5 things you need to know about rent payable under a lease:
1. The rent payable must not be
illusory.
2. Rent will normally be paid
quarterly, most likely on the Scottish Quarter Days. These may be the 28th of
February, May, August and November if the "new" quarter days and the
2nd, 15th, 1st and 11th days of these months if the "old". Interest
at a specified rate will be payable in the event of a late or non payment of
rent.
3. VAT may be chargeable on rent
payments if the landlord has elected to opt to tax.
4. The tenant may negotiate a rent
free period prior to entry if market conditions so dictate or if works are
required to the leased subjects.
5. The annual rental may be
subject to rent review at an agreed frequency during the period of the lease.
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