13 May Commercial Lease Conveyancing Solicitors
Are you looking to rent your Commercial Premise to a tenant or are you an individual or small business looking to rent a Business Premise? Express Conveyancing’s panel of specialist Commercial Lease Conveyancing Solicitors would be delighted to assist you.
Similar to renting a Residential Property and an Assured Shorthold Tenancy (AST), you will naturally require an agreement to define what you terms you will be letting the premise out on (if you are the Landlord) or if the terms set out on the proposed Lease grants you sufficient rights to enable you to carry out what you intend to without hindrance or limitations. It is needless to say that you require a Commercial Conveyancing Solicitor, capable of negotiating the most favourable terms. Unlike a Residential Property where the terms of an AST are more or less standard across the spectrum, Commercial Leases are prepared on a bespoke, case by case basis. There are two main reasons for this –
- The term of a Commercial Lease tends to be 5 years + whereas Residential Properties have a minimum term of 6 months
- Commercial Properties have differing purposes and very different clients, i.e. a dental practice would carry out and have a completely different set of requirements for a particular Premises use compared to an office.
This is where you require a specialist Commercial Lease Conveyancing Solicitor who will be able to propose and where required, aggressively negotiate the most favourable terms on your behalf. It is not uncommon, especially from a Tenant’s point of view that they have either been preconditioned by the Landlord (if the Tenant has found the subject property by unconventional methods) or their Agent that the terms of the Lease are non-negotiable. This however is a myth; any initial Heads of Terms (HOT’s) are always subject to change as the transaction progresses. It is also worth noting that you as a Tenant must not be entering into lock-out agreements (non-refundable deposits retainers) prematurely.
You can find a complete run down of what most Commercial Leases usually entail reading our article on Commercial Conveyancing Solicitors and Commercial Leases.
A poorly drafted Lease will adversely affect the value of the asset (for the Landlord) and unnecessarily restrict and affect the Tenant from having the appropriate use of the property (and in certain instances, even affect termination rights). It is also worth remembering that often, the Lease you originally enter into is usually used as the benchmark when you extend your Lease in the future. Though certain variations are made (by way of a Deed of Variation), a majority of the original terms remain and as such, getting something wrong now would affect you as the Landlord or the Tenant for years to come!
We have prepared the infographic below which we hope will give you a greater understanding of what to look out for when deciding to let or take occupation of a Commercial Lease –
Express Conveyancing’s team of specialist Commercial Lease Conveyancing Solicitors will tirelessly negotiate the most favourable terms on your behalf. Our panel of Conveyancing Solicitors regularly represent (and are retained by) hundreds of both Commercial Landlords and Tenants. They therefore have experience in the entire spectrum of transactions and potential pitfalls on your current proposals.
We will also diligently work with you and your agents to ensure formalities are concluded as quickly as possible. Please contact our team on 0203 375 2187 to discuss your matter and for some friendly advice.