Decoding the Code (for Leasing Business Premises 2007)

Landlords be warned!  Continue to ignore the Code for Leasing Business Premises 2007 and this voluntary Code and “self regulation” could well be replaced by statute very soon.  Chris Dixon, senior associate in the Commercial Property team, looks at what Landlords need to consider:

The hope was that the 2007 Code would be used as a “checklist for negotiation” before the grant of a lease and on lease renewals.  It was also hoped that landlords would be “transparent” about departures from the Code and their reasons for doing so. The Code was intended to achieve:

1. a fairer balance between the landlord and tenant and
2. greater flexibility in commercial lease terms. 

It was the result of a “pan industry” discussion between representatives of landlords, tenants and the Government.