Murray Beith Murray LLP is a leading Scottish private client law firm.
For 175 years we have specialised in meeting the legal, financial and administrative needs of individuals and families, family trusts, charities and private companies.
Several property experts have said that the Scottish commercial property sector is well on the road to recovery in 2022, following challenging times during the Covid-19 pandemic. Investment in the sector rose by 24% in 2021, with investment in the fourth quarter up 27%. In total, £1.3 billion was invested in the Scottish commercial property market last year, despite the challenges of the new Omicron variant.
A full repairing and insuring (FRI) lease is the most common form of commercial property lease in Scotland. Its main purpose is to transfer the Landlord’s common law responsibility of repairing, maintaining and insuring the property on to the tenant. This article will explain the function of an FRI lease and explore the ways in which an experienced legal representative can advise as to how to best protect a tenant’s and landlord’s best interests under an FRI lease.
In order to bring a commercial property lease to an end, clear advance notice of a party’s intention to terminate the lease must be given by one party to the other within the specified statutory timeframe. Where neither party serves the termination notice within the specified timeframe, the lease will continue to run on an implied re-lease with the same terms and conditions as the original lease due to the doctrine of ‘tacit relocation’.
Property disputes are an inescapable part of the commercial property world and can affect any property or agreement. When they do occur, disputes tend to be time consuming, stressful and expensive.
2020 was a difficult year for the commercial property sector with the COVID-19 pandemic causing significant challenges for investors, landlords and tenants. During the first lockdown, investment in commercial property slowed significantly. With surveyors unable to visit developments, the shutdown of the courts and the Land register, among other practical difficulties, completing commercial property transactions was incredibly challenging.
