With a Lease being one document, it is always tempting for inexperienced landlords and tenants to simply ‘google it’ and find a free alternative, especially in the wake of the cost of living crisis. When a Lease is being granted however, there is a lot more to think about than simply producing the lease document. Whether you are a Landlord or Tenant, it is always advisable to instruct legal advisors to act on your behalf as any unturned stone could lead to disputes further down the line.
A legal advisor would not only draft the lease, but also provide advise on the terms of the Lease, along with any issues in relation to the title which may affect the Landlords position. An example would be if the Landlord had a charge over the property- the bank will have requirements which will need to be satisfied before a valid lease can be put in place. Equally, the tenants legal advisor must check the title to ensure that the landlord has the legal right to grant a lease; any complicity at this stage could lead to the lease document being invalid which may lead to disputes between the Landlord and Tenant- often with the aid of litigation solicitors.
A legal advisor is also aware of the additional legal requirements which need to be satisfied when putting a Lease in place; whether that be attending to a tenants SDLT liability and submitting a tax return to HMRC, or registering the Lease at the Land Registry which if not done, could lead to fines and penalties. Other issues for the landlord could be any compulsory registered leases that are not registered may lead to difficulties in assigning the landlords property to any potential future landlord or obtaining finance for the Property.
Whilst it is tempting to simply download a lease from google, there is much more work involved behind the scenes and a legal advisor will ensure both that all your additional obligations have been carried out to avoid late fees/ penalties, and also that the Lease is drafted correctly to minimise the chance of disputes arising at a later date.