Legal Fees for sales transactions are based on Law Society scales. Each party usually pays their own costs, however, fees may be shared if both parties engage the same law firm.
For rental, floor area is usually quoted on a gross basis, however, definitions can vary as to what is included in the net usable area. Note that gross area generally includes common parts such as stairways and lift wells.
Duration of Tenancy (Lease)
A standard lease usually lasts for two years. Occasionally, three years may be agreed upon.
See also Break Clause
Holding deposits are paid by a potential Tenant in order to secure the option to lease a property whilst details of the Tenancy Agreement are negotiated. It is advisable to ask for written confirmation that this deposit is refundable.