Wheeler and Lai Surveyors

RICS Code for leasing business premises 2020

Leasing commercial property can be daunting, and as a chartered surveyor, we can make things easier through our advice and guidance.

As an RICS Regulated Firm and a Member of the Royal Institution of Chartered Surveyors we have professional standards and guidelines to follow. This is the RICS drive for transparency and to enable the general public to put their trust in our profession.

In February 2020, the Code of leasing business premises was introduced, and was effective from the 1st September 2020 for RICS members as professional statement, with aspects that are mandatory and good practice elements, to follow when dealing with lettings of business premises.

The Code has been a result of industry discussions between representatives of landlords, tenants, and other trade bodies, with an objective to improve fairness and quality of negotiations on lease terms. This means have a set of heads of terms which are clear, comprehensive so that it makes the process more efficient to all parties as well as solicitors who need to draw up the lease.

The Code provides guidance and information that is readily accessible by all parties involved, and as a RICS member and regulated firm, we advise any one that is unrepresented by a surveyor or legal professional that this document exists and advise them to seek professional advice.

We are here to make sure you are aware of your obligations, make sure you get the best deal for you whether it be paying a fair rent, having a reasonable service charge responsibility or having an exit plan in place.

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Here to give you professional advice

Certainly before you sign the lease, consider if you know what obligations you are signing up to. Make sure you have all the information, invest in a professional advisor like us, and we'll be able to give you peace of mind.

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