When we assess the rateable value we assume that the property is let on full repair and insuring lease terms.

If you rent your property there are different types of lease you may have with your landlord.

• A full repair and insuring lease means that you are responsible for all maintenance – internal and external – as well as the buildings insurance. Also known as FRI or full repair.
• An internal repair only lease means that you are responsible for internal maintenance only. We adjust these rents downwards before using them as evidence of rateable value.

The majority of commercial property lets are on a full repair and insuring lease.