RICS publishes short term retail lease

The Royal Institution of Chartered Surveyors (RICS) has published a short term high street retail lease. The lease is intended to be suitable for lettings of up to five years. It does not contain rent review or service charge provisions.

There are two versions of the lease; one for use where the letting is to be excluded from the Landlord and Tenant Act 1954 (LTA 1954) and one for use when the letting will be within the LTA 1954.

The lease should be considered with the principles of the Code for Leasing Business Premises in mind.

The RICS has also published ancillary documents to assist users of the lease:

 RICS small business retail lease – heads of terms.

 RICS small business retail lease – a guide for tenants.

 RICS small business retail lease – a guide for professionals.

Source: RICS press release, New lease set to inject fresh life into the British high street, 4 July 2012.