East London Solicitors

COMMERCIAL PROPERTY SOLICITORS IN EAST LONDON

What issues are important with  commercial property and leases ?

If you are planning on renting or buying a property for commercial purposes you ought to take advice from an experienced property solicitor.

Acquiring or leasing a commercial property may be one of the most expensive investments your business makes. With commercial leases, unlike most other forms of business contracts, the commitment for both Landlord & tenant can be very long term. Many commercial leases can be 5 years upwards. before finalising a contract like that, it is important to be aware of all the implications and whilst many clauses in commercial leases are common in such agreements, most are in principle negotiable and many have profound implications in terms of ongoing liability for tenants even after assignment, renewal options, dilapidations and many other areas.

It is therefore important to consult a property solicitor who can advises on the law in the context of  commercial goals and to assess risks set against commercial rewards the best time to seek legal advice is when you start looking for the type of property you would ideally want to operate your business from. Instructing a locally based solicitor also has real benefits in the sense that a local solicitor will probably know any estate agent involved and may be able to advise on prevailing market conditions such as whether a particular area is very sought after or whether a tenant should perhaps try and negotiate a rent free period.

Common issues to consider when negotiating a new commercial lease are :-

• the length of the lease, possible break clauses and rights to renew
• is the permitted use flexible enough particularly if the lease is long and may well be sold on
• Clauses about rights and restrictions on sub-letting or assigning (transferring)
• liability of the tenant as guarantor on assignment
• avoiding disputes about the condition of the property
• rent reviews
• service charges
• the type of building and condition of it, in terms of possible liability for contributing to maintenance of an old building
• doe the landlord need consents from any lender or superior landlord to grant the lease
• do local authority enquiries disclose any issues regarding permitted use, restrictions or problems with the property
• will stamp duty be payable ?
• is a lease plan needed or is one advisable ?
• Issues relating to the type of property – a shop lease can be very different to an office lease or a lease of an industrial unit

Basics of property law

If you decide to instruct East London solicitors our first meeting will involve understanding the nature of your business and objectives. We will consider these in relation to whether you should lease or buy the premises you will be operating from, and the advantages and disadvantages of these options.

When we have considered a suitable location for your property we will consider whether the property is suitable for your business depending on the likelihood of breaches taking place and the requirement of carrying out planning permission applications. We will also consider whether lack of rights over neighbouring land could cause problems. Trespass can still be committed through fitting pipes underground and it is therefore important to understand all legal issues in detail before deciding which commercial property is the most suitable so that none of your business objectives are inhibited. All the information gathered will be assessed against the feasibility of overcoming these problems.  After the relevant property has been assessed and the process for obtaining the title deeds has been carried out we will then assist you with the transaction process.

Whatever your situation East London solicitors can assist in you getting  most suitable property and lease for your business.

Why use us?

East London solicitors are able to assist on any form of property matter. This includes from operating your sole business from business premises to dealing a portfolio of  properties.

We represent both landlords and tenants and can negotiate and advise on all drafting and legal aspects of security of tenure, rent review and alienation.