Commercial leases are often lengthy documents appearing to contain little more than standard clauses, but if a problem arises at some point down the line, it is these clauses that will define your rights and liabilities. And by the time a dispute has arisen it will be too late to make any changes to the lease.
It is therefore essential that these clauses are properly drafted from the start and carefully considered against the sort of difficulties that might arise.
If you decide to let premises that you own but your tenant fails to look after them, you will need to have provisions in your lease that enable you to require the tenant to fulfil his obligations quickly. You will need to have a workable regime for reviewing the rent. You will need provisions which meet the respective needs of the parties and above all avoid ambiguity.
Similarly, if you are a tenant you need to ensure that the repairing clauses will not impose upon you onerous obligations to undertake work which goes far beyond what you originally envisaged - this is an area where tenants are often caught out, finding themselves in receipt of dilapidations claims at the end of their tenancies obliging them to carry out extensive structural work going far beyond any damage or wear caused by them. You need to ensure that the structure of the property and any common parts will be maintained. You need to consider whether you will be able to terminate the lease early or assign it on to someone else if you no longer need the premises.
Similar considerations apply to sales and purchases - indeed to almost all commercial property transactions. Throughout, the same principle applies - attention to detail is vital.
We pride ourselves on offering this care and attention, whilst understanding the commercial pressures under which you must often act. We act quickly but thoroughly to give your new arrangement the best possible start.
Our expertise includes:
Assignment of leases
Mortgage and finance arrangements
Mines and minerals
Rights of way