Whether you are renting premises to start a new business or just needing to move, when you chose to rent premises to conduct your business, you enter into a commercial lease.
Know that commercial leases are different from that of residential leases. There are several complex issues that you will have to pay close attention to when leasing a commercial property. We strongly advise that you consult expert solicitors at Alfred James & Co Solicitors LLP to systematically go through every detail and process before you sign.
Heads of Agreement
Before signing the actual Lease you may be first asked to sign an Agreement to Lease. This basically acts as a Heads of Agreement that records the important points that will be included in the Lease. This document may be legally binding, so consult your lawyer before you sign.
Terms of Lease
Before you enter into a commercial lease, it’s important that you have a clear focus on what your business will be in the future. Since you will be signing up for premises for a certain timeframe, say a minimum of 3 years, you need to make sure the premises match with where you see your business to be over that time.
Besides these, there are more concerns to deal with including Permitted Use, Relocation of Premises, and Negotiations and Incentives and registration of your Lease where applicable.
To avoid making errors while committing to commercial leases, we recommend that you take the time to consult with experienced solicitors and get things right from the very outset.