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Leasing Commercial Property
Start Small or Think Big
Is property leasing your ideal solution to grow your business? As a start-up, one of the challenges business owners face is having to decide the size of the business right at the start. You need to decide whether you should keep the business small at the start of your business venture and then allow it to grow as and when. Alternatively, you can think big and employ staff, rather than wearing various hats, or just getting an extra pair of hands to help you kick start your business.
Small Space For Your Business
When you think big for a new venture, you likely need to think of space for staff and possibly for your product. As an example, let’s say you have embarked on an entrepreneurial venture, selling clothes you’ve either designed or sourced. You’ll need a shop to display your clothes and sell. You’ll need staff to manage the shop and serve customers. Leasing a small space for your business it the way forward.
First Step
First thing’s first. Speak to a commercial property lawyer. Leasing specialists will help you draft a leasing agreement which includes clauses that help your business. Property lawyers can help you understand the implications of omitting certain areas of commercial renting. For instance, you might want to include a clause relating to early termination of a leasing contract. A commercial property lawyer with business law experience can help you explore options and support you as you start your new business.
What Lawyers Can Do For You
What else can property lawyers do for you, as you kick start your business? They can carry out searches on a property and make sure it has the correct class use – A1 or B1. Lawyers will ensure there are no hidden liabilities and no hidden service charges. Also, you will be asked to investigate if there are major works pending in the property or near it. Another point worth checking is if the lease is included in or excluded from the 1954 Act. This will determine if your business will be protected or not.
Rent Review
If you’ve already negotiated rent with your landlord, it’s worth noting that your lawyer can help you renegotiate the rent and lease terms. There are circumstances that allow for changes in the lease agreement. you might need consent for refurbishment, or you may need advice in relation to dilapidations.
If you’ve got into difficulty with your landlord, or want consent to do refurbishment work, we can help negotiate a rent review or licence for works. Whatever you may need from a property lawyer, you can get in touch for an informal conversation. SG
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