While taking out a business lease, it is vital to choose the lease that best fits your business needs and negotiate terms, enabling your business to expand. Lease agreements are generally drafted in the landlord's interest; thereby, it is vital to seek legal business advice from one of the top Commercial property lawyers UK. Here we will guide you through the steps to follow before taking out a commercial lease;
- Find out whether you are taking a lease or sublease
A sublease is when you lease the premises from the tenant of the original owner(landlord).
- Carry out investigations, searches, and inquiries
Your commercial lawyers will need to perform a number of checks, including-
- Confirming whether the landlord is the legal owner of the property or whether anybody else has legal rights which may cause difficulties later
- Organizing permission checks
- Local authority exploration
- Enquiring the particulars of the lease by enquiring the landlord's lawyers.
- Water and drainage check
- Environmental forage
- Checking the Stamp Duty Land Tax and Land Registry fees
STLD is calculated on the net present value of rent and is payable on completion of a lease.
- Determine your fixed term
- Commercial leases begin and end on specific dates, meaning "fixed term", and the landlord is not supposed to raise the rent during the fixed term period.
- Negotiating the rent and rent review period
Not many tents know that they can negotiate the rent and rent review clauses on their list and can attain favorable terms that fit your business requirements.
- Settle the service charges
The landlord charges their tenants the cost of maintaining and repairing the property. Negotiate to limit the service charge you pay before signing the lease agreement.
It is crucial for both landlords and tenants to hire a commercial lawyer to protect their interests. The above-mentioned steps will guide you through the process of a business lease. Or further legal advice, you can take help from our legal experts at Ai-Law. Our reputed and experienced lawyers with immense commercial lawyers will provide you with premium-quality and professional legal services.
No comments:
Post a Comment