Renting a commercial property for a business is not the same as renting a private property to live in, and it pays to understand the differences in terms and responsibilities. The best way to ensure that everything goes smoothly in drawing up the tenancy agreement and throughout the lease is to utilise the services of a commercial lease solicitor in London.
New business owners have enough on their plates in getting their businesses off the ground without having to go through the nitty gritty details of making sure the commercial lease, which may run for 5, 10 or even 20 years, does not contain any nasty surprises down the line. A good commercial lease solicitor in London will be able to iron out the details and negotiate with the landlord’s solicitor to get the best deal. Businesses renting properties in the West End have a wide range of solicitors to choose from, including Saracens Solicitors.
An important aspect of leasing any commercial property is being able to alter it to suit the purposes of the business. Lighting may need to change locations. Walls may need to come down or go up. Extra kitchen fittings or bathrooms may need to go in. Most landlords require their tenants to seek written consent in the form of a ‘Licence for Alterations’. This is because major works can affect the property’s value. Carrying out works in line with an already agreed specification leaves far less room for grievance when they take place. A commercial lease solicitor in London can draw up the Licence for Alterations, balancing the tenant’s desire for freedom with the landlord’s desire for control, and get it signed by both parties.
Unlike renting a home, it is usual for commercial leases to be what is called full repairing and insuring (FRI) leases. FRI leases oblige the tenant to keep the property in good condition throughout the lease and when the lease ends, to hand it back with all repairs carried out. There is a lot of room for disputes here, so having a commercial lease solicitor in London drew up a schedule of condition as an appendix to the lease can circumvent this.