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New Template Agreements for Lease of Commercial Property

August 2014
Agreements for Lease are used to commit a landlord and a tenant to entering into a lease of business premises at some point in the future. They are used when the parties are not yet in a position to complete a lease but want some contractual certainty that a lease will be put in place when the circumstances permit.

Agreements for Lease or Pre-Lease Contracts are particularly attractive to landlords when market conditions are volatile as they enable landlords to tie tenants into deals at any earlier stage than might otherwise be possible.

Landlords and tenants would typically enter into an Agreement for Lease if:

• the premises are not yet available (the previous tenant may still be there)
• the premises are not ready for occupation (building work may be required)
• a third party consent is required (such as planning consent, a superior landlord’s consent or mortgagee’s consent).

Our new Agreements for Lease folder contains a range of template Agreements for Lease including:

• a straightforward agreement to grant the lease on a fixed date
• an agreement conditional on the tenant obtaining Planning Permission for a Change of Use
• an agreement where the landlord will carry out building works before the lease is granted
• an Agreement for Underlease which is conditional on the superior landlord consenting to the grant of the underlease.

The contents of this Newsletter are for reference purposes only and do not constitute legal advice. Independent legal advice should be sought in relation to any specific legal matter.

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