Property lease agreement: for business and residential purposes
Suitable for premises which include a residential element,
designed for the business tenant to occupy as his home. The
most common application is "the flat over the shop" but there
are many others. Includes full provisions such as rent
review, guarantor, insurance repairs and much more
About this document
This is a fully comprehensive business property lease drawn specifically for the business tenant to occupy as his home. The most common application is “the flat over the shop” but there are many others.
A note on new leases: When seting up a new commercial and residential lease such as this, consider whether you'd like to exclude security of tenure. Excluding security of tenure allows the landlord to more regain his property at the end of the lease. Simply, it better protects his interests. There is more info on excluding security of tenure here. To exclude security of tenure under the 2004 Regulations, you will need a number of forms. We provide these forms in a simple pack with full guidance notes. The pack is linked on the right hand side of this page.
Application
and features
Suitable for a business letting of offices, workshop, factory, shop and others, or premises which are part of a larger set of buildings, for example, a shop or workshop
Suitable only where the term is for less than seven years
Not suitable for a residential letting alone
Flexible, practical paragraphs provide ideas for you to mould
Fair to both parties but drawn primarily to protect the interest of the landlord. It is for a tenant to challenge those paragraphs which may not suit his circumstances
Explanatory notes to guide you.
Contents
Guarantor: essential if tenant is a limited company
Rent: paid monthly in advance, but can be changed to suit you
Payment provisions: all payments the tenant might have to make
Use allowed: including list of prohibited activities
Break clause: that is, premature termination on tenant’s notice
Landlord’s access: to view or show prospective lenders or buyers
Rent review: reviewed 3 yearly, upwards only
Repairs: tenant must maintain in same condition (not better)
Decoration: tenant to decorate in third year and at end of lease period
Insurance: landlord insures, tenant reimburses premium as insurance rent
Transfer of lease: tenant can transfer all premises with consent; no transfer of part only
Subletting: forbidden
Quiet enjoyment
Termination: what happens
Other usual provisions to protect your interest.
Word
Count (approximate):
Document: 4900
words
Explanatory notes:
2310
words
Draftsman
This document is drawn and maintained by Net Lawman. It is real law in plain English.
