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Institutional Leases in the 21st Century Kindle Edition

by Chris Edwards (Author), Paul Krendel (Author) Format: Kindle Edition
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Since the 1980s the "institutional" lease has undergone a dramatic transformation. Landlord-orientated FRI leases for a term of twenty-five years with no breaks and upwards-only rent reviews have retreated before market demands for shorter, more flexible letting arrangements and, recently, in the face of threatened legislation. Nevertheless, valuers and lawyers will have to understand and deal with the 1980s leases until well into the second decade of the twnety-first century.

The book sets out to explain the main changes that have occurred since the early 1990s (such as the rules relating to privity of contract). It also provides guidance on the factors driving further change, including the Code of Practice for Commercial Leases and the proposed new accounting standards.

Previous page
  1. Print length
    186 pages
  2. Language
    English
  3. Sticky notes
    Not Enabled
  4. Publisher
    Estates Gazette
  5. Publication date
    December 7, 2018
  6. File size
    1848 KB
  7. Page Flip
    Enabled
  8. Word Wise
    Enabled
  9. Enhanced typesetting
    Enabled
  10. See all details
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Editorial Reviews

Review

'This is a fascinating and unusual book; not so much a legal textbook as a recent history of the property industry, written in a most clear and readable style... compulsory reading for anyone working in the property industry, whether as a solicitor, a surveyor, or in some other capacity, as it explains so clearly and concisely why our towns are as they are and what changes have taken place in the property industry over the past 25 or 30 years... I wholeheartedly recommend this book to all property lawyers and surveyors, especially those who are just starting their careers and would like to know how (and why) standard leases and the property industry have evolved to the point that we have now reached.' – Peta Dollar, Freelance lecturer, trainer and writer, Landlord & Tenant Review, 2007

From the Back Cover

High levels of inflation in the 1970s helped form the institutional landlord's requirements of its property investments. By 1980 a recognisable form of letting contract for commercial property - the so-called "institutionally acceptable" lease - was in widespread use and continued to dominate market thinking for the next decade. But, since the commercial property market went into freefall in 1990, the "institutionally acceptable" lease has come under pressure from all sides. The 25 year behemoth with no breaks and upwards-only rent reviews has retreated before market demands for shorter, more flexible letting arrangements, the impact of legislation and the threat of more, unless the property industry offers this flexibility. Nevertheless, the "institutional" form that was in common use until the early 1990s will be found in the market for at least another decade. Property professionals, both lawyers and valuers, will have to recognise, understand and deal with them during that time.

This book explains the evolution of the "institionally acceptable" lease and examines the main drivers for change that have emerged since the early 1990s, such as legislation on privity of contract, the introduction of Stamp Duty Land tac, the Commercial Lease Code and proposed changes in accounting standards. It also looks at some examples of the institutions' response to these pressures and how commercial property is let abroad. The book offers help and guidance about the salient points of the institutional lease granted 15 to 20 years ago to those who need to interpret it now, together with an explanation of how that lease differs from its modern counterpart. Finally, it offers the authors' view of why, although the investment property market is stronger than it has been for yeats, institutional lease terms loaded in favour of the landlord are nevertheless unlikely to make a comeback.

Product details

  • ASIN ‏ : ‎ B07JP779JH
  • Publisher ‏ : ‎ Estates Gazette; 1st edition (December 7, 2018)
  • Publication date ‏ : ‎ December 7, 2018
  • Language ‏ : ‎ English
  • File size ‏ : ‎ 1848 KB
  • Simultaneous device usage ‏ : ‎ Up to 4 simultaneous devices, per publisher limits
  • Text-to-Speech ‏ : ‎ Enabled
  • Screen Reader ‏ : ‎ Supported
  • Enhanced typesetting ‏ : ‎ Enabled
  • X-Ray ‏ : ‎ Not Enabled
  • Word Wise ‏ : ‎ Enabled
  • Sticky notes ‏ : ‎ Not Enabled
  • Print length ‏ : ‎ 186 pages
  • Page numbers source ISBN ‏ : ‎ 1138461180

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