Archive for Commercial property

A New Lease? – the pitfalls

If you are thinking about renting a shop them make sure you understand the terms of the  New Lease.

Make sure it is an asset and not a nightmare

Avoid the Pitfalls. Do not sign what is put in front of you unless you know what you are signing. Otherwise you could be committing yourself to three or more years of paying for  a property that is not what you need for your business which can be  a very expensive mistake.

Five Tips

  1. Make sure you negotiate a Break Clause so that if things do not go as well as you hoped you can end the Lease early. Otherwise unless you can find someone to take over the Lease you will have to pay the rent to the end of the term whatever.
  2. Make sure the Lease covers the area that you expected. Ask for  a plan and check it against the Property
  3. Be aware you will probably be expected to leave the property is a good state of repair. If the property needs work to put it into good repair make sure you fit this into your budget. If it is a problem negotiate with the Landlord . There are various options here.
  4. Check that the planning consent is the right one for the use you want. If not get it changed before you sign any documents.
  5. is there a flat above? Make sure the shop and the flat are totally separate. You do not want the tenant of the flat with the right to wander into your shop or your insurance will be invalid.