Striking a Statutory Balance : Constant Change in Residential Leases Versus Static Change in Commercial Leases

This paper provides a critical analysis of the reasons why the statutory code governing commercial leases has remained static when compared to those in the residential sector in the UK. Further it examines how far and in what ways the more recent additions and initiatives have altered or improved the law. The paper examines the degree to which there has been a political unwillingness to use legislation in the area, and examines the effort that has been made to simplify the process. The paper suggests that legislation has aimed at protecting the financial position of the tenant and in particular aiding the small business with limited access to legal resources, while also facilitating a market that has been changed by economic conditions, encouraging flexibility and adaptation. Recent initiatives that have involved a combination of legislation and a voluntary code to encourage self regulation are also examined, including that which encourages short term leases due to transaction cost increases for longer term leases