Retail landlords and tenants take note! The 5 Big changes coming in retail leasing…

1 min read

Recently the State Government has introduced into Parliament sweeping changes to the laws relating to Retail Leases which are due to become law very soon.

Essentially the changes will affect both sides of the retail leasing arrangement.

So landlords and tenants would be wise to take note of the top 5 changes which will have an impact.

So what are they?

1.    No mandatory minimum term

Under the old law a Retail Lease was for a minimum of 5 years unless a certificate by a lawyer was provided effectively waiving this requirement. Under the new law the 5 year minimum term is abolished.

2.    Documents to be delivered by landlords to tenants 

It is now a requirement, except in certain cases for a signed copy of the lease to be sent to the tenant by the landlord within 3 months of it being returned by tenant to landlord.

It is also now a requirement for a bank guarantee to be returned to the tenant within 2 months of the tenant fulfilling all of the obligations under the lease.

3.    Compensation

A tenant will now be entitled to compensation including fit out costs if the tenant terminates the lease in the first 6 months due to the landlord either failing to provide a disclosure statement or providing one which is misleading or not completed.

4.    There are substantial amendments relating to outgoings 

A tenant now is not obliged to pay for any outgoings not disclosed to be paid in the lessors disclosure statement. Also if the landlord provides an estimate of outgoings and the amount actually charged exceeds that figure the tenant is now not liable to pay the additional actual amount if there was no reasonable basis for the estimate given

5.    Mortgage consent fees

It has now been clarified that a landlord cannot pass onto a tenant and mortgagee consent fees.

As you can see these changes will have different impacts on both sides to the equation, so please take the time to get advice from us if you need it now.

There are some other changes which I will address in the next e letter…

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Picture of Authored By<br>PBLTeam

Authored By
PBLTeam

Director Lawyer, PBL Law Group

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Anita Bradley has been an absolute dream to deal with. Anita's conveyancing skills and knowledge knows absolutely no boundaries along with her effective communication skills which has made selling and buying a completely stress free exchange for us. We recommend PBL Law to everyone looking for outstanding service. We will definitely be returning clients.
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PBL Law Group were fantastic. Anita from PBL worked with us closely during our property search and made the exchange and settlement process smooth and stress free. Highly recommended.
Gail Whitford
PBL handled my late mothers estate, they were very obliging and patient with any and all questions that we had, thank you to David , Sharon and the other staff that we dealt with, everyone was so easy to talk to and friendly .David came to the home where my Mother was living and helped her to get her will in order, Sharon helped us through the process of executing her wishes when the time came even doing a house call which was so much easier, thank you all so much
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I have experienced an excellent service from PBL (especially from Anita) during the sale of my recent property on Central Coast, and during the purchase of our current property in Sydney. Throughout many challengers, especially with the sale, Anita presented her very professional and knowledgeable conveyancer, positively solving all obstacles. "Above and Beyond" Award going to Anita!!! :-)
Amanda Reitzin
The five-star reviews are well-deserved. I needed a motion and a bylaw drawn up for urgent repairs of my strata unit and the AGM was in two weeks' time. My solicitor was friendly, efficient, knew what documents to ask for, and had all the paperwork prepared well within the timeframe. She also took the time to run through all the legalese and the different possible scenarios with me to make sure I understood. I am so glad to have found this firm and I will not hesitate to use their services again in future if the need arises.
Ricky Cooper
Anita is amazing! So attentive, approachable and communicates everything every step of the way. I have now bought and sold property with Anita and I cannot recommend her highly enough.
Ron Thomsen
Our Commercial Property conveyancing was handled very professionally. Anita’s experience and responsiveness was an asset in this transaction.
Trace M
I am so grateful for Anita Bradley from PBL Law Group helped me with this property settlement, she has went above beyond to ensure I understand everything because of our deafness. I will recommended Anita or their team. Thank you so much for all the hard work you have done for us.
Tricia Wheatstone
For almost 18 months I have been a client of Alex Ilkin. Alex is very knowledgeable and professional and has consistently provided me with thorough, honest and well set out advice, including steering my case through appeal proceedings. He always worked for my best interests with integrity and compassion. I recommend Alex and his team at PBL.