A lease or tenancy occurs when someone rents a property. If it is for a business purpose (but not agriculture or farming) this is known as a business lease, which usually last for a number of years.
Continual development in Tenant and Landlord legislation make expert advice invaluable. We can also advise upon license agreements, if the parties do not wish to create a binding interest in the property.
If you hold a business lease, you are entitled to a new tenancy provided the landlord does not formally oppose this, and you comply with the procedures as laid out in the 1954 Landlord and Tenant Act.
A lease enables rent to be charged on a property in exchange for the property being made the possession of someone other than the owner, for a fixed term.
Any lease for over 21 years is generally known as ‘long leasehold’; however long leaseholds are generally for 125 years.
The person granting the lease (landlord) takes possession of the property back at the end of the lease period. The person taking the lease (tenant) has differing rights depending on the terms contained in the lease, for example they may be able to sublet the property. The Landlord and Tenant Act 1954 protects the rights of both the landlord and tenant.
Contact Dale and Co. Solicitors Lincoln Property Conveyancing team to discuss your requirements. We will be happy to provide a conveyancing quote.