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Headlease (Advice) - Coggle Diagram
Headlease (Advice)
1. Parties and property
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2. Premises
[1. Typically all of the property like on freehold]
[2. But occasionally might be part of an estate]
3. Rights granted
[1. Typically standalone, so see Sale and Purchase M'App]
[2. If not standalone, see Leasing M'App]
4. Rights reserved
[1. Typically standalone, so see Sale and Purchase M'App]
[2. If not standalone, see Leasing M'App]
2. Term and forfeiture
1. Length of term
[1. Typically you need at least 125 years and many funds want 200/250 years]
[2. But could be up to 999]
3. Break clauses for Ex-Act Leases
[1. Unlikely to be a Landlord break clause as this is a capital asset]
[2. But you might have a Tenant break clause]
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5. Forfeiture
[1. Often no forfeiture clause]
[2. But if there is, it will be constrained]
[3. Must not refer to any insolvency events]
[4. HL have a specific performance clause in addition]
2. Ex-Act or protected
[1. Are you excluding the Landlord and Tenant Act]
[2. If so you will need to explain it]
[3. If not it will be protected but the Tenant will still need to qualify for protection under the statutory grounds]
[4. Unlikely to be relevant at some point after 2025!]
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4. Tenant's Covenants
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2. Landlord's right to enter
[1. Unlikely to be relevant]
[2. But if it is, see New Leasing M'App]
3. Alterations
[1. Likely to be completely allowed]
[2. Often without consent]
[3. Unless the Landlord has agreed to participate in redevelopments]
[4. Or in refurbishments]
5. Reinstatement
[1. Typically yield up in accordance with the Lease covenants]
[2. But there might be nothing at all if it is a really long lease]
[3. Dilapidations typically not relevant but you might want to provide for it as a tenant]
4. User
[1. Likely to be unconstrained]
[2. But it may be limited to lawful use under the planning regime]
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6. Costs, consents, regulations and indemnities
[1. Often no requirement for consent]
[2. Tenant indemnity more usual here than in a revenue lease]
[3. Common contribution clause to cover unforeseen costs]
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5. Mortgagee's non-invalidation clause/notice
[1. Must have one]
[2. But it means opportunity to remedy, not forfeiture invalidation]