The Model Commercial Lease – a quicker way?
The new leases have been created following a review of the commercial leasing process by the British Property Federation (BPF) who felt that a lack of standardisation in both lease structure and content contributed to commercial leasing being slower and more costly than it needs to be.
The intention is to create an industry standard lease that can be used as a fair starting point for most commercial lettings. There are a variety of leases available to suit different types of commercial property such as offices, shops and industrial units. A variety of additional clauses are also provided and users of the templates can make amendments in order for the leases to be relevant to the property and transaction in question.
Mark Drummond, Fenn Wright commercial surveyor, says “The Model Commercial Lease is a welcome new addition to the commercial letting process allowing both landlords and tenants the opportunity to agree terms in a much faster and cost efficient way. The flexibility of the leases allows both parties to concentrate on the issues that matter most to them and avoid unnecessary negotiations on lesser points. Time will tell whether the property industry will adopt the new leases and we would advise our clients to speak to their surveyor, agents and legal advisors if they are unsure”.
If you have a commercial property to let please contact your local Fenn Wright commercial team who would be happy to help. You’ll find a list of all team members here.