Abstract
An institutionally acceptable lease is one which will enable the investor to secure the best return from the property leased. This means that the landlord should be without residual liabilities. The obligations of both the landlord and the tenant, particularly the latter, should be certain and precise as to such vital matters as repairs, user, alienation, rental payments, rent reviews, insurance and service charges. The rent review is the device by which the landlord endeavours to protect himself from the ravages of inflation. Hence periodical upward rent reviews are required, usually upon a five yearly basis. Interest should be payable in the case of late rental payments (or delayed rent reviews) at a rate, in our case 4 per cent, over a leading clearing bank's base rate.
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