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ask the experts
Your business lease
by Tom FitzPatrick, FitzPatricks solicitors
You’ve chosen the new premises; they look the business, easy for punters, and plenty of parking.
All boxes ticked – ‘Location, Location, Location’. ‘Sign here’ – move in at once.
B
O
ut the three important £29,375 – 10 years means Chartered Surveyor – make sure mum cost of a year’s occupation
boxes should read £58,750, which both assume no you are not being over-charged. £15,875. Consult your
“Location, Location, rent review. Repairing costs, 4. Repairs: The Landlord will usu- Chartered Surveyor.
Lease” because a bad lease or insurance and service charges ally want you to repair the You can negotiate rent-free peri-
landlord can seriously damage your will be extra. Remember, even premises. Your solicitor should ods and compensation for
wealth. Pause first and ponder. after you sell the lease, you will check whether you are taking on improvements but do avoid
1. Very genuine landlord – be responsible for rent and the structure, when you need only guarantees and landlords’ fees.
wouldn’t harm a fly. Fine, but expenses if your buyer’s business be responsible for the interior. Big Tip: Consult your solicitor
what if s/he sells and you get a fails. Besides, you expect your Your Chartered Surveyor should before making an offer. Too
difficult landlord – you’ve heard business to flourish, so you may check on potential repair bills. many landlords say, “We have
of these. ‘This only happens to soon need bigger premises. 5. New or Existing Lease? You agreed terms, stop interfering!”
others and won’t happen to me’ 3. What’s a rent review? It usu- can’t change an existing lease when solicitors re-negotiate –
– are you sure? Careful. ally happens after three or five (though you might reduce the end of discussion. Get your
2. How long should the lease be? years and seldom reduces your price) but you can negotiate a offer right first – this saves time
For new starts, five years is usu- rent. Bad news if other rents new lease. An existing lease and keeps fees down!
ally plenty. You will be responsi- drop, as happened about 15 may have only a year or two to For more information and
ble for the rents and maybe years ago, when businesses run but it will require you to put advice on business matters,
repairs throughout the term – were left with over-sized premis- the premises in good order at contact FitzPatricks solicitors
rent £5,000 (+ VAT) = £5,875 a es and too much rent. If you the end of the term. Rent tel: 01444 870123.
year; 5 years’ rent means have a rent review, consult your £5,875, repairs £10,000, mini- www.fitzpatricks-law.co.uk
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filler 1-8 legal.indd 1 23/1/07 17:00:26 • Free Client Parking Initial fixed fee
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62 | South
Chris Basley 1-16.indd 1 Downs Living | November 2007 Fitzpatricks 1-4.indd 1
16/3/07 17:04:22 7/3/07 12:17:05
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