Over 80% of property professionals believe that increased transparency between landlords and tenant under the new voluntary Commercial Lease Code will eliminate costly and time consuming disputes, according to Lockton’s Real Estate and Construction division.

The code provides clear direction for landlords with a 10-point guide outlining the requirements for a code compliant lease. Landlords must give reasons for any departures from the code.

Richard Owen of Lockton’s Real Estate and Construction division says: “The code was revised with the intention of improving leasing practice by creating a flexible and affordable letting market, benefiting both owners and occupiers. It will take a while to determine whether these aims have been realised, although early indications suggest that it is off to a good start.

“Disputes between landlord and tenant often arise as a result of misunderstanding and misinformation. The new Commercial Lease Code looks to spell out the process so that there is effectively a check-list before any deal is even entered into.”