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Landlords, tenants and property professionals will welcome a new version of the Code for leasing business premises in England & Wales, published by the Royal Institute of Chartered Surveyors (RICS).
The new ‘Code for leasing business premises (1st edition, February 2020)’ replaces the 2007 version. The 2007 Code was voluntary but, for the first time, elements of the new Code are compulsory for landlords and agents who are RICS members or registered firms – they must be followed unless there is a justifiable reason not to. For non-members, the Code represents best practice.
RICS has also published an updated template for business lease heads of terms, a heads of terms checklist and, for tenants, an occupier's guide, to go with the new Code.
The new Code comes into force from 1 September 2020.
Landlords, tenants and property professionals can download the new Code from the RICS website.