RICS draft professional statement - Code for leasing business premises in England and Wales, 1st edition

Code for leasing business premises in England and Wales, 1st edition

Part 1 Introduction

This RICS professional statement Code for leasing business premises in England and Wales 2019, 1st edition is the result of pan-industry discussion between representatives of landlords, tenants and other trade bodies. The government supports the principles behind the lease code.

The objective is to improve the quality and fairness of initial negotiations on lease terms and to promote the issue of comprehensive heads of terms that should make the legal drafting process more efficient.

The lease code and the accompanying template heads of terms should be used as a checklist for negotiations before the grant of a new lease and at the time of any lease renewal.

Reference to the lease code and template heads of terms should assist RICS members in ensuring that landlords, tenants and guarantors who they are advising have a clear understanding of the commitments that they are entering into.