If your business is ready to buy or rent new property, this is, of course, a cause for celebration. It’s easy to get carried away with the excitement of such a time, but when it comes to commercial law, you would be wise to keep your head on your shoulders and consult a commercial lease solicitor in London. At Saracens Solicitors, we’ve been advising businesses in the capital and across the UK for 13 years. We know all the ins and outs of commercial property, including what can go wrong.
We don’t mean to scaremonger, but it can so easily be done. Commercial leases can be up to 50 pages long. Hit page 49 and it’s understandable if your attention wanders, and that crucial clause gets missed. Or, if you don’t have the experience of taking on a lease before, you may not know to add a few clauses that can provide the protection your company needs. It’s not an exaggeration to say that businesses have gone bust because of poor commercial leases.
Protecting your interests as your commercial lease solicitor in London
So, what do you need to look out for? Two important factors are the terms of the lease. Can you opt out of the contract early if you need to without a penalty or do you need to go full-term? Will you be given the option to renew at the end at the lease, or could you be out on the street?
Is there a fixed time set out for rent review, so you can put any potential increase into your business plan?
Are there any service charges related to the building? You could be asked to pay towards upkeep of reception, toilet facilities and the grounds your property is in.
Repairs: what are you responsible for and what is in the landlord’s remit? How do you need to leave the building at the end of tenancy? And are you allowed to change the structure if your business needs require it?
All these factors could be a very costly surprise if not carefully planned for. As your commercial lease solicitor in London we can review your lease to make sure the future of your business is secure.