Sixty leases, one portfolio question.
Leases are long, individually negotiated and nearly identical in structure, which is exactly the shape that makes reading them one at a time so wasteful. The question is almost never about one lease. Ragextract reads the portfolio once and gives you the column you actually wanted to sort by.
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| Row | Documents | Rent review | Sublease rights | CAM cap | Break date |
|---|---|---|---|---|---|
| Unit 4 Northgate.pdf | CPI-linked, capped at 4% p.12 | Yes, with landlord consent p.28 | £8.50 per sq ft p.31 | 30 Jun 2029 p.4 | |
| Riverside retail.pdf | 3% fixed annually p.9 | No p.22 | Uncapped p.26 | None | |
| Wharf Street depot.pdfDeed of variation.pdfSide letter.pdf | Open market, 5-yearly Variation, p.2 | Group companies only p.33 | £6.20 per sq ft p.34 | 24 Dec 2027 Side letter, p.1 | |
| Southgate warehouse.pdfLicence to alter.pdf | Upwards-only, 5-yearly p.15 | Yes, unrestricted p.30 | Not stated | 1 Mar 2031 p.5 |
A plausible wrong answer is the risk, not a blank one.
Leases are where an extraction is easiest to get confidently wrong, because the same vocabulary appears in the rent review clause and in the service charge schedule. A blank cell announces itself. A cap that is not the cap you meant does not.
Which is why every answer here carries the page it was read from and a confidence score, and why the advice on the worked setup is to run two leases first — your most standard and your least — and read every citation before running sixty.
| Document | Cap on lift maintenance | Cap on total pass-through |
|---|---|---|
| Riverside retail | 5% year on year Sch. 4, p.26 | None Sch. 4, p.24 |
The lease is not the whole lease.
A deed of variation, a side letter, a licence to alter and a rent deposit deed are part of the agreement they amend. Read separately, they produce a portfolio that reports the original rent review with total confidence — which is the single most common wrong answer in a lease table, and a setup problem rather than an extraction one.
Bundle each lease with its amending documents, in date order, and the bundle is the row. A bundle holds up to fifteen documents; the first three are included in the column’s rate, and most lease bundles are two or three.
Resist bundling by building or by landlord. Ten leases in one tower are still ten agreements with ten sets of terms, and grouping them asks the model to reconcile documents that have nothing to do with each other.
Where it fits.
A row is a demised premises. That is the decision everything else follows from, and it is the one most often got wrong on the way in.
| The work | What a row is | Start from |
|---|---|---|
| Portfolio review | A lease, with its variations and side letters | |
| Acquisition diligence | A lease in the property being bought | |
| Break and expiry planning | A lease | |
| Service charge review | A lease |
One of the preset’s columns answers with a picture rather than a sentence: it puts the floor plan in the row, cropped from whichever page of the lease it was buried on, citing that page. A plan is never in the same place twice across a portfolio, and finding sixty of them by hand is the part of the job nobody schedules time for.
The preset ships in the application and its prompts are illustrative starting points rather than legal definitions — they are meant to be edited to fit your leases. Commercial leases works the whole thing through, including the three traps worth knowing about before you rely on a portfolio table.
Reading is charged once.
The portfolio is billed for the pages it reads, not for the questions asked of them. A column you did not think of when you built the table costs the same as one you did — which is what makes a portfolio worth asking a new question of at all.
| A 60-lease portfolio | Volume | Cost |
|---|---|---|
| 60 leases, 60 pages each — read once | 3,600 pages | 3,600 credits |
| 5 questions asked of all 60 | 300 cells | 300 credits |
| A break-date column added later | 60 cells | 60 credits |
Start with your least standard lease.
Upload it with its variation and side letter, bundle them, write two columns and read every citation. The awkward lease is the one that tells you whether the table holds up; the standard ones were never going to be the problem.
Nothing on this page is legal advice, and the preset is not a set of legal definitions.