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A glossary of terms, relating to New Greenham Park and commercial property generally.

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Head lessee:

The holder of the “Head Lease” - where a sub-tenancy (or more than one sub-tenancy) has been created. The head lessee is responsible for rental payments to the Landlord.

Revision Number: 0.1 Created: 25/02/2005 15:41:17

Lessee:

The party holds a lease on a property.

Revision Number: 0.1 Created: 25/02/2005 15:42:46

Rent review:

The periodical review of the rent to be paid by the lessee to the lessor. Leases will usually identify the basis on which the review is to be based.

Revision Number: 0.1 Created: 25/02/2005 15:49:30

Security of tenure:

Part II of the Landlord and Tenant Act 1954 provides lessees “security of tenure” - the right of a lessee to renew their lease at the end of its term.

Revision Number: 0.1 Created: 25/02/2005 15:51:09

Subletting:

Where a tenant lets part or all of the premises to a subtenant (subject to the terms of the head lease). The head lessee remains responsible for the payment of rent to the Landlord and any other requirement of the lease.

Revision Number: 0.1 Created: 25/02/2005 15:52:30

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Revision Number: 0.7 Created: 17/11/2004 11:58:12 Modified: 27/02/2006 12:51:10