Business Leases Commercial Lease and Tenancies at Will
A business lease, or a commercial lease, is a lease under which a tenant occupies a property for the purposes of their business. Under a business lease, tenants have the right to renew the lease at the end of the contractual term. There are obligations in place on the part of the business tenant, and these are taken into account during disputes over the automatic renewal of business leases.
Obligations of a Business Tenant
There are a variety of obligations for business tenants both before and during a tenancy is agreed, including:
- The correct payment of rent on or before the agreed rent date
- The agreement on a detail description or plan of the land or property in question
- The agreement over the length of the lease and any break clauses that may allow either party to end the lease
- The agreement over the responsibilities regarding land and property insurance
- The maintenance of the property including any repairs and alterations
- The agreement of any additional service charges, including cleaning, heating and lighting
- The provision of lease end protection that outlines the rights of each party if the lease comes to an end
Tenancies at Will
Those who wish to have a breakable or flexible contract in place can choose to sign a tenancy at will. This will allow either party to terminate the tenancy at any time and for any reason. These licences are often chosen to cover both parties during the creation of complete tenancy agreements.