It’s tough to overestimate the complexities involved in many commercial leases. Unlike residential leases, there may be intricate clauses that affect the business that can be conducted in the property. This has implications in terms of planning permission, insurance and other liabilities.
One of the best ways that a prospective tenant can be sure that they are paying attention to all the legalities involved in a commercial lease, is to engage a commercial lease solicitor in London, like Saracens Solicitors. That way, they can be sure they are meeting all the current standards and regulations. Part of a solicitor’s job is to keep up to date with the latest developments so they can pass this knowledge on to their clients.
Anticipating issues before they become problems is also something that clients can expect from their legal representation. They can use the structure of the commercial lease to go through all the possibilities and ensure there is clarity in each area. Some of the areas a commercial lease solicitor in London will cover include:
- Personal details – the details of the landlord and tenant will be included within the lease. This is important because it lets all parties know who is directly responsible for adhering to the terms of the lease. When a company is involved, it should still detail who is dealing with the commercial lease;
- Insurance – there are simple insurances such as buildings and contents. However, when someone intends to conduct business within a property, there may be additional insurances that are addressed in the lease. This is so that, for example, the landlord does not become responsible for employee welfare and compensation when they are working in the landlord’s property;
- Lease termination – many business tenants have an automatic right to renew their lease. This is so that they can have assurances of continuity for their business. This can be waived within the lease, if both parties are agreeable. The lease normally lays out a set term and what will happen at the end of that time period.
This list is not exhaustive and commercial leases can be extensive documents. A commercial lease solicitor in London will be able to deal with the basics, as well as the complexities.