Commercial Leases · glossary
The main rent: £60,000 a year before VAT, paid in twelve monthly instalments of £5,000 on the 2nd of each month. It starts on the Rent Commencement Date, after three months rent-free, and is reviewed once, at year five. Particulars: Annual Rent · Chapter 3 · see Rent review, Rent-free period
Explained in Chapter 3, Rent, Rent-Free and VAT, of Commercial Leases.
Linnet will pay £60,000 a year for the first floor. The lease calls this sum the Annual Rent, and this chapter calls it “the rent”. Linnet also pays a share of the cost of insuring the building, the insurance rent, and a share of its running costs, the service charge (Chapter 5). The lease calls the three payments, with any VAT and late-payment interest on them, the Rents.Read Chapter 3, Rent, Rent-Free and VAT →
Chapter 1 and this glossary are open to everyone; the whole edition is free to read with a free account until 31 January, and it stays open to an account opened by then.Chapter 1 of Commercial Leases and this glossary are free to read; the rest of the edition is in the Library, at €12 a month or €79 for a Year Pass.
Related terms
Where this term lives
This term is part of one complete fictional deal, with every document attached and a test after every chapter. Open Commercial Leases → · All terms A–Z →