What is it?

A formal lease is an official and final lease document prepared by a solicitor of the Lessor’s choosing. It contains the agreed terms of the lease, and detailed clauses which protect both the Lessor and Lessee. These clauses provide a basis to ensure both parties are aware of their rights and obligations during the term of the lease.

Who does it?

A formal lease is prepared by the Lessor’s nominated solicitor. We (Complete Commercial) undertake preliminary documentation to provide to the solicitor, who will then prepare the lease in accordance with the agreed terms and conditions.

Why do I need it?

Having a formal lease in place ensures that both parties have a clear understanding of their rights and obligations during the term of the lease. The formal lease will cover a variety of scenarios and outline which party is responsible for property maintenance, obligations relating to rent payments, details of payable outgoings, and a range of other protection mechanisms to protect both parties.