Commercial leases generally last longer than residential leases. If this is your first time renting a business property, signing up for a long-term lease can seem a little daunting at first. There are advantages to having a long lease to give you business a chance to get established but it is a big commitment.
There are plenty of adjustments that can be made to craft a reasonable business agreement of this type with the right legal assistance from a commercial lease solicitor in London, like Saracens Solicitors. We are standing by to shape the terms of your lease agreement into something you feel comfortable taking on board.
Different types of agreement
Some leases are very straightforward and simply include set rent for a defined period of time. At the end of the term, you may continue with the lease under the same terms or you may choose to leave the property. There are lots of possible variations, however, that Saracens Solicitors can discuss with you when we are acting as your commercial lease solicitor in London. This might include, for example, incremental rent increases so you can enjoy lower rent when you venture is starting out and take on more costs as you become established.
Renewing your lease
Many commercial leases are subject to right-to-renew legislation. This automatically gives the tenant the ability to continue renting and trading at the same property barring certain pre-agreed conditions. When we are acting as your commercial lese solicitor in London, Saracens Solicitors will ensure that you are prepared for what will happen when your current commercial lease ends.
Getting out of your lease early
Even with the best planning, sometime circumstances mean that you need to come out of a lease agreement early. If you want to provide for this potential, you may want to include a break clause within your lease. This lets you know the terms under which you can leave the property. For example, can you sell the remains of the lease to someone else? Who is ultimately liable under these circumstances? Is there financial penalty for early surrender of your lease? At Saracens Solicitors, we make sure you have clarity around all these issues.