Familiarise yourself with the lease basics.
Although your chosen commercial property agent and property lawyer should protect your best interests and ensure the lease you sign is the right one for you, it would still be wise to have a grasp of some of the fundamentals.
If you are taking on a new lease, but for a relatively short-term such as under 5 years, you should consider restricting your liabilities for repair and outgoings and negotiate a capping of the service charge.
If the lease covers older premises, you may wish to try to negotiate a limited repairing covenant by reference to a schedule of condition. You should also ensure that any rights to terminate the lease early are not only unrestricted, but also without conditions, which may invalidate your option.
Also remember that even if you dispose of the lease to a third party, you may almost certainly be asked to guarantee their obligations by way of an ‘authorised guarantee agreement’.
If you are taking over an existing lease, you are unlikely to be able to change any lease terms without the consent of the landlord and may most likely need the prior consent of the landlord to the assignment to you.
References will usually be required before consent in principle is given – usually one banking or accounting reference and two trade references, together with three years accounts for your business, in order for the landlord to consider your application.
Maris Interiors LLP is the UK’s leading specialist in workplace consultancy, workplace optimisation, office design, office refurbishment, office fit-out and office relocation. Maris design and create world class working environments for occupiers throughout the UK and continental Europe. The Maris team of experts has extensive and in-depth knowledge of how good office design and fit-out can substantially improve business performance, save vast amounts of money and help retain and attract key people.
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