When agreeing to enter into a lease of a commercial property, it is really important to agree to “Heads of Terms” before you proceed to ensure you are not signing a document with onerous terms which could come back to bite you at the end of the lease term.
Leases can be lengthy and complicated documents, which is why it is best that a commercial property lawyer looks over them. Many tenants overlook crucial elements of the paperwork, which can cause them practical and financial problems down the line.
Just consider if you are a tenant paying rent of £15,000 a year and have signed a 10 Lease you are effectively signing a £150,000 contract, so you need to make sure it is right!
Just some of the reasons you should instruct a solicitor for a commercial lease review or negotiation are:-
· Repair obligations – what is the level of repair required.
· Security of tenure – what rights do you have
· Land Registry requirements – does the Lease need to be registered.
· Stamp Duty Land Tax (SDLT) – are you required to pay this and is there a way of reducing it.
We can help tenants in connection with a Lease by offering two options, ‘Report only’ or ‘full instructions’.
Starting at £999 plus VAT we can review the Lease and report to you on all of the provisions, what they mean and whether this meets with agreed Heads of Term. We offer a full review of the title to the property, undertake searches if you require the same, obtain general information and raise enquiries with the Landlord’s Solicitor, review the Lease, propose amendments and negotiate such amendments with the Landlord’s Solicitor to ensure the Lease benefits you as much as possible. This option is particularly recommended as you may have agreed to take on a Full Repairing Lease without realising it.
If you would like a quotation for this service or would like to talk to one of our specialist commercial conveyancing solicitors at Farnworth Rose, you can call us now on 01282 695 400 or email info@farnworthrose.co.uk
