Our firm is both authorised and regulated by the Solicitors Regulation Authority and the registration
number is 00070079
Commercial Leases
When you set up your business the chances are that you will be taking a business
space or premises subject to a Lease. At some stage you or your solicitor will be
presented with a commercial lease prepared by the landlord’s solicitor. Beware
the terms always favour the landlord
do not be afraid of negotiating /improving the terms with the landlord
The terms of a Lease are always negotiable. Our expertise at Conway & Co., will
assist you in reaching the best terms available.
THE TERM OF THE LEASE - One area of the lease you should always focus on is its
length -- also called its "term." A short-term lease is almost always to your benefit.
Shorter leases give you more flexibility if the needs of your business change --
for example, you want more space or decide that a different location would be better.
A long-term lease ensures that you'll have an affordable business space for a predictable
period of time. And landlords are often willing to make more concessions on longer-term
leases. You will be the decision maker as to whether a short or a long term is appropriate
to your needs. You may consider a longer term than anticipated subject to negotiating
a break clause. This may be a good solution in giving you the option to terminate
at an earlier date.
RENTAL AND RENT REVIEWSAnother primary issue to consider when leasing space is
how much rent you'll pay. It's sensible to check out rates for comparable properties.
Check the rent review clauses in other words when the rental will increase and by
what mechanism will be employed. Also check for hidden rentals.
COVENANTS Read these very carefully. Can you comply with all of them comfortably
during the term. If not negotiate those terms which you consider onerous. Consider
the manner by which the property will be delivered at the end of the term. Usually
you are expected to carry out significant improvements. Is it fair. Why not undertake
a survey at the commencement of the term and say to your landlord that you will
deliver the property in the same condition as you received it. Conway & Co. has
the expertise to advise you on all these issues and more such as the significance
of the Landlord and Tenant Act 1954 Part II
