What is a Commercial Lease?
A Commercial Lease is a legally binding contract between a landlord and a business owner. The business owner agrees to pay rent to the landlord for the use of the land or property such as office, retail or industrial premises.
What do I need to consider before signing up?
It is important to make sure that the lease you sign has been properly checked by both you, your business partners and a qualified solicitor to make sure you understand and are happy with all the terms included and the length of the lease.
It’s very difficult to get out of a commercial property lease and can be very costly, so it’s important you are happy that the lease satisfies your needs both now and in the future.
We have listed below some of the things you will need to take into account when considering a lease:
- Is the length of the lease suitable for the type of business you run and future growth or changes?
- Can you request the inclusion of a break clause in the lease which allows you or your landlord to end the lease early in certain cases?
- How often can the landlord review the amount of rent you pay?
- Who is responsible for the upkeep and maintenance of the property?
- Can you make changes or alterations to the property?
- How much rent will you have to pay?
- Is there a service charge?
- How much are business rates?
- Who is responsible for insuring the property?
- Are there any restrictions on how you can use the property?
- What happens if either side breach the conditions of the lease?
JWK can help you. Get in touch today
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