Commercial Property Glossary

ALIENATION

The ability for a tenant to transfer (assign) or sublet its lease.

BREAK CLAUSE

A term in a lease that enables either the landlord or the tenant (or both) to terminate the lease prematurely, usually upon satisfying certain preconditions.

DILAPIDATIONS

A process for assessing the liability for repairs to a property during, or more commonly at the end of, a lease.

EASEMENT

A legal right of way for the benefit of a property over another property.

OPTION AGREEMENT

A contract usually for the sale of a property that may be conditional on another event such as granting of planning permission.

OVERAGE

An agreement between a seller and buyer of land whereby the seller is to receive payments in addition to the purchase price upon some future occurrence, eg the grant of planning permission, that results in greater profit.

RENT REVIEW

A mechanism contained in the lease to review the rent payable at certain intervals.

SECURITY OF TENURE

The right for a tenant to remain in occupation of premises notwithstanding that their lease has expired, provided for in the Landlord and Tenant Act 1954 and associated case law.

STAMP DUTY LAND TAX

A tax payable by a purchaser of certain interests in property.

About Adam Workman

Adam has extensive experience in private practice throughout UK, Europe and the United States. Adam spent eight years in the United States and worked as an attorney with a large Midwest law firm with branches across the US dealing with company commercial, corporate finance and company reorganisation and insolvency for a variety of pan European, national, regional and local emerging manufacturing and service sector businesses.

Since his move back to the UK in 2003, Adam has advised and led the negotiation of a variety of transactions of varying size and scope including joint ventures with European based international corporations and procurement and supply contracts with large UK plc’s as well as the acquisition and disposal of a variety of businesses.

In addition to being admitted as a solicitor in England and Wales, Adam is licensed as an attorney in the United States and is admitted to practice at the Missouri Bar and the United States Court of Appeals for the Eighth Circuit.

Adam owns his own vineyard and brewery and is a member and life long supporter of founder member and some time champions of the Football League and five times winner of the FA Cup, West Bromwich Albion Football Club.

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