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Business Lease Agreement Services Customers? Legal Services Frequently Asked Questions Legal Services Product

Busines Leasl Agreement Services Customers?

If you are thinking about taking a lease of premises, whether office, shop, warehouse or any other type of business premises you need to make sure that you understand what issues need to be addressed and how to deal with them. We have set out some of the key issues which need to be considered. Even before you agree terms with the landlord or his agent you will need to arm yourself with knowledge of the terms that are used in the world of business property and understand what they mean and how they might affect you. It is usual for the landlord and tenant to agree “heads of terms” before the lawyers are involved. The landlord probably has an advantage at this stage since he understands what the implications of these terms are. If a tenant has not dealt with a business lease before the odds are that they will not. The lease will contain provisions restricting a tenant’s ability to make changes to the premises, structural or not. If you are intending to make any such changes it is prudent to ask the Landlord for his permission at the same time as negotiating the lease terms this will save time, aggravation and possibly costs. If not dealt with at the right time you may find yourself with unusable premises. Once the lease has been granted any applications a tenant makes for landlord’s consent will entitle the landlord to charge for any legal and other costs it incurs. The tenant almost always takes on some obligation to repair the property. Care needs to be taken to avoid incurring significant exposure in this respect. Unless specifically agreed this can include an obligation not only to keep the premises in a good state of repair and decoration but also to put them into a good state in the first place. This can be avoided by agreeing for there to be a Schedule of Condition to be drawn up and agreed before the Lease is entered into. If the tenant is a company rather than an individual then the landlord will almost certainly require directors to personally guarantee the tenant’s obligations under the Lease which means that if the tenant fails to make payments or undertake obligations such as repair the landlord can require the guarantor to make the payment or do the works instead This can either be for a fixed term or can be subject to the possibility of early termination which may be more important than you currently anticipate. Even if you sell the lease before it comes to an end you may find that the obligations on the part of the tenant including payment of rent, repairs, decoration and compliance with statutory requirements remain Rent is usually payable quarterly in advance. Failure to pay rent (or any other monies payable by the tenant under the lease i.e. service charges or buildings insurance premiums) on the due dates set down by the Lease enables the Landlord to take various measures to recover the missed payment including bailiffs, court action or ultimately bringing the Lease to an end and locking the Tenant out of the premises An alternative to giving a personal guarantee is often for the tenant to deposit a sum of money with the landlord as security for the tenant’s payment of rent and obligations. This deposit is quite often equivalent to between 3 and 12 months rent and may be retained by the landlord for the whole of the term of the lease unless an early repayment is negotiated. Most leases for more than 3 years will contain Rent Reviews. This review will usually be on an upward only basis which means that after the review date the rent will either stay the same or increase but in any event will not go down regardless of the state of the property market. Alternatively you may be able to agree a fixed rent increase or increases which are linked to inflation. If a tenant requires any signage, either outside the building (such as a shop front or nameplate), or within the common parts of the building it is wise to produce details of the size, style and location of the required signs at the same time as agreeing the terms of the lease so as to avoid additional costs and difficulties after the lease has been completed by which time it may be too late. In addition there may be planning issues which need to be taken into account The Landlord and Tenant Act 1954 provides business tenants with security of tenure so that they can only be required to vacate the premises at the end of the contractual term of the lease if the landlord follows a precise procedure and is able to demonstrate one of several specific grounds for denying the tenant the right of renewal. The Act however offers a method by which the parties can agree to exclude these tenant’s rights. The vast majority of commercial leases, particularly those for a short term, are excluded from the Act. You may hear people mention a lease being “outside of the Act” and this is what is meant by it.

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Legal Services Customers Frequently Asked Questions

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