Leases can often take several rounds of amendments before the solicitors representing the landlord and the tenant can agree on a final version. Here we consider a newly published standardised lease – the Scottish Model Commercial Lease - which aims to cut back on these more routine amendments, and speed up the letting process for both landlord and tenant.
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Retail leases come with risks for both the landlord and the tenant. Landlords must set rents at the right level – one which gives them adequate returns without overburdening the tenant - then hope tenants trade well enough to meet their obligations. For the tenant, they must balance rental obligations against their trading prospects and the risk of failure. Turnover leases offer an alternative to open market leases which can mitigate against the risks of both sides and potentially benefit both parties.