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New guidance: RICS publishes new Code for leasing business premises

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).

April 2020

This update was published in Legal Alert - April 2020

Legal Alert is a monthly checklist from Atom Content Marketing highlighting new and pending laws, regulations, codes of practice and rulings that could have an impact on your business.

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.

Operative date

  • 1 September 2020

Recommendation

  • Landlords, tenants and property professionals can download the new Code from the RICS website.
  • Professional advisors should consider updating their standard precedents to take account of the new Code, and carrying out necessary training for staff who are likely to draft or encounter business leases that follow the new Code.

Disclaimer: This article from Atom Content Marketing is for general guidance only, for businesses in the United Kingdom governed by the laws of England. Atom Content Marketing, expert contributors and ICAEW (as distributor) disclaim all liability for any errors or omissions.

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