Mortgage, title and insurance consent
Ask your lender whether the proposed use, company tenancy and lease terms are permitted. Check title restrictions, any superior lease and your insurer's cover. Obtain required consents in writing before proceeding; requirements differ by lender and policy.
What does an FRI lease actually transfer?
Full repairing and insuring describes a lease structure, not a guarantee that the landlord has no responsibilities. Have a solicitor review repairs, insurance arrangements, structural defects, compliance works, rent reviews, break clauses and end-of-lease dilapidations. Agree a schedule of condition where appropriate.
Provider due diligence
- Confirm the contracting entity and the people authorised to sign.
- Review accounts, funding, references and any proposed guarantee or deposit.
- Check existing Ofsted registrations where applicable; a new home requires its own registration process.
- Agree responsibility for planning, fit-out, registration delays and when rent starts.
Ask for evidence, not promises
Request the relevant planning decision, approved drawings and conditions; the agreed heads of terms; professional advice on the lease; and the operator's registration plan. Do not assume a previous consent or review proves your own project will succeed.
NMP's role
NMP coordinates property assessment, planning, provider introductions and commercial discussions. Request the scope, fees and milestones for your instruction in writing. Your solicitor, lender, insurer and the provider remain responsible for their respective approvals.
Useful references
UK Finance lender-specific instructions and Ofsted registration policy.