Negotiating a new lease on your existing business porperty isn't always as straightforward as you'd hope.
Our wealth of expertise in this area will ensure you have the right advice when you need it most.
Some of the areas we advise on include:
- Making personal guarantees
- Early release clauses
- Who's responsible for maintenance and repairs
Negotiating your own lease extension may seem like a good way to save money, but it could prove to be a false economy. Having a commercial property expert on your side could result in better lease terms being agreed in terms of monthy rent for example.
We've outlined the main steps for entering into a new lease below. If you would like us to act on your behalf or have any specific questions, please get in touch
|Advertising||Select property. Contact Blair Cadell to note interest and raise initial enquiries|
|Negotiation||Agree "Heads of Terms" with letting agents including: length of lease, rent, rent review, entry date, repairing obligation|
|Contract||"Missives" contract, including adjustment of draft Lease|
|Documentation||Lease - Examination of landlord's title|
|LBTT||LBTT is payable (based on lease terms agreed)|
|Public regsiter||Registration dues payable based on agreed lease terms|
|Survey||Important information to be obtained by tenant taking on full repairing obligations. Landlord to supply Energy Performance certificate (EPC)|
|Bank||No specific requirement for tenant. Consent may be required in relation to any existing landlord's security|
|Licensing||Pub, hotel, restaurant etc check licensing requirements|
|Local authority consents||Check landlord's documentation in order and obtain re proposed use/works|
|Party status||Landlord may require personal guarantees|
|Landlord consent||Likely to be required in relation to any works proposed by tenant|