The Law Society has released new short form model leases for use by solicitors to help streamline commercial property negotiations.
The new leases are balanced between landlord and tenant and should speed the commercial conveyancing process leaving the parties to focus on important and any bespoke aspects of the property deal.
The new documents are for use in short lets of up to ten years with one rent review.
Law Society President Joe Egan said: ‘While these leases may not be appropriate in all circumstances, they should ease the process in the majority of transactions… By creating a model lease which respects the rights of landlords and tenants, we hope to limit the need for long and challenging negotiations.’
The new lease provides a further “bank of know how” and is in a format that is accepted and to a large extent compliant with the Code for Leasing Business Premises (“the Code”).
It is a useful point of reference to those who wish to smooth the letting process and cut delay.
Modern plain English is adopted in the drafting.
It remains a technical document and comes with a health warning, in the sense that it is a document intended to be used by professionals with an understanding of commercial property law and is not for the “do-it-yourself” enthusiast.
No landlord can ignore the fact that the letting process is moving toward standardisation. The concerns of tenants must be catered for when letting property, otherwise landlords face long delays before handing over keys and collecting rent.
If you would like to discuss how SJP Law can help you, please contact a member of our specialist property team: Andrew Cooney or Samantha Lambert on 01482 324591.