Institutional Leases in the 21st Century

Since the 1980s the "institutional" lease has undergone a dramatic transformation. Landlord-orientated FRI leases for a term oftwenty-five years with no breaks and upwards-only rent reviews have retreated before market demands for shorter, more flexible letting arrangements and, recently, in the face of threatened legislation. Nevertheless, valuers and lawyers will have to understand and deal with the 1980s leases until well into the second decade of the twnety-first century.The book sets out to explain the main changes that have occurred since the early 1990s (such as the rules relating to privity of contract). It also provides guidance on the factors driving further change, including the Code of Practice for Commercial Leases and the proposed new accounting standards.

1. What is an "Institutional" Lease? 2. Repairing Obligations and Service Charges 3. User and Alterations 4. Privity of Contract, Alienation and Variations 5. Rent Reviews 6. Dispute Resolution 7. Break Clauses 8. Lease Renewals 9. Three More Pressures for Shorter Leases 10. The 2002 Code of Practice for Commercial Leases 11. The Future–A Move Away From Feudalism to Consumerism

Has worked in the City of London for 25 years where his experience revolved around the grant, acceptance and renewal of leases for both institutional investors and multiple occupiers, and dealings with investments underwritten by them. He has experienced (but takes no credit for) two busts and a boom and is cautiously enjoying the activity generated by the continuous improvement in the fortunes of the property market in recent years
Based in St James's, in the heart of the West End of London and has specialised in dealing with rent reviews and lease renewals, acting for landlords and tenants of commercial property since setting up the Professional Department of his firm in the early 1980s. He has witnessed several booms and busts in the commercial property cycle and has seen commercial leases become considerably more detailed and sophisticated. Is also an experienced Arbitrator and independent expert.