{"id":184365,"date":"2023-11-28T01:48:10","date_gmt":"2023-11-28T01:48:10","guid":{"rendered":"https:\/\/legalvision.co.uk\/?p=184365"},"modified":"2024-01-28T13:24:32","modified_gmt":"2024-01-28T13:24:32","slug":"definitions-commercial-property-lease","status":"publish","type":"post","link":"https:\/\/legalvision.co.uk\/commercial-lease-property\/definitions-commercial-property-lease\/","title":{"rendered":"\u00a0Three Common Definitions Found in a UK Commercial Property Lease"},"content":{"rendered":"\n

Entering into a commercial lease to secure business premises for your company is a significant decision. You enter into a new lease agreement with your commercial landlord as a business tenant, which is a legally binding contract. As a result, you commit to paying your landlord a specific amount of rent at regular intervals, which is likely a large business expense. Therefore, when you sign a commercial property lease agreement<\/a> as a new tenant, it is crucial to understand the definitions of the terms contained within it. These will detail your and your landlord’s rights and responsibilities in the lease. However, these can sometimes be confusing, so this article will explain three standard definitions found in a UK commercial property lease.<\/p>\n\n\n\n

1) Lettable Area<\/h2>\n\n\n\n

A vital definition in your commercial property lease is the term \u201clettable area\u201d. You may also see leases refer to this as the lease demise. It explains the exact area in the commercial property that the commercial landlord rents to you as the tenant for your business premises. It is, therefore, essential to note exactly what it covers if, particularly, for example, if you are a tenant amongst many in a shared commercial building. This is a common situation for office spaces. <\/p>\n\n\n\n

The lettable area usually includes square metres of floor space, and you should understand how the landlord calculates this. It is, therefore, helpful to note that floor space: <\/p>\n\n\n\n