Commercial lease shake-up
Series: New Law Journal ; 154(7145) 24 September 2004, 1386-1387(2)Publication details: 2004Subject(s): Summary: Examines the government consultation "Commercial property leases: options for deterring or outlawing the use of upwards-only rent review clauses" (J128922). The "Code of practice for commercial leases in England and Wales" (ISBN 1842190989) published in April 2002 recommended that alternatives to Upward Only Rent Reviews (UORRs) should be offered to tenants. Reading University's 2004 interim report on the code's impact (J128920) concluded that no change had been achieved on UORRs. Examines the consultation's six UORR options and the likely impact on the property industry of whichever options are chosen. Concludes that no change to UORRs is unlikely and that, if the government decides to legislate, option two banning UORRs or option three banning UORRs but allowing a floor of initial rent, are the most likely. To allow rents to move upwards or downwards would undermine the value of property as an appreciating asset and constitute the most far reaching change to the UK property market in recent history.| Item type | Current library | Call number | Copy number | Status | Date due | Barcode | |
|---|---|---|---|---|---|---|---|
| Journal article | London Journal article | ABS68362 (Browse shelf(Opens below)) | 1 | Available | 127713-1001 |
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Examines the government consultation "Commercial property leases: options for deterring or outlawing the use of upwards-only rent review clauses" (J128922). The "Code of practice for commercial leases in England and Wales" (ISBN 1842190989) published in April 2002 recommended that alternatives to Upward Only Rent Reviews (UORRs) should be offered to tenants. Reading University's 2004 interim report on the code's impact (J128920) concluded that no change had been achieved on UORRs. Examines the consultation's six UORR options and the likely impact on the property industry of whichever options are chosen. Concludes that no change to UORRs is unlikely and that, if the government decides to legislate, option two banning UORRs or option three banning UORRs but allowing a floor of initial rent, are the most likely. To allow rents to move upwards or downwards would undermine the value of property as an appreciating asset and constitute the most far reaching change to the UK property market in recent history.