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Hi, welcome to Just Answer. I will help you with your question.
Hi ya. How long will the lease be for?
it will be at least 15 years
Okay. Then yes, it must be in writing and made by Deed. This is due to the requirement of s.52(1) Law of Property Act 1925.
what does made by Deed mean?
Different rules apply for less than 3 years, but clearly, you're well over that!
It means it has to say on the document itself that it is a Deed, and it must be signed and witnessed by third parties.
Let me see if I can find you a link for something to help ... hold on a second.
ok - but it doesnt need to be drawn up by a lawyer - it can have simple agreed terms?
Have a look at this: https://www.prolog.co.uk/prolog_common/LS2R.pdf?cat=Links&sys=ecom_lawsoc
This is the Law Society standard form of business lease, which you could use rather than use a lawyer.
HOWEVER, whilst you can do this without a lawyer, I would always recommend that people use lawyers as they will be able to negotiate the specific terms for you with the landlord/tenant and for 15 years, this is a long time, it's good to get it right and fully understand what you're entering into.
ok so we could just copy and paste the terms that we want to use?
You could do, yes.
if its a 15+ year lease, how much security do i have?
15 years worth.
what if the lessor wanted to end it early?
Hold on - are you in Scotland?
Ah - I've given you the answer under English law. I'm sorry, I should opt out and get a Scottish lawyer to answer you. Is that okay - bear with me?
Thanks. We will email you when a Scottish law looks at this.
Does it have to be drawn up by a solicitor?