Legal Considerations when Moving Office
Moving office can be an exciting prospect, but dealing with the legal transactions can be a complicated and stressful experience. This article looks at the key legal considerations you need to be aware of when moving to a new premises and agreeing to a new office lease. When the tenant agrees to lease a commercial property, he will receive a draft of the office lease from the landlord. This will detail all the points you have verbally agreed with them (lease length, rental payment, commencement date etc.), as well as details such as fixtures and fittings, repairs and maintenance and any monetary contributions the landlord is prepared to make towards the office fit-out.
Other Costs
Find out what other costs, other than the rent the tenant will have to pay. Typically these may include insurance, business rates, service charges and utilities but it’s worth clarifying that there are no other costs expected of the tenant, so as to avoid any surprises further down the line.
Schedule of Condition
If the premises are in anything less than perfect condition, make sure you receive a schedule of condition that details all the items of disrepair so you don’t have to foot the bill for these repairs at the end of the lease. You can also use some of the items in the schedule of condition as leverage to negotiate a fairer rent or request the landlord to refurbish some of the fixtures before you move in. If you plan to make any alterations to the property, you will need to have these signed off by the landlord and these will be incorporated into the lease. If you wait until after the lease has been signed, you may be required to complete a formal licence, which may incur additional costs.
Lease Notice Clause
You should clarify what happens at the end of the tenancy in terms of the notice you need to give. Some leases fall within the Landlord and Tenant Act 1954 which allows the tenant security of tenure when the agreed term of lease comes to an end. This means that, even though the fixed term of the lease has ended, tenants have the right to remain in occupation at the end of the contractual term and apply for the grant of a new lease. It’s easy to feel out your depth when it comes to negotiating and reviewing an office lease. That’s what a property solicitor is there for, and it’s important to take the appropriate legal advice when relocating your business.
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