The Code of Leasing Business Premises in England and Wales 2007 was published in March. Although still voluntary, this third edition of the code is endorsed by a number of major players including the British Property Federation and Investment Property Forum, and the Government has stated that it will be taking a "keen interest" in ensuring that the industry complies.
The new version of the code consists of three components. The first - the landlord code - sets out ten points covering the expected conduct of the parties and the content of a "fair" commercial lease. The second - the occupier guide - provides a number of tips for tenants who may be unrepresented and unsophisticated compared with the landlord. Finally, the code includes a set of model heads of terms.
The full text of the new code can be found here.