Introduction
A lease is a longer-term right and can give the lessee the exclusive use of the property.
In a lease, the business of the tenant is less important than the type of property being let. So our agreements differ with each other through the inclusion or exclusion of terms relating to features of the building, such as those dealing with rights to display signs, rather than by who the tenant may be. Choose the right agreement by selecting the one whose description most closely matches that of your premises.
There is a high dependency on ADLS standard deed of lease which is neutral and in a tabular format. The format is just a matter of choice and it does not affect its validity. While Net Lawman templates are designed in a simple format with tailored special conditions to reflect the particular premises and the commercial terms.
The law in these documents
Commercial leases in New Zealand are governed by the Property Law Act 2007.
Terms included in every document
A lease contains many terms. We mention here only those few about which you are most likely to be concerned. If you want more precise information as to the contents of a particular document, please ask us.
We provide the words to include or exclude terms relating to the following in every lease:
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guarantor provision
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transfer or assignment to another party
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sub-letting forbidden
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inclusion of a break clause for premature termination by the tenant
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options for rent reviews
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an extensive menu of tenants' covenants to protect every aspect of the landlord's interest
These are full agreements, drawn to a higher standard than most solicitors would provide. Despite the breadth of options we provide, editing is straightforward, regardless of whether you have prior experience or not of this type of legal agreement.
We provide extensive drafting notes explaining each paragraph, and we send you a guide on how to deal generally with editing and completion.
Registration
There is no legal requirement that a lease must be registered. However, the parties have the option of protecting their interests by registering the lease under the land title register.
If you wish to assign a registered lease, you must do so by getting a ‘transfer of lease’ instrument registered by Land Information New Zealand (LINZ). A solicitor or a conveyancer does this registration.