The Commercial Lease End of Term document is essential when a commercial property lease is approaching or reaching its termination date in England and Wales. It provides a structured framework for managing the lease conclusion, ensuring both parties understand their rights and obligations. This document is particularly crucial for addressing terminal dilapidations, confirming vacant possession arrangements, settling outstanding financial matters, and documenting the condition of the premises. It helps prevent disputes and ensures compliance with relevant property legislation, including the Landlord and Tenant Act 1954 and the Dilapidations Protocol.
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1. Parties: Details of landlord and tenant, including registered addresses
2. Background: Details of original lease, term end date, and purpose of document
3. Definitions: Key terms used throughout the document
4. Confirmation of Term End: Formal acknowledgment of lease termination date
5. Vacant Possession: Requirements for delivering vacant possession
6. Dilapidations Settlement: Agreement on repairs and reinstatement obligations
1. Deposit Return: Terms for return of any security deposit - use when a deposit was held under the original lease
2. Outstanding Payments: Settlement of any remaining rent or service charges - use when there are outstanding financial matters
3. Holding Over: Provisions for temporary continuation if required - use when tenant needs additional time to vacate
1. Schedule of Dilapidations: Detailed list of required repairs and reinstatement works
2. Schedule of Condition: Current condition of premises at termination
3. Inventory of Fixtures: List of fixtures to be removed or retained
4. Financial Statement: Summary of all financial settlements and adjustments
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