| August
2002
New commercial
lease code
The Government have just launched the second
edition of the Code of Commercial Leases.
This document has been prepared by a working
group including representatives from all sides
of the property industry, related professions
and Government departments.
The Code is voluntary but will be monitored
by the Government for a two year period with
the implied threat of legislation if it is
not demonstrably practised.
Flexibility, choice and improved relationships
between landlord and tenant are the Code’s
objectives which are reflected in the 23 recommendations
set out in the Commercial Lease Code which
can be downloaded via our publications
section.
Commenting on the introduction of the new
Code, Chris Hodgson of Hodgson Elkington said
“The Government’s main objective
is clearly increased flexibility in lease
terms. The superficial advantage to tenants
is self-evident although it remains to be
seen whether the market will be prepared to
pay the increased rent needed to compensate
landlord’s for reduced security of income”.
Details of the new Commercial Lease Code
can be found on the internet (see "Related
links" below) . The Code has been supported
by the Department of Transport, Local Government
in the Regions, Small Business Service, British
Property Federation, British Retail Consortium,
Confederation of British Industry, Forum of
Private Business, Property Market Reform Group,
Royal Institution of Chartered Surveyors,
Small Business Bureau, Law Society, Association
of British Insurers, Association of Property
Bankers, British Chambers of Commerce, British
Council of Offices, Federation of Small Businesses,
Council for Licensed Conveyances.
For more information please contact:
Chris Hodgson
Hodgson Elkington
Tel: 01522 512232
Related links:
Commercial Lease Code
www.commercialleasecodeew.co.uk
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