The Property Standardisation Group have just published the latest version of the PSG Leases based on the latest version (1.4 a) of the Model Commercial Leases. Whilst completing the lease project they have also produced an offer to grant a lease for use with the PSG Leases (attached- with guidance note).
The offer to grant a lease mirrors the PSG offer to sell and the intention is that one of the PSG Leases is annexed to the offer.
The offer provides optional wording:
- for a side agreement to be issued on the grant of the Lease
- for the tenant carrying out fitting out works in accordance with the terms of the draft PSG Licence for Works annexed to the offer
- for a rent deposit to be paid and documented using the PSG Deposit Agreement
- for a Guarantor of the Tenant’s obligations using the PSG Guarantee
- for a rent free period
- for suspensive conditions.
There is alternative wording to use depending on whether the grant of the lease will trigger automatic plot registration and depending on whether the lease is registrable or not.
The PLA are consultees to the PSG and, as such, please email any comments you would like to make as regards the drafts to either firstname.lastname@example.org or email@example.com by Wednesday 20th November 2019.