New Lease
Once you have found a commercial property that you want to rent you should instruct your solicitor to complete all relevant searches and ask the landlords solicitor to provide replies to commercial property standards inquiries.
You will also need to have a survey carried out on the property to make sure it is a viable investment. It is worth carrying out your own checks before you instruct a surveyor. You’ll be able to get a decent general idea of the state of the property, and any major works that may need to be undertaken. It could also be an idea to have a look around any other businesses nearby to see if they have any issues.
You will also need to find out whether the building has the right planning permission for the use of your business and for any works that you intend to carry out.
It is important not to overlook the little things. You will also want to confirm the cost of the rent when the rent will be reviewed and the cost of business rates. It is also vital that you find out how long the lease is and whether you can renew the lease. It is easy to get caught up in the excitement that surrounds renting a business property – but you don’t want to miss out on the details.
You will then receive a draft lease from the landlord’s solicitor, it is at this point that amendments of the lease can be requested by your solicitor.
Once the lease has been finalized the tenant may need to pay stamp duty. This is dependant on several factors such as the length of the lease and the cost of the rent.
