Page 131 - Demo

Leases take very different forms and have different contexts depending on the type of transaction involved (see below). But, as a summary, the general view is that the following should almost always have been addressed, one way or another, in a lease.
Parties
Who is the landlord? Do they own the necessary interest and who will be the tenant with responsibilities under the lease to ful l the tenant’s obligations
Is it appropriate to have a guarantor also?
Extent
What is the extent of the property being lease? Is it the whole of the land and buildings or just the internal parts?
Rights
What are the rights that are necessary to go with the leasehold interest in order that it may work properly, for example, access rights for pipes/wires to run in utility services?
Reservations
What are the reservations the landlord requires to make it work, for example cross rights of access and pipes/wires
Term
How long is the lease for? Is it for a relevant period subject to a break?
Security of Tenure
Connected with the last item how has security
of tenure/right of renewal been dealt with? This addresses whether the tenant may enjoy statutory rights for a new lease at the end of the current one*
*In a number of situations security of tenure can be implied by statute if it is not dealt with expressly in documentation. Where charity are granting leases it is very important to check that accidental security of tenure is not granted.
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