Commercial Property Updates
This month we have carried out a comprehensive review of the Commercial Property documents in our Business folder. Existing documents have been updated and some new documents have been added.
Later this year a brand new Property folder will be launched, to add to our existing Business, Corporate, Employment and Health & Safety folders. The Property folder will provide landlords of residential and commercial properties with a large selection of professionally drafted documents to help them create and manage lettings. The new Property folder will include four different office leases for five years or less and seven different office leases for a period of more than five years. With the intention of providing a suitable lease for most office letting scenarios.
Updates and New Documents
The updated documents feature modernised language and aim to reflect current market practice.
The updated Heads of Terms for a Business Lease focus on the key commercial terms and are consistent with the Model Heads of Terms which form part of the 2007 Code for Leasing Business Premises (also known as the Commercial Lease Code).
The Business Premises Leases now include more detailed and robust service charge provisions. They also address the requirements of current legislation relating to health and safety issues, asbestos and energy efficiency. We have provided a lease that is suitable for a term of less than five years (with security of tenure excluded) as well as a lease for a longer term (with a rent review and security of tenure).
The style and, where necessary, the content of the Licence to Occupy, Licence for Alterations, Deed of Surrender and Rent Deposit Deed have also been updated to make them more user-friendly and to bring them into line with current practice. We have added a Letter Licence for Alterations which can be used for minor works.
New explanatory notes have been created to accompany each document. These appear above the “Download Document” button. The notes explain when the document should be used and what effect it has. Various legal and practical issues for the landlord are flagged.
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.