Thursday, 21 November 2013

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.
  

No comments:

Post a comment