Real Estate Tip of the Week: Have your say – RICS Code for leasing business premises in England and Wales
Published 15 April 2019
The Royal Institution of Chartered Surveyors (RICS) has prepared the Professional Statement: Code for Leasing Business Premises, 1st edition. This is the result of detailed discussions between various stakeholders across the property sector and the RICS intends that this statement will “improve the quality and fairness of initial negotiations on lease terms and promote the issue of comprehensive heads of terms that should make the legal drafting process more efficient”.
The proposed Code comes with accompanying template heads of terms. It includes tips for tenants and guidance for landlords on how to be ‘code-compliant’, all aimed at setting out balanced recommendations that take account of the needs of both landlords and tenants.
The Code has been updated to take account of points raised in the initial 2018 consultation. You are now given the opportunity to have your say on the latest iteration of the Code, to ensure it strikes a fair balance between the often competing interests of landlords and tenants and, for example, to give a view on what should be addressed in “model” heads of terms.
This second consultation opened on 25 March 2019 and closes at midnight on Sunday 5 May 2019. Access it here.
If you would like to discuss the consultation, please get in touch with your usual DACB contact.