If the property you’re buying will need some work or refurbishment you won’t be able to gain a profit on it during that time. If you request that you don’t pay rent for a period of time with no rent will give you some respite.
Make sure you know who is taking your lease and under which conditions. It’s important to read the small print, so that you know where you stand in case anything happens. For example, your landlord may be entitled to taking personal property, in order to meet payments. Its advised that you should seek professional help to seek other options such as taking the lease is a separate limited company.
Having a break clause is essential. It allows you or the other party to end the lease early. Having a break clause ensures that you’re not tied down full time.
Make sure you are fully aware of how much repairing obligation you have. Some conditions state that the property has to be left in a better condition, then when leased. Make sure to negotiate on these ground as strong evidence will be recorded so that the obligation will be completed.
SDLT (stamp duty land tax) can hit you with the cost before you see it coming. So make sure you get a good estimation from a legal advisor on how much it cost you in total.
If you know all the exact uses of the property your leasing, you can save yourself time and hassle. Knowing full well what you’re allowed to do and the consequences of breaking those conditions puts you in a better place to managing your property.
Verbal negotiation is good, but writing is much better. It means that all the answers are clear and evidenced so that all parties know exactly where they stand.
If you wish to seek any legal advice around commercial property, or simply want to know more, don’t hesitate to call our team on: 0116 2999 199 or alternatively you can email us at: firstname.lastname@example.org