COMMERCIAL LEASES PROFESSIONAL ENGLISH IN USE FOR LAW

 

PROFESSIONAL ENGLISH IN USE FOR LAW 39. COMMERCIAL LEASES

 

A Interest in property Nina Kahn, a partner in a Bristol law firm’s Real Estate, or Property, Department, is talking to a foreign client about commercial leases. ‘In the UK, it’s possible to won either a freehold or leasehold interest in property. Freehold refers to the estate interest where ownership may be held for an unlimited time without paying rent. A freehold owner, the freeholder, ma enter into an agreement to lease or let the property, permitting occupation for a fixed term, B Terms of a commercial lease ‘A commercial tenancy, the agreement by which a person can occupy a property, may be protected by the security provisions of the statutory regime. This means that the business tenant in occupation at the end of the tenure of the contractual term will have a statutory right to a renewal of the lease unless the landlord is able to show that the statutory grounds exempting the right apply. An example of such grounds would be the landlord’s intention to occupy the property himself or to demolish or substantially redevelop the property. Parties may, off course, agree to opt out of the statutory regime. C Obtaining leasehold interest EXERCISES 39.1 Complete the definitions. Look at A opposite to help you. There is more than one possibility for one of the answers. 1. ______________ a person who is granted a lease by the freeholder 2. ______________ property that is held for an indefinite period 3. ______________- ______________ - a person who sub-leases from a tenant 39.2 A solicitor is holding an initial meeting with new clients. Replace the underlined words and phrases with alternative words and phrases from B and C opposite. There is more than one possibility for one of the answers. 39.3 Complete the extract from a draft lease. Look at A, B and C opposite to help you. Words with an initial capital letter are assumed to be defined terms of the lease. TENANT’S BREAK CLAUSE: ROLLING BREAK 1. TENANT’S RIGHT TO BREAK 1.1 For the avoidance of doubt, references in this (1) __________ to the Tenant and to the (2) __________ are to the persons named as such in this lease and to their respective successors in title. 1.2 In this clause: (a) (3) __________  __________ means the date on which this lease shall  (4) __________ pursuant to this clause and (b) Break Notice means a notice served pursuant to clause 1.4.

ANSWER KEY