The new code for leasing business and commercial premises
RICS professional statement – New code for leasing business premises in England and Wales, 1st edition is currently in a draft format and is due to be released this year .
The objective is to improve the quality and fairness of initial negotiations on lease terms. It also promotes the use of comprehensive heads of terms to make the legal drafting process more efficient.
The lease code and the accompanying heads of terms template should be used as a checklist for negotiations before the grant of a new lease or lease renewal and will in my opinion assist in ensuring that landlords and tenants have a clear understanding of the commitments that they are entering into. Once released I will post a further article providing details the mandatory requirements set out in this new RICS Professional Statement.