Worcestershire is facing a record shortage of business accommodation, so is it possible to save money on commercial leases? Here’s four top tips to help before you sign, or better still, before you agree the Heads of Terms on a lease.
- Take Legal Advice. Instruct an experienced local commercial property solicitor to act for you. Their advice will be invaluable and will save you money.
- Take Advice from a Commercial Property Professional. Appoint a local experienced Chartered Surveyor to assess the local rental market and report on how much you should be paying for your premises. This should allow you to negotiate or assure you it is a good deal.
The surveyor should also know about any other incentives which may be available, such as rent free periods. You could appoint them to negotiate on your behalf, or, if you have not yet found your premises, appoint them to search and acquire accommodation for you, saving you time and money.
- Build In Future Flexibility. Through your solicitor, negotiate break clauses, and rights to assign and to sub-let into the lease, to give you future flexibility and ensure that in a few years’ time you are not stuck in, and paying for, accommodation that is no longer right for you.
- Limit Your End of Lease Repair Costs. Engage a Building Surveyor to carry out a Schedule of Condition to limit your liability for repairs and reinstatement during, or at the end of, your lease. Talk to you solicitor about capping service charges for repairs to the exterior and common parts of the building.
It’s generally much cheaper to repair and maintain your premises on an on-going basis, rather than pay a lump sum to your landlord at the end of your lease, so ask your Building Surveyor to put together a programme of repairs and maintenance. Using a Building Surveyor to manage this programme, or end of lease repairs, can save time and money.
If you are coming towards the end of your current lease and want to renew your lease to stay in your premises, or you are facing a rent review, engage an experienced local surveyor to act on your behalf and save money.
You can find more information on the website or speak to Mark Davies, Jonathan Mountford or John Dillon on tel 01905 676169.