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.
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.
A Residential Lease Includes
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.
- Information on how often the landlord will visit the property.
- The agreed deposit, and the terms under which the deposit will be refunded to a tenant.
- The agreed initial period that the property can be rented.
- Any utility costs such as electricity or heating.
- Agreed notice of termination of the rental contract, for both parties.
- 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 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 the lease itself can be agreed for up to 25 years. A tenant may be advised to have a structural survey completed on the property before signing a lease, to ensure that the property is in good condition.
A retail lease may place terms on the kind of goods that are sold from the premises, or the opening hours of the business.