| Question
- What are the main differences between a commercial
tenancy and a residential one? Answer -
A commercial tenancy is a contract between landlord and tenant and
as such is much less governed by statutory rules than is the case
with residential tenancies. In effect commercial landlords and
tenants agree their OWN terms at the start of the tenancy by means
of a written contract agreement known as a lease. Although
landlords and tenants have to abide by general laws and regulations
in force, the main statutory requirements come into play at the end
of the tenancy period - these concern security of tenure of the
business tenant and are in the main governed by the Landlord &
tenant Act 1954. Commercial tenants are in effect the
"owners" of the property for the duration of the tenancy
and usually carry all ownership responsibilities including repairs
and insurance costs. 
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