JARGON BUSTER - THE LEASE

What is a lease?

A lease is a legal contract that defines the conditions under which a property is used. The first shock to many tenants is that they normally pay all the costs involved, even though the lease is usually drawn up by a landlord's solicitor. The second is how complex the paperwork can be.

Despite recent efforts to make these documents more user-friendly, they remain highly detailed, listing all the rights and obligations of both sides. The clauses appear to go on forever because after hundreds of years of legal practice and case law, it has become traditional to cover almost any possibility that could affect the relationship between tenant and landlord.

Rarely are two leases identical - which is why they must be checked by a lawyer and a qualified surveyor. Professional landlords generally have a standard document they issue to all tenants but this may not suit every business. Professional advisors can negotiate changes to make it more amenable.

Their ability to do this will depend on several factors such as how much similar space may be on the market, the condition of the building and your willingness to pay the asking rent. If a landlord has a queue of alternative tenants, your hands could be tied.