Leases

The simplest definition of a “lease” is a letting agreement between a landlord and a tenant. There are various kinds of leases: commercial, retail and residential.

Residential Lease

This is the agreement between a landlord and the tenant who is renting the property in order to live there. Both parties have legal rights and responsibilities, and a

residential lease

lays out these terms clearly. If you have a property to rent out for residential purposes, Buckley and Company Solicitors can draft a lease that protects both you and your tenant, in the event of any disagreement or untoward incident that might occur.

Residential leases

normally apply for one year, but this period can be shorter or longer, depending on your needs. Both parties sign and keep a copy, which can then be used for reference to clarify any issues that might arise.

What Should a Residential Lease Include?

There are a number of key basic factors that a lease should include, and Buckley and Company Solicitors will guide you through these when preparing your individual lease:

• Name and address of both parties.
• How often the landlord will visit the property, and how much notice s/he will give to the tenant.
• The agreed deposit, and the terms under which the deposit will be refunded to the tenant.
• The agreed initial period that the property can be rented, and under what terms this will be renewed.
• The agreed rent, whether it will be paid weekly or monthly, and by what means – direct debit, cheque, other.
• Any utility costs such as electricity or heating.
• Agreed notice of termination of the rental contract, for both parties. Usually, the landlord is required to give a longer period of notice for the tenant to vacate the property. The terms of the Residential Tenancies Act 2004 to govern notice and termination of residential leases.
• Any other specific terms and conditions.
• The legal rights of both parties.
• Contents included in the lease.
• Standard of property.

What Should a Commercial Lease Include?

A commercial lease should contain the same basic information as the residential lease, but it may also include specific points that refer to business that the property is rented by. These might include specific health and safety factors, or rules about how a piece of land is to be used.

For example, if a tenant is renting a piece of land to farm on it, a clause will be put in place for the safe disposal of waste products. The rental period on a commercial lease tends to be reviewed in longer time spans of about 4 years and 9 months, and the lease itself can be agreed for up to 20 or 25 years. The tenant may be advised to have a structural survey carried out on the property before entering into the lease, to ensure that it is in good condition prior to making the agreement legally binding.

A retail lease may place conditions on the kind of goods that are sold from the property, or the opening hours of the business.