Agreement for lease

Question 1

what is an agreement for lease?

Answer 1

the contract

Question 2

who drafts the agreement for lease?

Answer 2

LL’s solicitor

Question 3

what can be used to assist the drafting of the agreement for lease?

Answer 3

SCS/SCPC

Question 4

when is an agreement for lease used?

Answer 4

Less common in LH compared to FH, but used where:
o There will be a delay between agreeing the lease and completion i.e. property being built/refurbished; or
o Consent is required i.e. from lender or PP to be obtained

Question 5

how is the agreement for lease exchanged?

Answer 5

the same as in FH exchange, i.e.:

• Law Society Formulae A  one solicitor has both signed contracts. They undertake to send their client’s contract by 1st class post, DX or hand that same day (if B’s solicitor + to send deposit)
• Law Society Formulae B (most common)  same as above but each solicitor has their own client’s contract