Many of our clients rent business premises, sometimes under long term business leases. A new Code for Leasing Business Premises has now been agreed. It is always wise to take legal advice on commercial leases. The new Code is a result of collaboration between commercial property professionals and industry bodies representing both owners and occupiers.
The Code is divided into three parts: a 10 point requirements for landlords to ensure that they are Code compliant; a guide for occupiers; and a model Heads of Terms.
No one is obliged to follow the Code and not all landlords will want to offer Code compliant leases however the Government is keen to encourage people to follow the Code.
Another change our clients need to consider is the new deposit scheme of private tenants' deposits to be held by landlords which came into force on 1st April 2007. Anyone with a property issue should contact us for further information and advice. Some landlords are not yet compliant with the scheme when, in fact, they should be.
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