Specialist lawyers in London – we advise both Landlords and tenants on full repairing and insuring leases. Services range from drafting, advising on advantages and risks through to disputes arising.
FRI Lease Solicitors
We are specialists in all aspects of commercial leases. If you need a property lawyer to advise on an FRI lease please do get in contact with us.
A full repairing and insuring lease is a common type of commercial property lease offered or sometimes insisted on by landlords.
With Fri leases the tenant is legally responsible for the external and internal condition of the property. In addition to the general principle of this, the wording of the lease is very important. If the lease for example, states that the tenant must keep the premises, both external and internal, in their current condition, what does this mean in practice?
Disputes which arise where there is a full repair leases can be very risky and costly. Tenants should consider carefully whether to enter into such leases and take full precautions. Full repair leases from a tenant’s viewpoint might be more acceptable with very new premises and where the tenant really needs those premises, based on location or other factors and the tenant is prepared to enter into a long term lease, often for 10 years or more.
Survey essential and agreed schedule of condition
If you are considering agreeing a full repairing and insuring lease, protect your position by obtaining a detailed external and internal survey of the property and seek to agree a schedule of condition with the landlord.
Further measures may be recommended – a surveyor will not normally check expensive and technical items such as air conditioning units. These can be very expensive to maintain, repair or replace so it may be advisable to get specialist reports on these types of items.
Structure and roof
The biggest potential risk with most buildings is any structural issues and roof repairs. These can be very expensive and may not be covered by buildings insurance. In addition to having the structure and roof assessed in a survey.
Solicitors to advise on a full repair lease
Our commercial property lawyers are experienced in all aspects of full repairing and insuring leases. If you are a landlord, we can draft a suitable FRI lease for you. If you are a potential tenant, we can guide you through the advantages and risks and assist with negotiations. Clients also come up to where legal issues and disputes arise generally with leases of commercial property.