A lease for your business premises will set out the legal rights and obligations of the landlord and the tenant. The precursor to the lease itself will be called an offer to lease. This document is binding and so full legal advice will be required before signing. In due course the proposed lease will be forthcoming from the landlord. Again full legal advice is required, particularly in relation to:
What rent is payable?
Are outgoings payable in addition to rent?
Proposed use of premises permitted by local authority?
Frequency and type of rent review
Duration of lease
Option to renew lease for further period(s)
Insurance obligations eg. Plate glass, public liability
If sell business requirements re assignment of lease to new business owner
Your rights if business premises damaged or destroyed
If in default eg. non payment of rent-what happens?
Who is responsible for payment of costs re: preparation of lease
Retail Shop? If Retail Shop Leases Act applies then various procedural requirements must be met
Please note these matters are for guidance and each lease will have its own particular circumstances. We recommend that you take independent legal advice before signing an offer to lease or an actual lease.
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