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.

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About Stephen Collett

Steve is a partner in the firm and has practised all aspects of family law for over 20 years. He is a member of the Law Society’s Family Law Panel (Advanced). Steve is available to see clients in our Worthing, Bognor Regis or Chichester offices.

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