The following Property guidance note provides comprehensive and up to date legal information covering:
The key aims for the landlord are to:
shift as much responsibility for the repair of the premises as it can onto the tenant, and
to maintain the value of its investment
While this might have seemed fair in a lease with security of tenure under the Landlord and Tenant Act 1954 (LTA 1954) and a 25-year term, it is nonetheless standard even in the current market where lease terms have got shorter and leases are mostly excluded from the security of tenure provisions of the LTA 1954. The effect is that tenants may be carrying out repairs primarily for the benefit of the landlord.
The tenant is likely to find it difficult to convince the landlord to accept anything less than an obligation to keep the premises ‘in good and substantial repair and condition’ (or a similar variant of it) as this is the institutionally acceptable position and having a lease without it will affect the marketability of the landlord’s asset. The tenant may, however, be able to modify the clause if the premises are old, in poor condition, the market is difficult, or if the term is very short (eg less than 3 years).
The head of terms are likely to state simply that
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