Report on a lease

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The attached document is draft Report on a Lease.

It is intended to be appended to a full Report on Title - e.g the Property PSL Report on Title.

This report on a lease is drafted for use primarily where property is being acquired subject to occupational leases. However, the report is capable of being "topped and tailed" so as to amount to a report on the acquisition of an existing lease - but note that this report only contains matters relating to the lease terms themselves, and not to any other aspects of a leasehold acquisition transaction.

Of course, when using this report, it is essential to check that the many statements made about the contents of the lease are correct, and not misleading or imprecise, and that there are no other additional features of the lease which require explanation.

Where property is sold subject to leases, a lease report will usually be appended to the report on title. The property lawyer has the choice of (a) compiling a lease report in respect of each occupational lease (using, for example, this Report on a Lease; or (b) following the kind of approach adopted in the City of London Certificate of Title (6th Edition) wherein the report/certificate effectively states that the occupational leases are in an institutional format (“generally accord with the requirements of institutional landlords”), and variations therefrom are highlighted.

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