose of this legal template is to establish specific terms and conditions that govern the relationship and responsibilities of the parties involved in the flying freehold arrangement. It will outline the respective rights, obligations, and restrictions applicable to both the owner of the flying freehold (the building or extension owner) and the owner of the underlying property (the property beneath the flying freehold).
The Deed of Mutual Covenant serves to ensure a harmonious coexistence, as well as the proper maintenance, use, and enjoyment of the shared areas or structures. It may cover various important aspects, such as:
1. Boundaries and Shared Spaces: Clearly defining the boundaries between the flying freehold and the underlying property, as well as identifying and specifying shared spaces, walls, roofs, common entrances or exits, and any other shared facilities or amenities.
2. Maintenance and Repairs: Establishing the responsibilities for repairs, renovations, and maintenance of the shared areas. It may outline how costs will be apportioned, including details on regular contributions to a sinking fund or reserve fund for such purposes.
3. Alterations and Changes: Providing guidelines and procedures for making alterations or modifications to the flying freehold or the shared spaces, including ensuring that adequate permissions or approvals are obtained.
4. Access and Rights of Way: Addressing any rights of access, easements, or rights of way required for maintenance, use, or emergency situations, and clarifying the conditions under which they may be exercised.
5. Dispute Resolution: Prescribing methods for resolving disputes that may arise between the parties, including mediation or arbitration, to prevent the escalation of conflicts and facilitate amicable solutions.
As the legal framework for a flying freehold can be quite complex, this template aims to provide a standard document that can be customized according to the specific needs and circumstances of the individual flying freehold arrangement. It ensures that the rights and obligations of each party are clearly defined and legally enforceable, offering clarity and protection to all involved.
How it works
PRODUCT HUNT
#1 Product of the Day
Try using Genie's Free AI Legal Assistant
Generate quality, formatted contracts with AI
Can’t find the right template? Create the bespoke agreement in minutes by conversing with our AI and tailoring to your needs
Let our Legal AI make edits for you
Ask Genie to edit your document in the same way you’d ask a paralegal. Genie makes track changes, and explains its thinking just like a junior lawyer would.
AI review
Can’t find the right template? Create the bespoke agreement in minutes by conversing with our AI and tailoring to your needs
See Genie AI in action
Book your personalised demo now
Schedule a live, interactive demo with a Genie expert
Understand the most valuable features of Genie based on your workflow
Find out exactly how your business will benefit, from hours saved to faster revenue
Similar legal templates
Share Option Agreement (Exit-Only EMI Plan)
A Share Option Agreement (Exit-Only EMI Plan) under UK law is a legal template that outlines the terms and conditions regarding the granting and exercise of share options within an Exit-Only Enterprise Management Incentive (EMI) Plan, which is governed by the laws of the United Kingdom.
This agreement is designed to facilitate the incentivizing of key employees or directors by allowing them to acquire shares in a company at a predetermined price in the event of a future exit, such as an IPO or sale. By granting share options, the company offers employees the opportunity to benefit financially from the company's success and growth.
The document typically includes provisions specifying the total number of shares available, the exercise price, the vesting period, and any performance conditions that must be met for the options to become exercisable. It may also address the circumstances under which the options can be exercised, such as upon an exit event.
This legal template ensures clarity and protects the rights and obligations of both the company and the recipient of the share options. It is essential to consult legal professionals when drafting or utilizing such an agreement to ensure compliance with UK laws and to accurately reflect the intentions and interests of all parties involved.
This agreement is designed to facilitate the incentivizing of key employees or directors by allowing them to acquire shares in a company at a predetermined price in the event of a future exit, such as an IPO or sale. By granting share options, the company offers employees the opportunity to benefit financially from the company's success and growth.
The document typically includes provisions specifying the total number of shares available, the exercise price, the vesting period, and any performance conditions that must be met for the options to become exercisable. It may also address the circumstances under which the options can be exercised, such as upon an exit event.
This legal template ensures clarity and protects the rights and obligations of both the company and the recipient of the share options. It is essential to consult legal professionals when drafting or utilizing such an agreement to ensure compliance with UK laws and to accurately reflect the intentions and interests of all parties involved.
Read More
Publisher
Genie AIJurisdiction
England and WalesTEMPLATE
USED BY
5
RATINGS
1
DISCUSSIONS
0
Shareholder's Section 511 Special Notice Letter (Remove Current And Appoint New Auditor)
The Shareholder's Section 511 Special Notice Letter (Remove Current And Appoint New Auditor) legal template under UK law is a comprehensive document that serves to notify and seek approval from a company's shareholders regarding the removal of the current auditor and the appointment of a new auditor.
This template is commonly used by companies in the United Kingdom to comply with legal requirements outlined in Section 511 of the Companies Act 2006. Shareholders holding a specified percentage of the company's voting rights can exercise the power to remove an auditor before their term has expired, as well as nominate and approve a replacement auditor.
The template incorporates the necessary legal language, including specific details about the current auditor and the reasons for their proposed removal. It also provides space to introduce the qualifications and relevant experience of the proposed new auditor. Moreover, the template outlines the applicable procedures and timelines, ensuring compliance with all statutory obligations and formalities.
Utilizing this legal template enables companies to efficiently and effectively communicate with shareholders, allowing them the opportunity to consider and make informed decisions regarding the appointment of auditors. By following the prescribed procedures, the company maintains transparency and complies with legal requirements, promoting good corporate governance practices.
This template is commonly used by companies in the United Kingdom to comply with legal requirements outlined in Section 511 of the Companies Act 2006. Shareholders holding a specified percentage of the company's voting rights can exercise the power to remove an auditor before their term has expired, as well as nominate and approve a replacement auditor.
The template incorporates the necessary legal language, including specific details about the current auditor and the reasons for their proposed removal. It also provides space to introduce the qualifications and relevant experience of the proposed new auditor. Moreover, the template outlines the applicable procedures and timelines, ensuring compliance with all statutory obligations and formalities.
Utilizing this legal template enables companies to efficiently and effectively communicate with shareholders, allowing them the opportunity to consider and make informed decisions regarding the appointment of auditors. By following the prescribed procedures, the company maintains transparency and complies with legal requirements, promoting good corporate governance practices.
Read More
Publisher
Genie AIJurisdiction
England and WalesTEMPLATE
USED BY
3
RATINGS
1
DISCUSSIONS
1
Short-Form Novation Letter
A Short-Form Novation Letter under UK law is a legal template that outlines the agreement between parties involved in the transfer of rights and obligations from one party to another. Novation is a contractual process where the original contractual obligations of one party are replaced by the obligations of a new party, thereby releasing them from their duties and substituting them with the new party.
This template serves as a formal document that records the novation arrangement, ensuring that all parties involved understand and agree to the terms and conditions of the transfer. It includes key details such as the names and contact information of the original contracting parties, the details of the new party undertaking the obligations, and the effective date of the novation.
Furthermore, the Short-Form Novation Letter outlines the specific terms and conditions related to the novation, which may include the transfer of rights, liabilities, duties, and any other relevant contractual obligations. It may also address the need for consent from third parties, the governing law under which the novation falls (in this case, UK law), and any other conditions or considerations essential to the successful completion of the novation.
In addition, this legal template may touch upon the indemnity and release provisions, illustrating that the parties involved agree to hold each other harmless from any claims, damages, or liabilities stemming from the novation process. It may also incorporate provisions for dispute resolution, governing law, and jurisdiction to ensure any potential conflicts are resolved in a fair and agreed-upon manner.
The purpose of this Short-Form Novation Letter under UK law is to provide a standardized and comprehensive document that streamlines the process of novation, protects the rights and interests of all parties involved, and ensures legal compliance within the UK jurisdiction.
This template serves as a formal document that records the novation arrangement, ensuring that all parties involved understand and agree to the terms and conditions of the transfer. It includes key details such as the names and contact information of the original contracting parties, the details of the new party undertaking the obligations, and the effective date of the novation.
Furthermore, the Short-Form Novation Letter outlines the specific terms and conditions related to the novation, which may include the transfer of rights, liabilities, duties, and any other relevant contractual obligations. It may also address the need for consent from third parties, the governing law under which the novation falls (in this case, UK law), and any other conditions or considerations essential to the successful completion of the novation.
In addition, this legal template may touch upon the indemnity and release provisions, illustrating that the parties involved agree to hold each other harmless from any claims, damages, or liabilities stemming from the novation process. It may also incorporate provisions for dispute resolution, governing law, and jurisdiction to ensure any potential conflicts are resolved in a fair and agreed-upon manner.
The purpose of this Short-Form Novation Letter under UK law is to provide a standardized and comprehensive document that streamlines the process of novation, protects the rights and interests of all parties involved, and ensures legal compliance within the UK jurisdiction.
Read More
Publisher
Genie AIJurisdiction
England and WalesTEMPLATE
USED BY
4
RATINGS
1
DISCUSSIONS
2
