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Lease guide A Pocket Guide to Lease Transactions A new approach to professional services Introduction on this Guide This booklet will give you an overview on a leasing transaction involved in acquiring commercial property in the UK The process can be leng

A Pocket Guide to Lease Transactions A new approach to professional services Introduction on this Guide This booklet will give you an overview on a leasing transaction involved in acquiring commercial property in the UK The process can be lengthy and on occasions complex however it will be necessary and essential to instruct solicitors at an early stage to avoid certain pitfalls This is not a full interpretation of the law but rather a checklist of the major issues you should be aware of Basic Understanding of Leasehold Property in the UK In England and Wales there are two ways in which a property can be held freehold and leasehold A freehold interest means owning the property outright A leasehold interest means an interest granted by a landlord to a tenant for a de ?ned period of time usually in return for a payment of rent The document that governs the relationship between a landlord and tenant is known as a lease O ?ce space is usually o ?ered for lease rather than freehold sale The vast majority of commercial properties are held under leases ranging from months to years Headleases and Underleases A headlease is a lease granted out of the freehold and an underlease is one granted out of a headlease There may be any number of underleases sometimes described as sub-underleases sub- sub-underleases and so on but each underlease must expire before the one out of which it is granted Page Preliminary Matters to Consider Foreign Companies There is no restriction on foreign ownership of properties in England and Wales However the capacity of a foreign company to enter into a lease or contract in England and Wales may be restricted by its constitution Landlords prefer a tenant to be incorporated and registered in the UK because enforcement will be an easier process We can assist you in setting up a UK entity if required Exclusivity Agreements Once you have located a property you may want to consider entering into an exclusivity or lock-out agreement in which for a short period of time you are granted exclusive negotiating rights Whether or not this is necessary will depend on the state of the market and whether the property is in high demand Rent Deposits and Guarantees Regardless of whether you decide to take the lease in the name of your foreign company or a newly incorporated UK entity it is likely that the landlord will require additional security This may be waived if you are able to show su ?cient covenant strength normally through the disclosure to the landlord of your ?nancial accounts showing a su ?cient level of pro ?t Additional security is likely to be in the form of a rent deposit guarantee or a combination of both Rent deposits are arrangements under which you will deposit a sum of money usually equal to six months ? rent with the landlord or into a designated bank account on which the landlord can draw if you fail