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Are there any landlords out there who reckon you can manage without a solicitor, when drawing up a lease? Should one take special precautions if there's no solicitor in the picture? For example, landlord and tenant sign and date each page of the lease.
I have a commercial property, and my tenant and I signed our lease without involving a solicitor. Now there's an incoming tenant who will take over the lease.
PT is cool
Preparing your own lease is fine as long as nothing goes wrong and you dont need to rely on a clause, term or condition that may be left left out or wrongly phrased. Now your tenant wants to assign, the incoming tenant if he has a solicitor may cause you some hassle. If you have lending on the property though, your lender could well have issue with your home-made lease.
On occasions if lease is only for a short term we sometimes use a basic Law Society lease, though usually we will commit to the expense of custom drawn up lease. which if possible we will always try to get agreement for it to be outside the 1954 act - you can only do this however if your tenant has legal representation - thats my understanding anyway, but please dont use that as cast iron advice and if this is an important point to you please check with a solicitor
Stewardson Developments Ltd.
Burson Land Ltd. & Jennings & Gilchreaste Ltd.
Follow me on twitter - @philstewardson
Thank you Phil, that's very helpful.
Particularly with a commercial property lease I would always use a solicitor. You may think you know everything but when the crunch comes it could all go wrong. The law is changing all the time and with standard leases they may not be relevant to your situation.
Don't try and be a solicitor when you are not , pay the costs and relax. Mistakes could cost you dearly.
Many thanks for your advice, douglas!
Commercial property solicitor here.
I come with no legal advice.
What type of property are you letting and what type of lease do you propose to use?
If you haven't already - do have a look a the model commercial leases - google search the term 'model commercial lease'
They are free to use and are drafted to balance the interests of the tenant and landlord.
From their website:
"The MCL is a client-led project. It was originally commissioned by the British Property Federation. A large number of well-known law firms, clients and trade organisations have been represented on the working group that produced the documents, or taken part in extensive informal consultations.
The MCL is intended to avoid much of the unnecessary negotiation on most routine letting transactions by representing a fair starting (and, in many cases, end) point for both parties."
Nothing contained in this post shall be construed as legal advice.