Your business lease is going to be one of the biggest overheads you have so it's important to get the right premises on the right terms. This guide covers the three key areas to get right in any lease agreement:
You can negotiate on lease terms, typically short term leases run for three to five years and long term leases for 10 years. Breaking a lease can be costly; you could lose your deposit and you could even be sued by the landlord. Remember the longer the term the greater the value to the landlord and the better negotiating position you're in.
It's worth employing a specialist to negotiate on rent (eg a commercial valuer); they should be in a good position to know what rents have been achieved in the local area. They may even be able to negotiate a rent free period if the market is slow.
One of the most frequent sources of property litigation is liability for repairs. Working out who is responsible for redecoration and repairs can be a tricky issue and it can be an expensive overhead, especially in older properties. Most leases will put the onus on the tenant to cover these costs and they often specify that the landlord is able to carry out the work at your expense if it hasn't been done to their satisfaction.
To help you on your business journey, we've created Smarta Business Builder, the complete online tools package for growing your business. Website Builder, Business Plans, Accounting Software, Legal Documents and Email - all in one place - from just £20 per month with no contract! Try it out today.