Put simply, a lease assignment is the transfer of an existing lease from one party to another with landlord’s consent. 

A break clause allows a landlord or tenant (or sometimes both) to terminate the lease.

A notice served by a landlord or tenant (or sometimes both) contractually allowing for a break in the lease. 

The amount of rent a property is expected to receive in comparison with similar properties in the same area. 

“Free from hold” – ownership of a property and the land is stands on outright. The ownership is not subject to any conditions.

Ownership of the property but not the land on which it is built. The ownership is subject to lease conditions. 

Government charges on most non-domestic properties, for example, offices, shops, pubs and warehouses. Business rates relief can be applied for in some cases.

A sum paid by a tenant to cover the cost of communal services for example cleaning, general maintenance, lifts, lighting etc.

The duration of time in which the lessee has the right to use the property.

Use classes define what a commercial premise may lawfully be used for. 

A change of use application is submitted to change the use of an existing building from one planning class to another, e.g from an office to a shop.

Allows for use as a shop, financial & professional services (not medical), café or restaurant, clinics, health centres, creches, day nurseries, day centres, gymnasiums, research & development of products or processes, any industrial process (which can be carried out in any residential area without causing detriment to the amenity of the area) and indoor recreations (not involving motorised vehicles or firearms).

Allows for use as a pub or drinking establishment, takeaway, cinema, concert hall, bingo hall and dance hall.

Allows for use as a hall or meeting place for community use, indoor or outdoor swimming baths, skating rinks, outdoor sports or recreations not involving motorised vehicles or firearms, and shops no more than 280 sqm mostly selling essential goods, including food and at least 1km from another similar shop.

Allows for use as a school, non-residential education and training centre, museum, public library, public hall, exhibition hall, place of worship and law court.

Allows for use as industrial space.

Allows for storage and distribution use.

Allows for use as a hotel, boarding or guest house.

Allows for use as a residential institution.

Allows for use as a secure residential institution.

Allows for use as a dwelling house.

Allows for use as a dwelling house by 3-6 residents as a HMO (house of multiple occupation).

Put simply, covenant strength refers to the lessee’s ability to comply with their lease.

A regular fee leaseholders pay their freeholder for the land their property is on.

Allows a landlord and tenant to agree a new rent. 

The Landlord & Tenant Act 1954 was created to provide security for tenants. If the fixed term of a lease comes to an end, the business premises have the right to remain in occupation and the right to apply to court for a new lease to be granted.

A notice served to leaseholders when the landlord intends to sell the freehold. Legally a landlord must notify the leaseholders before an open market sale.

A notice served to leaseholders when the landlord wants to end the existing lease.

A notice served from leaseholder to freeholder requesting a new lease.

A lease whereby the leaseholder/tenant is responsible for internal repairs/maintenance of the property.  

A lease whereby the leaseholder/tenant is responsible for internal and external repairs/maintenance of the property.

The usable area within a building measured from the internal face of the perimeter walls.

The most common tenancy agreement allowing a landlord to let a property with the right to evict a tenant without reason.

The rent a property could expect to achieve given current market conditions.

A property shared by at least 3 people with shared facilities for example bathroom and kitchen.