The final schedule of dilapidations is served after the lease has ended. The timescales for dealing with the dilapidations process is defined under the dilapidations protocol and RICS Dilapidations Guidance Notes.

Fit-out costs are usually incurred by a tenant prior to being able to occupy new accommodation. Fit-outs will often include everything from installing cabling through to purchasing furniture.

Rateable values are generally subject to a revaluation every five years. This ensures that relative changes in markets between locations and property types is properly reflected in the rating list and not allowed to become outdated. Our market coverage ensures that we have proper representation and coverage in all sectors; our rating expertise is supported by good market intelligence.

Rent subject to fixed uplifts at an agreed level on agreed dates stipulated within the lease; or rent subject to a contracted minimum uplift at the specified review date (often at annual or five yearly intervals).

When a business tenant is in rent arrears or is in serious breach of the lease terms, then the commercial landlord will in most cases have the right to forfeit - the right to summarily end the tenancy. The landlord must, however, comply with section 146(1) of the Law of Property Act 1925. There is no automatic right to forfeit a lease unless the lease contains specific provisions by way of a clause setting out the grounds on which the landlord may forfeit. The landlord's actions must indicate that he intends to end the lease, so actions to the contrary, like accepting rent, will remove the right to forfeit. There are two main methods of doing this: (1) by peaceable re-entry to the premises or (2) by issuing court proceedings for possession.

The most superior legal title to the ownership of premises - legally referred to as "fee simple absolute in possession" - as opposed to long leasehold (or ground lease) which will often run for 100 years or more, and leasehold (usually the occupational lease interest). For an estate to be a freehold it must possess two qualities: immobility (property must be land or some interest issuing out of or annexed to land); and ownership of it must be of an indeterminate duration.

The owner of the freehold interest.

FRI is a term used to describe a lease where the tenant is responsible for all repairs and for insuring. However, the term also applies to the liability for payment of these costs, known as effective FRI. FRI leases therefore include those where the landlord pays for external repairs and recovers the cost via service charge or contribution to "shared" expenditure. Also, where, as is most common, the landlord maintains the insurance and recovers the cost of the premium from the tenant, usually as further rent.