Institutional Leases in the 21st Century

Since the 1980s the "institutional" lease has undergone a gramatic transformation. Landlord-orientated FRI leases for a term of 25 years with no breaks and upwards-only rent reviews have retreated before market demands for shorter, more flexible letting arrangements and, recently, in the face of threatened legislation. Nevertheless valuers and lawyers will have to understand and deal with the 1980s leases until well into the second decade of the 21st century. The book sets out to explain the main changes that have occurred since the early 1990s (such as the rules relating to privity of contract). It will also provide guidance on the factors driving further change, including the Code of Practice for Commercial Leases and the proposed new accounting standards.