The objective of the Professional Statement mandatory for all RICS UK members is to improve the quality and fairness of negotiations on lease terms and to promote the issue of comprehensive heads of terms that should make the legal drafting process more efficient. The statement and code do not prescribe the outcome, but seek to make it fair and balanced by identifying the terms that are usually important and encouraging both parties to obtain advice from property professionals. This enables negotiations to proceed properly so that each party can make an informed decision about whether to proceed on the terms that they negotiate. Includes template heads of terms and checklist .Applies to lettings of premises in England and Wales to tenants who will carry on trade, professional or other business activities in them, but it does not apply to agricultural lettings, premises that will only be used for housing plant and equipment (such as electricity transformers or telecoms) or advertising media (such as hoardings), premises that are intended to be wholly sublet by the tenant, or to premises being let for a period of not more than six months. Supersedes Code of leasing business premises in England and Wales 2007 L137317

This guidance note was amended January 2022 to update references to the RICS Rules of Conduct.

This document was originally published in February 2020 as an RICS professional statement and reissued in September 2023 as an RICS professional standard