Code for Leasing Business Premises – what is this code?
The Code for Leasing Business Premises in England and Wales 2007 is the result of collaboration between commercial property professionals and industry bodies representing both owners (Landlords) and occupiers (Tenants).
The Code aims to promote fairness in commercial leases, and recognises a need to increase awareness of property issues, especially among small businesses, ensuring that occupiers of business premises have the information necessary to negotiate the best deal available to them.
The Code consists of three parts:
– 10 point requirements for landlords in order for their lease to be Code-compliant;
– a guide for occupiers, explaining terms and providing helpful tips; and
– a model Heads of Terms (which can be completed on line and downloaded).
The Code is voluntary so occupiers should be aware that not all Landlords will choose to offer Code-compliant leases. The Government, however, takes a keen interest in ensuring the property industry complies with this voluntary Code.
The Occupier Guide is not a substitute for professional advice and tenants are encouraged to seek professional advice as soon as possible.
Download a copy of the code
Note: never rely totally on these standard answers. Before taking action or not, always seek professional advice with the full facts of the case and all documents to hand. LandlordZONE.co.uk