Lease of whole: office

by Practical Law Property

A standard document for use as a lease of the whole of an office building in England or Wales. This standard document assumes the landlord retains no part of the building, meaning it does not contain service charge provisions. It is structured to serve as a full repairing and insuring lease (FRI lease) but provides an alternative for the tenant's repair obligation to be qualified by a schedule of condition. Key optional provisions are included to address uninsured risks, an upwards only open market rent review with a potential cap and collar and a break clause. This versatile standard document can be adapted for use as a headlease, an underlease where the landlord holds a leasehold interest or as a renewal lease. It also includes prescribed clauses for Land Registry purposes and optional provisions for a tenant's guarantor, offering a flexible framework for various commercial letting scenarios.