International law firm Trowers & Hamlins has advised on the new Code of Practice for commercial property relationships during the Covid-19 pandemic, issued by the Ministry of Housing, Communities and Local Government and endorsed by a steering group of leading industry bodies.
The voluntary code applies to commercial leases held by businesses which have been seriously negatively impacted by the Covid-19 crisis, and is intended to encourage landlord and tenants of those leases to come together to negotiate affordable rental agreements. The hospitality, leisure and parts of the retail sectors in particular are likely to have most need of it, given the significant financial impact of the lockdown on those businesses.
Partners Yvette Bryan and Nicholas Levy, who provided legal advice to the steering group during the Code's development, commented:
"We are pleased to have been able to contribute to the development of this new Code of Practice. In a time of uncertainty, having recommended best practice which is supported by major industry bodies will provide a point of focus for those businesses which have been severely impacted by the Covid-19 crisis. With the guidance that this new code provides, more landlord and tenant businesses can hopefully start to plan for a brighter future post Covid-19."
