Renting a commercial property involves a much more complicated lease than renting a residential property. It is important to go through a commercial lease carefully, whether this is your first such lease, or you have had one before and are moving your business to a new property. In the long-term, it can pay to employ the services of a commercial lease solicitor in London, such as us at Saracens Solicitors.
We are a West End law firm and have wide experience of dealing as a commercial lease solicitor in London, for both landlord and tenant. We can’t act for both at the same time though. No matter how small or large, inexpensive or high-end the property you wish to lease, we have extensive experience in all areas of commercial leasing.
If you are the prospective tenant, there are several things you need to make sure about before signing the lease. Using us as your commercial lease solicitor in London can make them easier to understand. Let’s take a look at them:
Exactly what will the rent cost you?
Are you VAT registered? If not, the rent you agree with landlord could actually cost you another 20% on top. Also, what’s your cash flow like? Make sure your rental payments are in accordance with when your money comes in, be it monthly or quarterly.
Is this actually the right property for your business?
You need to make sure that the lease says you can set up your kind if business in that property. We can help you check the planning permissions for the property.
How long is the lease going to go on for? This can vary hugely. Do you foresee that your business might need to expand and you will need to move to larger premises before the lease is up, or the opposite and you will need to move to smaller premises? We can make sure your lease has a break clause giving you this flexibility.
What about repairs and buildings insurance?
It’s likely that the landlord will be responsible for buildings insurance, repairs are often another matter. You may well be expected to share the costs and this needs to be clarified in the lease.