Competition in the Real Estate Sector
Hung Parliament or not, there is no doubt that there is going to be more focus on competition law in real estate transactions.
From 6 April 2011, the Competition Act regime will apply to any land agreement which may have an appreciable restricting or distorting effect on UK trade.
The regime will apply to all land agreements, existing and future, including leases and title covenants or real burdens.
Regulators are looking seriously at competition law compliance so organisations should review their existing land agreements now with a view to identifying any potential breaches of competition law. If a restriction does not benefit from one of the exemptions or exclusions, this might have significant commercial effects.
To help and guide you we have produced a Briefing Note which addresses the key components of the Competition Act, looking specifically at the real estate sector.
In February 2011, we produced an updated Briefing Note, highlighting the key aspects of the draft Guidance, which gives much useful information as to how the OFT intend to apply the Act to agreements relating to land.
For further information please contact: Elspeth Carson
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