Commercial Property Leasing - key facts
Most SMEs need physical space to operate from and this need increases the more an SME grows.
Commercial Leases at a market rent are a common way for a commercial business to occupy premises and whether you are a Landlord or Tenant, our expert commercial lease lawyers and solicitors can advise throughout the commercial lease transaction, and beyond.
Commercial leasing requires careful consideration because it's often long and complex. There are compelling obligations and responsibilities for tenants, landlords and guarantors, and as such, all parties should ensure that they are safeguarded. Our expert commercial property lawyers work with tenants and landlords to provide commercial leasing legal advice and deal with property disputes, and in general, advise on all types of commercial property law.
Commercial Landlord
Landlords need to protect their Commercial Property assets and ensure that, during the term, the premises are well maintained and managed, as well as having a sufficient degree of control over the premises.
Landlords also need to be confident that the rent and service charge will be paid and our Commercial Lease lawyers can advise on additional protections, such as guarantees and rent deposits.
Commercial Tenant
If you are a Tenant taking on new premises, you are likely to be focussing on the additional opportunities and growth this will bring, but it is important to understand that you are also taking on significant liabilities, as well as restrictions, contained in the lease and relating to the premises generally.
It is not just the rent and service charge you need to consider. Whilst you are, in effect, the owner of the premises for the term, you are also constrained by the lease and so are not free to run the premises as you want – so, for example, the lease will dictate when and how you must repair and decorate the premises, when you can open and for what use, when and how you can dispose of the premises and what alterations you can carry out.
As a tenant, you will also be responsible for general issues affecting the property, such as planning obligations and statutory liabilities. It is essential that due diligence is carried out before you commit to the lease, so you know what you are taking on and can factor this into your business planning and budgeting. Your commercial lease solicitor will carry this out on your behalf, so you can make an informed decision, before signing up to the lease.
Does it suit your business needs to have to vacate the premises at the end of the term? Do you need flexibility to be able to leave during the term? Our commercial lease lawyers are able to advise and help you get the security you need.
Once the commercial lease is signed, it cannot be changed without the agreement of the Landlord. Before it is signed, your commercial lease solicitor can negotiate the terms of the commercial lease, as you require, to suit your needs.
Our expert commercial lease lawyers help both tenants and landlords with all the details and lease issues of managing commercial property leases at an affordable price.
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