You may consider the wording of break clauses to be the exclusive concern of your solicitor. However it is important for businesses to be clear about these from the outset, and take on board the implications. Failure to do so can be potentially costly, as was shown by a case involving Marks & Spencer. One of our Commercial Property Solicitor’s Catherine Spence explains break clauses and the importance of understanding your lease.
When you buy a lease, it gives you the right of living there for a fixed number of years, but you will not be the responsible for things such as the common parts of the building, car park and any communal gardens. Once the lease runs out the ownership of your flat will return to the landlord unless either you buy the freehold of the building or the lease is extended.