What’s the difference between a lease, a licence and tenancy at will? Commercial Property

A lease grants rights of exclusive possession for a fixed period, usually providing a business tenant with security of tenure.

A licence grants permission to occupy a licensor’s property subject to the licensor’s right of occupation or that of a third party.

Tenancy at will is often granted in the form of a letter with a daily fee being charged for non-exclusive occupation. This type of agreement can be terminated by either party without notice and is often used as a short-term measure.