Property professionals back Commercial Lease Code
Over 80% of property professionals believe that increased transparency between landlord and tenant under the new Commercial Lease Code will eliminate costly and time-consuming disputes, according to a snapshot survey by Lockton’s real estate and construction division.
Lockton claimed that property professionals overwhelmingly support the most recent edition of the code, favouring its succinctness and clarity of expression. The code provides clear direction for landlords with a 10-point guide outlining the requirements for a code-compliant lease. Landlords must give reasons for any departures from the code – imbuing the process with a transparency attractive to both the lessor and lessee.
Richard Owen of Lockton’s real estate and construction division said:
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