A lease of the whole of a building for use as a high street shop. The lease has been drafted, so far as practicable, to comply with the RICS Professional statement: Code for Leasing Business Premises, England and Wales (1st edition, February 2020) (Lease Code 2020) (which is effective from 1 September 2020).

The lease contains prescribed clauses.

The lease assumes that the property to be let is the whole of a building. The landlord will not retain any part of the building and the building does not form part of an estate owned by the landlord. Therefore, the lease does not include any service charge provisions.

The tenant repairs the demise. The lease can be used as a full repairing and insuring lease (FRI lease). Alternatively, the tenant's repair obligation can be qualified by reference to a schedule of condition.

The landlord insures the building. The lease contains optional provisions to deal with uninsured risks.

The lease contains optional provisions for an upwards only open market rent review.

The lease is a headlease.