The holding of a legal interest in Property by a Tenant under a Lease or other Tenancy Agreement.

Essentially a form of Licence - a legal (but non-Property) interest under which premises may be occupied by way of a "personal" agreement. A Tenancy at Will does not grant a formal Tenancy, or create any legal/enforceable interest in the property, which is occupied "at the will of" the Landlord. Often used to allow early access to Premises pending completion of a Lease.

The expression tenant’s improvements is used to describe a wide range of works, that are usually carried out by a tenant, at their own cost, and usually require the landlord’s prior approval. Tenant’s improvements may not necessarily increase the value of the demised premises, but can have an impact upon the future rent payable by a tenant. Section 19 (2) of the Landlord & Tenant Act 1927 provides that a covenant in a lease against the making of improvements, without the consent of the landlord, is deemed to be subject to a proviso that consent will not be unreasonably withheld.

An agent, usually a Surveyor, appointed by the Tenant to represent them in negotiations and/or third-Party dispute resolution - Arbitration, Independent Expert or Court proceedings.

The terminal schedule of dilapidations, served at lease end, is intended to address all breaches of lease, prepared following the recommended format in the dilapidations protocol.

A mechanism used on the sale of a property investment where VAT is chargeable but not actually payable and therefore has a cashflow benefit. It is only applicable where the asset is and remains income producing after the transaction.

This is a mechanism employed by government under statute to limit (phase) year on year changes in liability following a rating revaluation. The system is self-funding so that limits in increases are financed by limits in decreases.

The net income from a property investment after deducting ground rent, non-recoverable expenditure and void holding costs.

A method of calculating all or part of the rent of commercial premises, by reference to the Tenant's turnover. Exact terms vary between Leases, but usually this is based on a percentage of Gross Receipts. The tenant will typically pay a Base Rent "on account", either based on the previous year's rent or a percentage (e.g., 80%) of Open Market Rental Value, with a balancing charge at year end. Most common in "destination retail" locations such as Regional Shopping Centres, and the Licensed and Leisure sectors.