Property Owners and Tenants – Know the Terms of your Lease!

John A Sinnott Solicitors, property advice 3

At John A. Sinnott and Co. Solicitors, we act for property owners and tenants.  Always, our most important piece of advice for both parties is to:

Have a lease in place and thoroughly know the terms of the lease.

We can help you put a lease agreement in place that both parties are happy with.  If there is no written lease the following questions can arise and lead to disputes:

Who is responsible for repairs and insurance?

Landlords are primarily responsible for ensuring the habitability of the rental unit. However, both landlords and tenants can be responsible for certain repairs.

Should an FRI (Fully Repairing and Insuring) lease be in place? This is often used in commercial lettings.

What break clauses are in place?

Do both the tenant and the landlord have the right to break the lease?

What is the legal notice period to end the tenancy?

For residential tenancies:

A tenant must give at least 21 days’ written notice.

A landlord must give at least 90 days’ written notice but can give less time (at least 42 days’ notice) in certain circumstances.  If the tenant is on a month-to-month lease, the landlord only needs to give 30 days notice and does not need to provide a reason.  Good info on residential tenancies on the RTB website

For commercial tenancies, you must look at the Lease.

When will rent reviews take place?

Will rent reviews be based on market value, Consumer Price Index or linked to turnover if it’s a commercial lease.

Has the tenant the right of renewal of the lease if in occupation for at least 5 years?

Does the tenant have the right to sell or assign the lease or the right to sub-lease?

Can the tenant use the property for a different purpose if a need arises to change trade or business?

What is the real cost of the premises when service charges and rates are considered? 
A long-term lease will govern the relationship between owner and tenant for 21 years or more.  It is especially vital in these cases that great care is taken and that both parties fully understand the provisions of the lease.

If you are a tenant or a landlord embarking on a new lease, contact us to discuss your terms.