question re_ commercial lease covenants

Mad_maxx

I own a commercial property in the mid west since 2016 , tenant was already in place and up to now has completely honoured their rent obligations , I have not spent a red cent on the unit in the near six years I have owned the property

received an email a few days ago about an alleged leak which is letting in rainwater , Now if responsibility is exclusively mine here , I will not delay in attending to whatever repairs are required but from chatting to the management company , they seemed to think that in the case of twenty five year leases ( like this one ) , repairs are usually the responsibility of the tenant ? , I did not phone the management company about this by the way , I needed to ask them something else but they pointed out how many traders in the development neglect to keep roof gutters clean and other preventative measures , I have emailed my solicitor to check over the covenants but she is not in the office today

in general however , are most leases of this kind not " fully covered " insure and repair covenants on the part of the lessee ?

Depends on the lease. Doesn't matter how long the lease is for, what matters is whether it is a FRI lease (Full repair and insure) or IRI lease (internal repair and insure).

FRI = You hand over the property and the tenant is responsible for everything, including the fabric of the building, roof, walls, foundations etc.

IRI = They're only responsible for their internal portion, so no walls or roofs.

Mostly we have FRI leases when they're over 5 years+, but nobody can say without looking at your lease.

Mad_maxx

https://www.boards.ie/discussion/comment/118606247#Comment_118606247

As I suspected, I have forwarded the lease contract details to my solicitor, it's a twenty five year lease with two years remaining, if it's indeed a FRI lease ,I will instruct my solicitor to write to the tenant as they are just chancing their arm if it's a FRI

Thank you

Victor

No particular need to involve solicitor at this stage, but do if the tenant is slow or reluctant to deal with the matter.

But do note that rainwater leaks can suddenly go from inconsequential to profound. Is the insurance up to date?

When was the last time you had the property inspected?