These are the statutory frameworks for the occupation of buildings and/or land where a landlord and tenant relationship exist. The principal legislation is the Landlord and Tenant Act 1954 (as amended) which confers Security of Tenure and the right to a renewal lease, on specified grounds, on the tenant, and the Landlord and Tenant Act 1927 which relates to the treatment of tenant's improvements and the limitations on a landlord's claim in damages for dilapidations.

Many clauses in commercial leases are "permissive", and allow the tenant to implement changes or alterations to the property or its occupation (for example alienation or user). Usually, however, the landlord's formal consent is required, and the lease will contain provisions governing how this is to be obtained and documented. These clauses also usually provide for the landlord's consent not to be unreasonably withheld or delayed and, if not, provisos to this effect are imported by statute in relation to alterations and alienation, but not user.

This is the judicial forum available to hear appeals from decisions of the lower court for rating, the Valuation Tribunal (VT). The ratepayer, the Valuation Officer or any other ‘interested party’ can appeal to the Lands Chamber where they are represented at VT.

A lease is a legally binding contract between a landlord and a tenant which sets out the basis on which the tenant is permitted to occupy a property.

The Landlord & Tenant Act 1954 limits the way in which a business tenancy may come to an end. Thus, a tenancy that falls within the provisions of the Act will not come to an end unless it is terminated in accordance with its provisions.

Lease length refers to the length of the lease term. It will vary depending upon the particular requirements of the tenant and the investment strategy of the landlord. In broad terms, the landlord will normally look for a longer lease of between 15-25 years, whereas tenant's increasingly demand more flexibility and are likely to look for shorter terms of 5-10 years.

A lease regear is a relatively recent term used to describe the renegotiation of a lease during the term. Often linked to another lease event, for example a break option or rent review, but also applies to early renewal, when the parties renegotiate during the contractual term. Lease regears are most often linked to an extension of the tenant's commitment to the premises, either by extension of term length or removal of a break option, in exchange for a re-basing of the rent to current open market value and/or incentives e.g., a rent-free period.

A lease renewal is the renegotiation of a lease with the existing tenant at its contractual expiry.

Also known as "Security of Tenure". Unless the parties have "Contracted Out" of the Landlord and Tenant Act 1954, tenants of commercial premises have the right to remain in occupation, and to a new tenancy on terms proscribed under the L&TA legislation.

A lease surrender is an agreement whereby the parties bring a lease to an end other than by contractual expiry or the exercise of a break option. Frequently involves negotiation of a surrender premium by one party to the other, but may rely on mutually beneficial release, e.g., early termination of a lease where the tenant is no longer in occupation and the landlord is able to re-let or refurbish/redevelop early.

A lease cannot be open ended. The lease term is the period of time the Lease runs for (as a "term of years" or "length of term") under the lease.

The Law of Property Act 1925 simplified the conveyancing process by creating two “estates” or interests in land.

These are the lawyer’s costs incurred by both a purchaser and vendor of a property, or in connection with the sale or grant of a new lease by a landlord and a tenant. Such costs can include conveyancing fees, litigation advice, counsel’s opinion, stamp duty, local authority search fees, bank transfer fees and court expenses, plus other disbursements and VAT.

Lessee is the legal term for "tenant".

Lessor is the legal term for "landlord".

The agent (usually a surveyor) acting for the party seeking to create a lease by offering the premises "to let" in the open market. Refers to the landlord's surveyor in a transaction, which includes those acting for a tenant seeking to sub-let, who then becomes an intermediate landlord. If represented, the tenant's surveyor in any transaction is often referred to as "acquiring agent".

An authority to do something that would otherwise be inoperative, wrongful or illegal. This may be used, for example, to permit occupation of land and buildings or allow a tenant to carry out alterations, or to assign or sub-let.

Licence for alterations will define the works which have been agreed by the landlord for the tenant to undertake. It will include additional covenants for the tenant to comply with in undertaking the works and may include reinstating the works at lease expiry. The Licence may also include provisions for the landlord to notify the tenant to reinstate such works including a timescale before lease expiry.

A legal document "licensing" the tenant to carry out alterations to the premises. Usually relates to a specific, approved Schedule of Works for which landlord’s consent has been obtained. Commonly time-limited and also addresses the tenant's reinstatement obligations at lease expiry, and how the alterations are to be treated at rent review.

The total of all costs relating to the holding of a property over its expected life, including the amount paid to acquire it. These extra costs include items such as maintenance spend, business rates and utilities consumption. Lifetime cost analysis may reveal that a modern building with higher headline rents is actually cheaper than a secondary property, due to higher running costs.

The ability to convert an asset into cash within a required period.

Loan to value is the proportion a bank will lend on an asset in relation to its overall market value.

Loan to value ratio is the loan amount, expressed as a percentage of a property's market value.

A lender will normally require a loan valuation prior to lending on a particular property purchase to ensure that the value of the asset meets the security and equity criteria of the loan contract. The lender will normally appoint a suitably qualified surveyor. In the case of a surveyor that is a member of the Royal Institution of Chartered Surveyors (RICS), it is mandatory for the member to prepare the loan valuation in accordance with the RICS Appraisal and Valuation Manual. This publication sets out various practice statements and guidance notes that should be adopted by the surveyor in order to ensure consistency of approach and quality assurances for the lender.

A local authority search is essentially an application for an official search of the local authority’s records, for written confirmation or a certificate disclosing matters or encumbrances affecting the land. Where a lease is being granted or conveyancing takes place, a local authority search should be undertaken.

Loss of rent is the term given to the rent a landlord has lost due to the tenant’s breaches of the lease. The loss of rent may relate to the period of time it takes for the landlord to remedy the tenant’s breaches of the lease after lease expiry. Some leases include provision for this to be paid in any event.