Renting or letting out a commercial property can be a daunting prospect for those who are already in a contract and for those who are new to the whole experience. Here are three types of commercial property areas that you may require some legal assistance with, and how we can help.
If you are already renting a commercial property then you will have an existing commercial lease. Many business owners who have chosen to rent a commercial property are under the impression that, because they have chosen to go down the route of renting rather than buying said property, they can relax and do not need to take it as seriously as it is not as much of a commitment. However, once you have begun to rent a commercial property then you have entered into a contract with your landlord or letting agency, and with contracts can often come potential liability.
Every lease is different; it could be a short-term lease, a long-term lease or even a lease with more casual implications. You could also be either a commercial landlord or tenant and this is why our team of property experts have years of experience and will give you a personal service that is tailored to you, your situation and – of course – your commercial property lease.
As a commercial property tenant then you will most likely be aware that your commercial lease will be reviewed every now and again. The frequency of your rent review will depend on your lease agreement, and will be included in your contract. As a guideline, rent reviews usually take place every three to five years. Usually, rent reviews are agreed between the landlord and the tenant and there aren’t any problems. However, in some cases the landlord and tenant may disagree on the amount of rent to be paid after the review – this is where it is advisable to take legal advice.
As our team of property experts all specialise in this area of the law, they will be able to provide you with expert advice and guide you with what to do next.
A break clause occurs when either the landlord or the tenant wishes to end the commercial property lease early. Any conditions that need to be adhered to will be found in the tenant’s break clause, of which both the landlord and the tenant will have a copy. Your right to terminate the commercial lease may be accessible on a rolling basis or it may arise on specified dates.
If you are a tenant and you wish to break your lease, it is worth bearing in mind that your landlord will have the right to ask you for your complete rent up to the date of the break clause. You will also need to make sure that the property is vacant for possession on this date.
We offer expert advice on all aspects of break clauses for both tenants and landlords – so you can rest assured that you will have the right outcome for you.