Whether you’re the owner of a large commercial property or are looking to lease space for your business, having solicitors for commercial leases in your corner is important. This is because commercial leases are far more complicated than residential leases, and have numerous potential pitfalls. Having a lawyer review your commercial lease before you sign it is the best way to protect yourself and ensure that everything is as it should be.
Negotiating the Lease
Having solicitors for commercial leases in your corner can make all the difference when it comes to getting a good deal on your lease. They can provide expert advice, negotiate the best terms, protect your interests, minimise risks, save you time and money, provide clarity, avoid misunderstandings, and help resolve disputes.
- The first thing you should do when negotiating the lease is to decide what terms are most important to you. This will allow you to focus your negotiation efforts on the ones that will benefit your business the most.
- There are many different lease terms that you can negotiate, including the rent amount, percentage rent increases, and whether you have the right to sublet or assign your lease. You also want to consider the duration of the lease and if there are any rent free periods or reduced rent periods included in the lease.
- In addition, it is important to review the lease thoroughly before signing. You should also check out the building to ensure that it is in good condition and will suit your business’s needs.
- A well-drafted lease will help you ensure that you can get a good deal on your commercial property. A lawyer can assist you by drafting the lease in clear and concise language so that both parties understand their rights and obligations.
- Commercial leases are usually for longer than residential leases. This is because commercial tenants have differing needs and requirements.
However, this does not mean that they are less negotiable than residential leases. Commercial leases are often more flexible and can include a number of different terms that are not always available in residential leases. These include the rent amount, rent increases, the length of the lease, the ability to assign a lease, and allowable improvements.
Buying the Property
Buying a commercial property is no easy task. There are many things to consider and the right lawyer in your corner can make it all a little bit easier. It is important to choose an attorney that is familiar with the local business and real estate laws in your area as well as your chosen market. You don’t want to blindside by the smallest of details that could affect your purchase and your business.
- When it comes to choosing the best lawyer for your next commercial purchase, you should be looking for a partner who is highly regarded by others in the industry, has a reputation for delivering results and is willing to take the time to explain everything to you in plain English. This will help ensure that you get the most out of your investment in a timely manner and keep it safe from any potential pitfalls.
- One of the most important decisions you’ll ever make is deciding what type of property to buy. The right broker should be able to help you find a property that meets your needs and budget. They should also be able to give you advice on what features are likely to sell at higher prices than those of your competition and what inventory is likely to go to contract sooner.
- A good solicitor will be able to advise you on which products are likely to perform the most effectively in your particular situation and what sort of insurance is needed to cover them. They’ll also be able to recommend the right lenders who are willing to give you a mortgage. You may also need to consider how much of a mortgage you can afford, whether or not a co-op is a better financial fit and what sort of maintenance fees or common charges you might need to budget for.
Rent reviews are a normal part of commercial leases and they give both landlords and tenants the chance to negotiate their rental rates. However, it is important that both parties are well-informed about what a review involves, and how the process works.
- There are a number of things that need to consider when conducting a rent review, such as whether it is a market review or CPI. There are also certain assumptions and disregards that must follow when calculating the rent payable.
- These include the availability of the property to let on the open market, and any improvements that have been made by either party to the premises. It is also essential to keep written records of any improvements that are made, as this could be a key factor when it comes to dispute resolution in the event of a rent review.
- A common problem with rent reviews is that they are often linked to the current Retail Prices Index (RPI) price, rather than the actual market value of the property itself. This is a landlord-friendly way of ensuring that the rent is updated regularly, but it has the potential to be unfair for both parties.
- This is where the help of qualified chartered surveyors can come in handy. These professionals are familiar with local markets, and can advise you on the best negotiation strategies to use during a rent review.
Rent reviews can be a complex matter, and it is always a good idea to seek legal advice before embarking on a rent review process. The experienced team at United Solicitors has a proven track record in dealing with all kinds of commercial lease disputes, and we can provide clear, ethical, expert advice to ensure your case is dealt with professionally.
Whether you have an existing lease or are in the process of negotiating one, having solicitors for commercial leases in your corner is crucial. This is because they will have the expertise and experience to help you secure the best possible terms for your business. Having a professional, experienced legal firm in your corner will make the entire process run much smoother and quicker. They will be able to advise you on the best form of lease for your business and ensure that it meets all legal requirements.
- A professional lease extension solicitor will also be able to negotiate the price for the extension and make sure that it is fair for both you and your landlord. They will also be able to handle all of your payments to your freeholder and register the updated lease with the Land Registry.
- Another important factor to consider when negotiating a lease is the length of the term. A longer lease will generally be more valuable than a shorter one.
- This is because longer leases tend to be more profitable for both the tenant and the freeholder. This is especially true for a property where the value of the lease is high.
- It is therefore advisable to negotiate a lease extension before the term expires if you can. This will avoid the need to pay expensive ground rent costs or take your case to tribunal – which can be a lengthy and costly process.
- If you are looking for a reputable solicitor who has the expertise to deal with lease extensions, contact United Solicitors today. They can help you secure the favourable terms that you need to get your business up and running again.
Having solicitors for commercial leases in your corner when negotiating a lease is important to ensure that the document is drafted correctly. This will help to avoid misunderstandings later and save both parties time and money as well as provide clarity and minimise risks.
- As with any business contract, there may be a number of disputes that arise during the life of the agreement. This could include a different interpretation of the terms, changing conditions, minor or material breaches and termination of the lease.
- If these issues do not resolve themselves in an amicable manner it is time to consider alternative dispute resolution methods such as mediation and arbitration. These methods are often quicker and less expensive than litigation, which can be costly for both parties.
- Many commercial lease agreements contain dispute resolution clauses that entitle the parties to take their case to mediation or arbitration. These methods are generally quick and cost-effective, so it is worth checking your lease to see if this is included.
- The way disputes are resolved will depend on the nature of the dispute and how much effort both sides are willing to put into resolving it. For instance, if the disagreement is over rent it might be possible to get an injunction requiring the tenant to pay unpaid rent or to have the property owner fix any problems with the premises.
Regardless of how the dispute is resolved, it is crucial to review your lease thoroughly and seek expert legal advice from an experienced commercial leasing lawyer. This will ensure that your rights are protected and that the document complies with current market standards in areas such as liability limitations, indemnification obligations, insurance requirements, damages caps and other key legal matters.