Landlord and tenant revision #2

Question 1

Difference between and lease and a licence

Answer 1

lease gives exclusive possession for a term at a rent which is a contract between landlord and tenant made by a deed for longer leases creates and estate in land.

Licence gives permission to do something otherwise illegal. Licences are personal arrangements not capable of being assigned. a licence does not give any property rights or security of tenure.

Street V mountford it does not matter what it says on the cover ‘Licence’ if in all other respects it looks like a lease then it probably is.

Question 2

what is time of the essence

Answer 2

The phrase “time is of the essence” means that something needs to be done immediately or very quickly. It is often used in a legal context to emphasize that timely performance is an essential obligation under a contract. If one party fails to meet the deadlines set in a contract’s “time is of the essence” clause, it results in a breach of contract and gives the other party the right to exercise its remedies for breach.

Question 3

Terms of engagement

Answer 3

These must be agreed in writing at the start of the instruction:
You must be competent
There is no conflict of interest
include the complaints handling procedure

fees for rent reviews or lease renewals can be:

based on a percentage of the new rent agreed
a percentage of the saving made from the quoting rent
a fixed fee
an hourly rate (most often used for 3rd party determination)
Incentive fee