Mandatory requirements for rics member landlords following new leasing business premises code introduction

The Royal Institute of Chartered Surveyors (‘RICS’) published their new Code for Leasing Business Premises on 12 February 2020. The new code, which applies to all RICS member landlords and agents and RICS registered firms, will take effect from 1 September 2020.

Helen Barker, Hatch Brenner Solicitor and Commercial Property lawyer in Norwich commented: “The new Code published by the RICS moves their guidance forwards from being a best practice based code to containing mandatory elements for landlords. With the aim of promoting fairness and best practice regarding tenant negotiations on new commercial lease terms, a key element of the changes is to encourage both parties to a negotiation to obtain professional advice. Commercial landlords should take the opportunity between now and the enforcement date of 1 September to review their standards of practice and Heads of Terms templates to ensure compliance. In our experience, a constructive and collaborative approach to negotiation should always be encouraged.”

The full code can be viewed on the RICS website: https://www.rics.org/uk/upholding-professional-standards/sector-standards/real-estate/code-for-leasing-business-premises-1st-edition/

To summarise the mandatory elements:

Helen Barker, Commercial Property Solicitor, is experienced in all aspects of Commercial Property Law. Contact [email protected] or call 01603 214 220.

RICS Leasing Business Premises Code

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