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Length of Lease
A lease is a legally binding contract between a landlord and a tenant which sets out the basis on which the tenant is permitted to occupy a property. The length of lease of the term will vary depending upon the particular requirements of the landlord and the tenant and will be influenced by business requirements, investment strategy and general matters such as economic conditions.In broad terms, the landlord will often seek to create a lease of between 15-25 years, whereas the tenant is more likely to require a shorter term of 5-10 years, particularly in times of economic and political uncertainty. The lease length may also be influenced by the incidence of break clauses and the prospect of a formal option that might exist to extend the lease upon expiry.Large properties, or those involving the tenant in significant investment in fit out costs, might attract longer leases in order to allow sufficient time for the tenant to recoup the initial costs of taking on the property.