- Length:33 pages (8260 words)
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About this lease
This lease has been drawn for letting part of a multi-tenant building for business use. Typically, the tenant would be a business letting a suite of rooms or one or more floors of a dedicated office building. However, the lease could be equally used for letting a space in any sort of commercial premises with other tenants installed.
The document has been drawn to help protect the landlord's interests as greatly as possible. It includes service charge provisions to provide 100% recovery of service costs.
Similar business lease agreements
If you are letting an entire office building to a single tenant, Office lease agreement might be more appropriate.
Plain English is used throughout except where it is necessary to use legal terms common in this field of law.
The key features of this template can be summarised as:
- term of 5 years or under (often called a short term lease)
- standard guarantor
- options for transfer or assignment to another party
- sub-letting forbidden
- option to include a break clause for premature termination by the tenant
- a choice of options for rent reviews
- a draft agreement for a security deposit has also been included
This document has been drawn so as to make it applicable to the vast majority of leasing scenarios without making it difficult to edit.
The law in this office lease
Business lease law is regulated primarily by:
- the Landlord and Tenant Acts 1860-2005;
- in particular the Landlord and Tenant (Amendment) Act 1980; and
- the Landlord and Tenant (Amendment) Act 1994
In balancing the codes with the law and the interest of the Landlord, we have followed the codes where reasonable, but have preferred the interest of the Landlord where there may be a difference.
Lease template contents
This office lease is comprehensive, providing alternative choices for important decisions.
The contents include 25 provisions and 3 schedules covering:
- rent: period, amount, other payments, interest on overdue rent, periodic review
- condition and repair
- tenant's positive obligations
- restrictions on tenant: prohibited activities on the property
- signs and advertisements
- goods and vehicles
- assignment of the lease
- indemnities by the tenant
- security deposit
- access for landlord
- termination: default notice by landlord; provision for premature termination (a break clause)
- Schedule 1: the service charge
- Schedule 2: rights reserved
- Schedule 3: draft agreement for a security deposit
All rights reserved