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Solicitors Advice for Reverse Mortgage
A reverse mortgage is a home loan that lets over 60’s access part of the equity they have in their home. If they own their
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Key parts of a Commercial Lease (there are many more).
The Rent
The lease must set out the correct amount of rent, together with how it is to be paid, and when the rent is due, and how periodically.
Rent Review
Will the rent be reviewed each year, or on the taking of an option. If so, on what basis (fixed, percentage, or CPI).
Refurbishment
The extent to which the tenant will be responsible for redecorating or refurbishment of the property on exit.
Outgoings
What additional expenses, charges, or outgoings will be payable under the lease (insurance, rates, body corporate fees, etc)
Insurance
The lease should ensure adequate insurance is held to cover any loss or damage to the property caused during the tenancy.
Security
How much deposit will be provided (usually by bank guarantee), and will anyone provide a personal guarantee and indemnity.
Option for Renewal
Will the offer the tenant an option to renew it. If so, what will any optional provide, and how is it to be communicated.
Signage
If the property is a store front, any signage mounted on the outside should be with landlords consent.
Assignment or Sub-letting
Will the landlord allow an assignment of the lease, or allow parts of the property to be sub-let by the tenant.
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