The following Property guidance note Produced in partnership with Rachel Oliphant of Pinsent Masons LLP provides comprehensive and up to date legal information covering:
This Practice Note considers the different stages in lease negotiations for commercial property in England and Wales compared to those in Scotland, at pre-contract, contract, post-contract, completion and settlement and post-completion and settlement stages.
tenant raises pre-contract enquiries of the landlord
tenant carries out due diligence ordering all necessary information (such as official copies of the landlord's title, land charges search, coal mining reports, enquiries of local authority etc)
landlord issues draft agreement for lease (which incorporates standard conditions of sale) draft lease and any other necessary draft documents such as licence for fitting out works
parties negotiate draft documents
landlord obtains any necessary third party consents to the lease eg head landlord's consent or bank's consent if there is a legal charge over the property
once documentation agreed if the lease is to be contracted out of the security of tenure provisions of the Landlord and Tenant Act 1954 (LTA 1954) the appropriate provisions must be complied with ie the notice procedure must be followed and either a statutory declaration or declaration obtained from the tenant
landlord provides tenant with landlord's title
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