New model leases to simplify commercial transactions
New short form model leases for use by solicitors to help streamline commercial property negotiations were today released by the Law Society of England and Wales.
Law Society president Joe Egan said the new leases sought to find a fair balance between landlord and tenant.
“While these leases may not be appropriate in all circumstances, they should ease the process in the majority of transactions,” Joe Egan said.
“By creating a model lease which respects the rights of landlords and tenants, we hope to limit the need for long and challenging negotiations.
“These leases should also make the process for solicitors more efficient and – with tens of thousands of transactions every year – it will save valuable time.”
The new leases are intended for use in short lets of up to 10 years with one rent review. Existing leases will remain available for use, however they are suitable only for the simplest commercial lettings.
Joe Egan added:
“Our endorsement of these leases should give both sides in the transaction confidence their rights will be respected.”
The new leases are available for free on the Law Society’s online bookshop and from most legal smart form suppliers.
Kindly shared by The Law Society