Leases are the backbone of commercial property work. Whether you act for a landlord granting a term or a tenant taking one, you need to know what makes a lease valid, how the obligations are shared between the parties, and how the key covenants control rent, repairs, exit, and day-to-day use. Getting these right is the difference between a clean deal and a client locked into costs or unable to leave.
This lesson builds that picture from the ground up. By the end you'll be able to recognise the structure of a lease and apply its core covenants with confidence.
What this lesson covers:
- The Lease and its Essential Elements — what a lease is and the elements that must be present for one to exist.
- Lease versus Licence — how to tell a true lease from a mere personal permission to occupy.
- Formalities and Equitable Leases — how leases are created and what happens when the formalities fall short.
- Periodic Tenancies and Other Arrangements — implied tenancies, tenancies at will, and how they end.
- The FRI Lease and Security for Obligations — how repair and insurance costs fall on the tenant, and how landlords guard against default.
- Break Clauses and Exiting a Lease — early termination, its strict conditions, and other exit routes.
- Rent and Rent Review — when rent falls due and how it is reviewed over the term.
- Alienation and Alteration Covenants — controlling assignment, sub-letting, and alterations.
- Quiet Enjoyment and Non-Derogation — the protections every tenant enjoys against landlord interference.