Yes, “outgoing” in the sense of additional tenancy costs (not me after 3 negronis!). The term “outgoings” in a commercial lease generally refers to additional expenses relating to the property that the tenant must pay in addition to the rent. These typically include (but aren’t limited to): rates, levies and assessments imposed by any local [...]
An integral aspect of commercial leases is the configuration of ‘rent reviews’ according to which rent is adjusted and agreed intervals during the lease term. These intervals are the agreed review dates. The rental payable by the tenant after each scheduled review date is adjusted in accordance with an agreed formula that is set out [...]
The “permitted use” section in a lease describes how a tenant is allowed to use the premises during the lease term. The permitted use is often located in the ‘Schedule’ or ‘Particulars’ of the lease (usually at the back or front of the document) and is tied to provisions within the lease’s general terms. Those [...]
We are regularly tasked with reviewing various commercial contracts, generally briefed with the sole instruction of identifying notable risks for our clients. Of late, a seemingly prevalent risk is rogue charging clauses popping up in sometimes unlikely places. A charging clause is often intended to make the beneficiary of the clause a secured creditor who [...]
