At some point, when you are starting a new commercial venture, you come face to face with your budget. Done well, it can actually save you money through thoughtful planning and anticipation of costs. Without proper care, your financial planning can leave you open to unexpected costs and paying more than you need to.
When you engage a commercial lease solicitor in London, like Saracens Solicitors, we help you stay ahead of the budgeting curve with plenty of information about the costs you can expect to pay including our own fees. We believe that transparency helps you to prepare and feel comfortable with the whole commercial lease process.
Rent is often one of the biggest costs involved in leasing. Rarely, some rent-free time may be offered to encourage you to take a longer term lease but, usually, you will need to pay rent at regular intervals. Sometimes this will be monthly but it could also be quarterly or another interval. Saracens Solicitors can negotiate payment terms to suit you.
Business rates are charged on most non-domestic properties. This includes shops, offices, pubs, warehouses, factories, holiday rental homes or guest houses. They are charged once per year but, like your council tax at home, can be spread over the course of ten months. The amount is based on the rateable value of your property as of, currently, August 2015. The government provide a calculator to help you anticipate your business rates. You can also ask your commercial lease solicitor in London to check the current rate for you.
Service charges are usually applied where some of the care of your property is still undertaken by the landlord. This is common in communal properties where there is a space shared by all of the tenants. Industrial properties also commonly have service charges applied. The charges are detailed in your commercial lease and you can usually find out what the payment is being used for.
When you engage Saracens Solicitors as your commercial lease solicitor in London, we can give you a breakdown of anticipated costs as soon as possible after we receive the details of your matter. Some charges are standard while others may be more bespoke depending on your circumstances.