000			01752cab a2200241 4500
001			##L131278
008			051017n2005 000 0 eng u
035			_a(Sirsi) u131278
041	0		_aeng
100	1		_aDollar _vPeta
245	0	0	_aWhen virtual becomes real
260	3		_c2005
490		0	_aEstates Gazette _v(0540) 8 October 2005, 176-178(3)
520			_aTenants' alienation covenants have grown in sophistication in recent times to prevent tenants not complying with the covenant by holding premises on trust for a third party, assigning the beneficial interest but not the legal interest in the lease. Considers the frequent use of virtual assignments in property outsourcing arrangements. Tenants, rather than assigning leases to those providing the outsourcing services or the investors and taking a formal sublease back, enter into virtual assignments with service providers/ investors to occupy the demised properties in return for a fee to the service providers/investors. Looks at case law relating to virtual assignments. Concludes that there is little point in using a virtual assignment as a device to avoid compliance with the alienation covenant since the disposal of the beneficial interest will necessarily fall foul of any properly worded alienation covenant.
590			_aIKA251005
650	2	4	_aLANDLORD AND TENANT ACT 1927 S19
650	2	4	_aCUSTOMS AND EXCISE COMMISSIONERS V JOHN LEWIS PROPERTIES PLC
650	2	4	_aCUSTOMS AND EXCISE COMMISSIONERS V ABBEY NATIONAL PLC
650	2	4	_aSCRIBES WEST LTD V RELSA ANSTALT
690			_aPROPERTY-COMMERCIAL PROPERTY-LEASEHOLD COMMERCIAL PROPERTY-COMMERCIAL LANDLORD AND TENANT-COMMERCIAL LEASES-ASSIGNMENT OF COMMERCIAL LEASES
700	1		_aHillman _vEli
942			_n0
999			_c76018 _d76018