Since the 1980s the "institutional" lease has undergone a dramatic transformation. Landlord-orientated FRI leases for a term of twenty-five years with no breaks and upwards-only rent reviews have retreated before market demands for shorter, more flexible letting arrangements and, recently, in the face of threatened legislation. Nevertheless, valuers and lawyers will have to understand and deal with the 1980s leases until well into the second decade of the twnety-first century.
The book sets out to explain the main changes that have occurred since the early 1990s (such as the rules relating to privity of contract). It also provides guidance on the factors driving further change, including the Code of Practice for Commercial Leases and the proposed new accounting standards.
'This is a fascinating and unusual book; not so much a legal textbook as a recent history of the property industry, written in a most clear and readable style… compulsory reading for anyone working in the property industry, whether as a solicitor, a surveyor, or in some other capacity, as it explains so clearly and concisely why our towns are as they are and what changes have taken place in the property industry over the past 25 or 30 years… I wholeheartedly recommend this book to all property lawyers and surveyors, especially those who are just starting their careers and would like to know how (and why) standard leases and the property industry have evolved to the point that we have now reached.' – Peta Dollar, Freelance lecturer, trainer and writer, Landlord & Tenant Review, 2007
1. What is an "Institutional" Lease? 2. Repairing Obligations and Service Charges 3. User and Alterations 4. Privity of Contract, Alienation and Variations 5. Rent Reviews 6. Dispute Resolution 7. Break Clauses 8. Lease Renewals 9. Three More Pressures for Shorter Leases 10. The 2002 Code of Practice for Commercial Leases 11. The Future – A Move Away From Feudalism to Consumerism