Commercial property lease

Land for car or lorry park
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Document overview

This is a lease of land where the use is for long or short term storage of vehicles. There may be plant and buildings on the land as well, such as for repair, washing, disposal or administration.
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About this document

This is a lease to let a plot of land that the tenant will use to park and store vehicles - most likely cars, vans or lorries. It is a tailored version of our less specific land lease. The agreement allows for existing buildings or items of plant (e.g. an office or a car wash) to be included.

Uses for the land might include:

  • car parking near to an airport
  • as a storage ground for a vehicle dealership
  • as a sales yard for agricultural vehicles
  • overnight lorry parking

The lease is designed to maximise the capital value of the land in order to provide acceptable security to a lender. We prioritise the landlord’s interest over the tenant’s.

We offer a less specific lease for land for other purposes if vehicle parking and storage is not the primary purpose of the tenancy.

Key features

We use plain English wherever possible. Sometimes it is necessary to use legal terms common in this field of law.

The key features of this document are:

  • lease term between 1 and 30 years, that is, any usual commercial term (short-term by default)
  • for longer terms that require registration, prescribed lease clauses (PLCs) can be added easily
  • tailored specifically to use to let a car park or lorry park
  • guarantor
  • assignment and sub-letting
  • break provision
  • rent review options
  • opt-out of Sections 24-28 of the LTA 1954
  • draft authorised guarantee agreement: enables you to use the opt-out provisions of the 1995 Act

If you are not familiar with commercial property leases, you may wish to look at our standard car park lease agreement. This version contains fewer of the technical provisions, fewer landlord's warranties, no references to prescribed lease clauses and no options for sub-letting.

Within the extensive guidance notes to this lease, we have provided a discussion on use of security deposit agreement and a template for such an agreement.

We have also included the forms required to exclude security of tenure. These include the prescribed notices to be given to the tenant 14 days before the new lease is created, a declaration of a new lease, and the statutory declaration if less than 14 days notice is given.

The law in this document

Leases are regulated primarily by the Landlord and Tenant Act 1954, amended many times. Account has also been taken of:

  • the Landlord and Tenant (Covenants) Act 1995
  • the Regulatory Reform Regulations 2003
  • the Joint Committee's Code for Leasing Business Premises
  • the RICS' Code on Service Charges

Contents

The contents include 28 provisions and 3 schedules covering:

  • rent: amount, other payments, interest on overdue rent, periodic review
  • condition and repair
  • alterations with landlord's consent
  • tenant's positive obligations
  • restrictions on tenant
  • assignment
  • sub-letting
  • preconditions of development
  • indemnities by the tenant and warranties by the landlord
  • land registration
  • security deposit
  • insurance
  • access for landlord
  • guarantor
  • termination: default notice by landlord; provision for premature termination
  • forfeiture
  • security of tenure excluded
  • Schedule 1: rights reserved
  • Schedule 2: draft authorised guarantee agreement
  • Schedule 3: security deposit agreement
  • Prescribed notices to be sent to tenant to exclude security of tenure

If the term is for more than seven years, it must be registered with the Land Registry. We provide prescribed lease clauses (PLCs) free of charge for download. There are instructions on how to add these within the document. There is no need to use these if your intended lease term is seven years or shorter.

Sample commercial property leaseSample page from the commercial property lease of car or lorry park

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