Commercial Property Lease Negotiation
Renting a property for commercial purposes carries with it differences from private residential rentals, so it is prudent to seek commercial lease advice and employ a Solicitor to ensure the terms of your lease are fair, legal and suitable for your needs.
The first stage in commercial property lease negotiation is to work out whether you wish to put the lease under your company name or your own name. If the company name is a new limited company some Landlords might prefer you to use your own name as the company might be considered unreliable. However this is something to consider and discuss with a Landlord and Solicitor.
Guide to Tenant Lease
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When you have found a property you like, assess whether the rent being charged is in line with local prices and realistic in terms of your budget. Never agree to a rental price without this knowledge, and if your ideal property is more expensive than others in the area offer what you think is a reasonable rate and see if the Landlord will negotiate.
Prior to signing a commercial lease you should also find out how much is expected upfront, and if possible negotiate this. Next look at the overall cost how much is the service charge? What will insurance cost? Utilities? Is VAT charged and if so can you reclaim it? This will give you a much better understanding of your position and full expenses.
One of the most important things to establish about your property is what changes you are allowed to make to it, and who is liable for repairs and improvements. Speaking to commercial lease Solicitors and having them look over the contract and potentially negotiate new terms is advisable, particularly if you need to make amendments to the property as a key part of your business plan. Finding out the there is a clause in the contract which prevents you or makes you liable for expensive repairs after you’ve signed can be a real drain on your business.
Negotiating a commercial lease is not necessarily problematic, but you want to make sure that you are getting the best deal for your business and moving into a property which is fit for purpose and affordable within your company’s cash flow.
As experienced commercial lease and Commercial Conveyancing Solicitors Jackson Barrett & Gass can offer advice and professional expertise to ensure you are happy with your contract.
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- Senior Associate Solicitor
Luke joined Jackson Barrett & Gass in 2010 before completing his GDL, LPC & formal training contract.
Luke has experience across the property spectrum but specialises in commercial property. He acts for developers in residential & commercial land acquisitions which includes the resulting disposals including plot sales. He also acts for Landlords & Tenants in regards to commercial Leases, as well as associated company work.
Outside of work, Luke enjoys eating burgers, drinking milkshakes, playing football, wearing his parka and listening to anything involving a Gallagher. He is also a disenfranchised Manchester United supporter.