Jurisdiction(s):
United Kingdom

Related legal acts

Key definition

Rent definition

What does Rent mean? Rent is the monetary consideration a tenant pays to a landlord for the right to occupy premises under a lease. In UK and Irish practice, rent must be certain or objectively ascertainable from the lease throughout the term, typically by stating an annual sum and (if applicable) a review formula (open market rent review, index‑linking or fixed uplifts). Commercial rent is commonly payable in advance by equal instalments on the specified rent payment dates. English quarter days (25 March, 24 June, 29 September, 25 December) remain widely used in England & Wales and Northern Ireland; Scotland traditionally uses Scottish term days...

Practical guide to upwards-only open market rent reviews in commercial leases (England and Wales)

Published by a LexisNexis Property expert

Practice notes

Negotiation Guide

This guide forms part of the Practical Lease negotiation collection. See also Practice Note: New starter guide—entering into new commercial leases.

The purpose of a Rent Review is to reset the Rent during the term so it reflects prevailing market conditions. In MFI Properties v BICC Group Pension Trust, Hoffmann J observed that a rent review clause addresses a clear commercial tension: the tenant’s desire for long-term security of tenure against the landlord’s wish, during inflation or a swiftly shifting property market, to avoid being fixed to the same rent throughout the term.

There are several ways to approach this, yet every rent review clause sets out a mechanism or formula to determine the rent at a specified time (the review date). This Negotiation Guide looks at the principal features of an upwards only open market rent review clause that can be included in a commercial property lease. An open market rent review assesses the revised rent by reference to the rent that would be payable under a hypothetical (ie fictional)...

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Web page updated on 21/05/2026

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Date [ date ] Parties [ name of Landlord ] [ of OR incorporated in England and Wales (company registration number [ number ]) with its registered office at ] [ address ] (Landlord) [ name of Tenant ] [ of OR incorporated in England and Wales (company registration number [ number ]) with its registered office at ] [ address ] (Tenant) [ [ name of Guarantor ] [ of OR incorporated in England and Wales (company registration number [ number ]) with its registered office at ] [ address ] (Guarantor) ] [ [ name of Mortgagee ] [ of OR incorporated in England and Wales (company registration number [ number ]) with its registered office at ] [ address ] (Mortgagee) ] Definitions Within this Deed, the terms below shall be interpreted as follows: [ Annual Rent • the annual sum reserved under the Lease; ] [ Insurance Rent • the Tenant’s share of the Landlord’s costs of insuring the Property (as set out in the Lease); ] Lease • the lease of the Property dated [ date ], entered into between (1) [ the Landlord OR [ name ...

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