There are lots of great reasons to take over an existing lease. It may offer you a shorter commitment when it comes to the length of tenancy. You might be able to negotiate favourable terms if someone is hoping to make a quick exit from their lease. Depending how closely the existing business matches your own plans, you may be able to make use of alterations made by the existing tenant.
There are some things you need to watch out for. When Saracens Solicitors are acting as your commercial lease solicitor in London, we can help you maximise the benefits and avoids the pitfalls.
Sometimes a lease contains terms that restrict usage in some way. For example, it might only allow the premises to be used for certain types of business or it might prohibit subletting. This does not necessarily mean that you cannot make a request to change the terms but that will require drafting an addendum to the existing lease after getting permission from the landlord. This is something that Saracens Solicitors can help you with when we are acting as your commercial lease solicitor in London.
Unclear renewal terms
A lease will always have some reference to the end of the term. This might include some information about renewal. If it does not, you may wish to make things clearer before taking over the lease. There are independent laws that cover the right of a business tenant to renew their lease. In some cases, this is an automatic right but there are circumstances under which this does not apply. Saracens Solicitors can help to make things clearer for you when we act as your commercial lease solicitor in London.
Guidance about alterations
The chances are that you will want to make some alterations to your new property so it serves the needs of your business. If these are cosmetic then you are likely to be able to do this without restriction. However, if you want to make more substantial alterations then you need to make sure that your lease does not explicitly prohibit this. It’s best to run any plans you have by Saracens Solicitors and your prospective landlord before entering into any agreements.