Drafting & Negotiating New Leases
Leases are lengthy, complicated documents that are often written in legal language that makes them harder to understand. They often run for a number of years and can be of high value, both in monetary terms and in the benefit to you and your business.
It is advisable to obtain specialist help from a Solicitor to ensure that the Lease you are entering into says what you want it to say and protects your interests while striking a balance of obligations between the Landlord and Tenant, although this is dependent on the negotiating power of each party.
Key things to think about that could, and usually should, be included in the Lease are:
- A Break Clause;
- Rent Review;
- Security of Tenure;
- Service Charges;
- Repairs & Maintenance;
- Permitted Use of the Property; and
- Flexibility for altering as your business changes.
Taking a Lease of premises can also have Stamp Duty Land Tax (SDLT) implications which we can advise you on at the beginning of the transaction so that you are able to budget accordingly.
At Gepp Solicitors we understand the value of a Lease to a business, either as your business premises or as a Commercial Landlord, so let us help you to make sure the documentation reflects your wider commercial objective.
A few recent projects that our team have been involved in which incorporated the above are:
- A new 10-year Lease of an industrial warehouse at £80,000pa to be used as a head office, together with an associated 5-year underlease for an established local furnishing supplier;
- A new 10-year Lease of a fitness studio, including a Rent Deposit Deed and Licence for Alternations for a new start-up company;
- A new 5-year Lease of a retail unit in High Chelmer shopping centre with an associated Licence for Alterations; and
- The Granting of a new Lease of a Chelmsford restaurant and public house.