There are many issues that need to be considered in dealing with leases of business premises whether you are a landlord or tenant. We can advise you on the proposed lease and attend to the legal aspects to complete the transaction.
The lease is an important document that governs the relationship between landlord and tenant throughout the lease period. It will set out all the terms, conditions and obligations on both the landlord and the tenant. This will usually be a lengthy document and it is important to have legal advice on the contents - rather than leaving matters to chance and signing the lease hoping that there will be no problems later on.
Some of the issues you may want to consider -
- What are the obligations for repairs and decoration?
- Can the rent be reviewed after a period of time?
- Will the tenant be able to ‘break’ the lease should they wish to leave prior to the end of the agreed lease period?
- What business activities does the lease permit?
- What payments need to be made to the landlord in addition to the rent?
- Is physical access to the premises during certain hours an issue?
- Can the tenant carry out alterations or improvements?
- Can compensation for the expense of these be claimed at the end of the lease?
- Can the lease be transferred to someone else if necessary?
- Will the tenant be entitled to demand a new lease at the end of the agreed lease period?
Stamp Duty Land Tax may be payable on the taking of a lease if you are the purchaser and to protect your title in the lease premises it may be necessary to register your ‘ownership’ of the lease at the Land Registry.
We can also assist with the sale or purchase of business premises whether they be offices, shops, industrial units, restaurants or other retail or food outlets.