COMMERCIAL LEASE – what does it mean for me ?

Published: 27/02/2014

Written by Curwens Solicitors

If you’re taking on a lease of a commercial property, you’ll need to take expert legal advice on your position before you sign on the dotted line so that you know exactly what commitment you’re making. Even if you have a limited company to take the Lease, landlords will often insist on a personal guarantee, so you need to be aware of all the implications. We’ve seen many cases where someone is so enthusiastic about their business and so keen to get into the new building to start work that they don’t really think about the consequences. You need to make sure that the terms of the Lease and any Licenses to alter the premises or assign it or sub-let it are properly set out so that you know all the implications, such as how quickly you can get out if things were to go horribly wrong. You need to also make sure you understand your obligations for any repairs or re-decoration and obviously budget for those costs. Don’t forget to include the service charges, business rates and any rent reviews.

Always push for a sensible break clause in the Lease so that you can review matters as you go along and adjust your requirements as your business develops. You don’t want to get locked into a 15 year Lease without a reasonably early break clause in case you need to re-adjust your business plans quickly, particularly in tough times. On the other hand, you also need to make sure that you have sufficient security for your future plans so it’s important to take your time and get legal advice on this really vital part of your business planning.

Please note that our briefings are for informational purposes only, and do not constitute legal advice.

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Kaajal at Curwens was terrific - really friendly and unintimidating, patient in explaining the legal-speak of the severance agreement I was being asked to sign, while also being extremely efficient in processing it all! I would unreservedly recommend Kaajal and Curwens to anybody looking for friendly and painless help with any potentially daunting legal process.

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Pritti from Surrey

Our purchase was sabotaged by XXXXXXXXXX, and our mortgage offer had expired. Luckily, our lender gave us a one week extension of the mortgage offer. Curwens took over, and magic happened. We completed the purchase on time. Best Service ever!

William from London

I would like to thank you Amanda for all your support during this process. I felt very pleased you were my solicitor, you gave me confidence and reassurance, I felt in very safe hands.

Anonymous

You have helped us on a fair few issues now. On every occasion you have made us feel like we were your only client at the time… we couldn’t have got through our HR situations without your guidance.

HR Director, Milbridge Group PLC

I just wanted to say thank you for all of your help with getting our office lease done. Bradley, Sandra and Sarah were so responsive and it was a pleasure working with you.

Clinton Gomer, Energy House Digital

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testimonials

Katie from North London

Mike from Palmers Green

The Thompsons from Finchley

John from Harlow

Pritti from Surrey

William from London

I would like to thank you Amanda for all your support during this process. I felt very pleased you were my solicitor, you gave me confidence and reassurance, I felt in very safe hands.

Anonymous

HR Director, Milbridge Group PLC

I just wanted to say thank you for all of your help with getting our office lease done. Bradley, Sandra and Sarah were so responsive and it was a pleasure working with you.

Clinton Gomer, Energy House Digital

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