The language of office leasing made simple
Are you bamboozled by the lingo of the commercial property market? Brush up on your understanding with this easy-to-follow guide
When arranging to view a new office or going through the legalities of your office move with a property solicitor, it is easy to become confused by the complex terminology you might hear. Don’t worry! Help Moving Office has a quick glance moving office glossary guide for the mysterious language of office moving:
Alienation – this is when you move interest in one property to another.
Assignee – the person or party to whom a lease is given. Similarly, an assignor is someone who confers a lease onto another party.
Asking rent – this is the starting price for negotiations on a property.
Capital value – the value of an asset, separate from its annual or rental value.
Determination – this is when a party brings a lease to an end or the lease expires
Disposal – very important for office movers, this is when you vacate your existing office and transfer responsibility to another.
Interim certificate – this is the document that binds the client to pay for an agreed fit-out.
Land registry – the governmental agency that records the ownership and leasing of land.
Lessee – the person holding the lease. Likewise, a lessor is the person letting the office (i.e. landlord).
Market rent – this is the best rent that a property could expect to be let at.
Re-entry – when a landlord can regain possession after a breach of tenancy.
Reversion – passing the property back to the landlord after the lease has come to an end.
Termination – bringing a lease to an end by mutual agreement, exercising rights or the lease reaching its expiry.
Use this Moving Office Glossary, along with our top tips for a smooth office relocation.
