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Formal launch of Code for Leasing Business Premises in England and Wales 2007
Practical Law UK Legal Update 4-242-0040 (Approx. 5 pages)
Formal launch of Code for Leasing Business Premises in England and Wales 2007
by PLC Property
| Published on 28 Mar 2007 • England, Wales |
The new Code for Leasing Business Premises in England and Wales 2007 (Lease Code 2007) was formally launched today by Yvette Cooper, the Minister for Housing and Planning.
To coincide with this launch, PLC Property has today published three new documents, which are being made available free of charge to promote discussion of the Lease Code 2007:
- Drafting note, Lease of floor(s) of an office block with guarantee and prescribed clauses (complies with Lease Code 2007): drafting note.
- Practice note, Code for Leasing Business Premises in England and Wales 2007.
PLC Property has also launched PLC Property wiki.
A wiki is a special type of website that is built by the contributions of its readers who can all add, remove and edit site content. It is effectively a collaborative writing project that allows its readers both to acquire and share knowledge. A wiki is also a community where visitors can initiate discussions, raise questions and give feedback.
Please visit the PLC Property wiki to read comments and make your own. PLC Property intends to reflect comments in the documents. If you would prefer to send comments to us by e-mail, please send them to us at: [email protected].
Launch of Lease Code 2007
The Code for Leasing Business Premises in England and Wales 2007 (Lease Code 2007) was formally launched today by Yvette Cooper, Minister of State (Housing and Planning) (see British Property Foundation press release: Rents relief for businesses: Cooper launches Lease Code (28/03/2007)).
The Lease Code 2007 comprises three documents:
- Leasing Business Premises: Landlord Code, which sets out a series of recommendations covering the following:
- lease negotiations;
- rent deposits and guarantees;
- length of term, break clauses and renewal rights;
- rent review;
- assignment and subletting;
- service charges;
- repairs;
- alterations and changes of use;
- insurance; and
- ongoing management.
- This is a heads of terms checklist, which all parties and their agents and solicitors can use during lease negotiations.
- This is intended to be a guide for tenants to lease negotiations, the Lease Code 2007 and some general leasing issues.
The Lease Code 2007 recommends that landlords should be aware of the RICS 2006 Code of Practice on Service Charges in Commercial Property (Service Charge Code), and "seek to observe its guidance in drafting new leases and on renewals" (even if granted before the Service Charge Code becomes effective). The Service Charge Code was published in June 2006 and becomes effective on 1 April 2007.
For more information on the Lease Code 2007, see Practice note, Code for Leasing Business Premises in England and Wales 2007.
The official website of the Lease Code 2007 is www.leasingbusinesspremises.co.uk.
Launch of Code compliant lease documents
PLC Property is pleased to be able to publish the following documents to coincide with the launch of the Lease Code 2007. We hope that these documents will promote discussion and use of the Lease Code 2007:
- This Standard document complies with the Lease Code 2007 and takes account of the Service Charge Code.
- Drafting note.It is particularly important that the Standard document is read in conjunction with this drafting note and Practice note, Code for Leasing Business Premises in England and Wales 2007.
Launch of PLC Property wiki
PLC Property has launched PLC Property wiki, which contains a page on the Lease Code 2007: Code for Leasing Business Premises in England and Wales 2007.
The purpose of the PLC Property wiki on the Lease Code 2007 is to:
- Provide users with analysis and comment.
- Promote discussion.
- Provide a forum where users may ask questions and help others by answering questions.
What is a wiki?
A wiki is a special type of website that is built by the contributions of its readers who can all add, remove and edit site content. It is effectively a collaborative writing project that allows its readers both to acquire and share knowledge. A wiki is also a community where visitors can initiate discussions, raise questions and give feedback.