Extract six terms of the lease into a lease summary, and explain how repairs to the building are paid for. What are the provisions and arrangements? Explain clearly to your client how the service charge operates and functions.

Law and practise

Your client owns the freehold of a building and wishes to understand what certain terms of the lease mean in the light of the tenant’s obligations, rights and legal position; knowing that the building may be sold as a tenanted investment in the near future.

Your client has asked that you undertake three things in order to achieve their objectives:

1. Extract six terms of the lease into a lease summary, and
2. Appraise how each of these terms could impact the ‘quality’ and ‘attractiveness’ of the tenanted investment.
3. You should also explain how repairs to the building are paid for. What are the provisions and arrangements? Explain clearly to your client how the service charge operates and functions.

You will be required to extract six key lease terms and provide a detailed explanation relevant to the scenario above.  Each lease provision should be paraphrased and summarised.  The format should be in the form of schedule laid out with the following column headings (this is an exemplar). You may, however, provide an introductory paragraph and a concluding paragraph