Understanding Commercial Lease Repair and Maintenance Obligations
This episode provides an in-depth overview of commercial lease repairing obligations, emphasising the importance of tenants understanding their responsibilities and double-checking them against those of the landlord. It explains the differences between Full Repairing and Insuring (FRI) leases and Internal Repairing and Insuring (IRI) leases, and the expectations set for tenants regarding proactive and reactive maintenance. Host Gary Marshall also delves into issues related to lease compliance, potential conflicts, and legal notices like the section 146 notice from the 1925 Law of Property Act. The necessity of professional advice for tenants to navigate their obligations and potential disputes effectively is highlighted.
00:00 Understanding Repairing Obligations in Commercial Leases
00:16 Types of Repairing Leases: FRI vs IRI
01:07 Proactive vs Reactive Maintenance
02:03 Insurance and Repair Costs
03:22 Elasticity in Repair Obligations
06:38 Landlord's Rights and Tenant's Responsibilities
07:33 Legal Actions and Tenant's Defense
10:40 Section 146 Notice and the 1925 Law of Property Act
12:37 Schedules of Dilapidations
15:00 Privity of Contract
15:06 Reinstatement Clauses
16:11 Accounting Implications, IFRS and FRS102
17:05 Final Advice for Tenants
Related episodes
IFRS/FRS102
RTFL!
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