NEWS FOR COMMERCIAL LEASES

The Property Services (Regulation) Act 2011 imposes an obligation on tenants of commercial leases entered into on or after 3rd April 2012 to furnish the PSRA ( Property Services Regulatory Authority) with the following information:-

• The address and description of the leased commercial property
• The date of the lease of the property
• The term of years of the lease
• The rent payable in respect of the property
• The commencement date of the terms of the lease
• The capital consideration (if any) to be paid by the tenant or the landlord in respect of the commercial property the subject of the lease
• The frequency of the rent review in respect of the property
• The particulars relating to who is liable in respect of the rates, insurance, service charges and repairs in respect of the property
• The net floor area for each floor of the property
• The particulars (if any) relating to rent free periods, fitting out time allowed, fit out allowances and capital contributions in respect of the property
• The particulars relating to any break-clause in the lease
• The certificate i.d  number (within the meaning of  regulation 2 of the Stamp Duty (E-stamping of Instruments) Regulation 2009) of that Stamp Certificate 

and

• Such other particulars as may be prescribed by regulations.

The first four requirements only apply to commercial leases entered into since 1st January 2010.