Taking on a commercial lease can be a daunting prospect for anyone who is not familiar with the process. We can advise you on the legal and commercial aspects of the transaction and offer expert guidance so that you know exactly what you are signing.
Things to consider may include:-
- Who is to be responsible for the repair of the property, particularly if the property is not in a good state of repair at the outset.
- Are there any service charges or other payments on top of the rent and who is responsible for other outgoings such as business rates?
- Do you wish to have the flexibility to bring the lease to an end before the full term and if so on what terms?
- Are you being asked to sign any guarantees or give any security for the rental payments?
- Does the building have planning consent for your proposed use?
- Are you being offered a right to renew the lease when the term expires?
- Does the landlord charge VAT on the rent?
- Is there any liability to Stamp Duty Land Tax on the rental payments?
- Is it necessary to notify the Land Registry and register your title to the lease?
We have expertise in dealing with all types of leases for tenants and can guide you through the process and explain all important aspects so that you can be confident you understand your legal obligations.
We are happy to provide an initial no obligation discussion and therefore should you require any more information please get in touch.