Landlords and Tenants need to get legal advice when they are considering entering into a Commercial Lease. Both Landlords and Tenants need specific and distinct advice to ensure they are fully aware of the rights and obligations created by Commercial Leases. Commercial Leases can be lengthy documents, with terms of less than 1 year to over 35 years or longer.
Important considerations are the terms, and reviews of rent, repairs, insurance, assignment/subletting, break clauses, and termination.
Under the Property Services (Regulation) Act 2011 all Commercial Leases must be registered with the Property Services Regulatory Authority (PSRA).
Tenants must furnish the Authority with details of any Capital Contribution Paid in respect of the Property, Rent Reviews, liability for Rates, Insurance, Service Charges and Repairs, Rent-free Periods, Fitting-out Time, Fit-out Allowances and particulars of any Break Clause in the Lease.
David Walley + Co. Solicitors will ensure that all the legal and statutory regulations are met and have extensive experience acting and advising on behalf of both Landlords and Tenants in relation to Commercial Property transactions.
Information for Landlords:
You want to ensure you have a Tenant that will meet his obligations under the Lease. We will advise you what clauses and terms should be included in the Lease to ensure your investment is protected. We can advise about full repairing and insuring leases, rent review clauses, break clauses and other clauses available to you.
Information for Tenants:
Entering into a Commercial Lease as a Tenant can be daunting as your ability to pay the rent will often be reliant on the success of your business. You can enter into a short term lease (less than 1 year) or a long term lease (35 years or longer). Generally, the longer the term of the lease, the greater the obligations that are placed on the tenant. Entering into a Commercial Lease as a Tenant can be a significant commitment and we can advise you of the clauses that would best protect you and your business.