After a considerable period of consultation, RICS have this week published the new "Code for leasing business premises" (1st edition, February 2020) (the New Code) which, according to RICS, aims to make the process of commercial lease negotiations faster, more transparent and fairer. There is also hope that the new requirements will encourage businesses to work with landlords to negotiate more flexible leases, which in turn might help to reinvigorate the retail sector.
This replaces the Code for Leasing Business Premises in England and Wales 2007, which was voluntary, whereas certain elements of the New Code contain mandatory requirements that must be complied with by agents and landlords who are RICS members or registered firms. The New Code also sets out expectations and recommended best practice which members should only depart from for justifiable good reason. The New Code is effective from 1 September 2020.
Click here to view our briefing in which we give an overview of how the New Code will impact landlords, agents and tenants...
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.