A Commercial Lease refers to a contract signed between two parties namely the landlord and tenant for the purpose of renting of Commercial Property.
A commercial lease is defined by two elements:
The lessee is granted exclusive entitlement to the premises to the exclusion of all others, including the lessor
A definite time frame is agreed – whether on a fixed term basis or on a periodic term
At VRT Lawyers we can draft, review and negotiate leases for our clients where commercial, retail or industrial property is concerned. Whether you own or rent a café, restaurant, shop, gym or office – we are here to help. We can draft a new lease agreement for you or review and negotiate the terms of your previous contract. We will determine the scope of the project, give you an idea of the timeline and cost estimate, and will communicate with you clearly to ensure that you are happy with the terms of your agreement.
What does this mean for landlords?
You should ensure that your terms comply with all legal requirements for the lease to be binding on the tenant. An experienced commercial property lawyer will be able to assist you with the correct drafting of your lease and will determine any discrepancies to make sure that you property investment is protected.
What does this mean for tenants?
The lease of your business premises is without a doubt one of the key elements for the stability of your business. Before you occupy a premises, pay a deposit or sign a lease make sure you consult with a lawyer. You must ensure that your lease is correctly drafted in accordance with the law to ensure that you won’t incur any unexpected charges or that you won’t be in an agreement that may significantly affect your business operations in the long term.
Points we will help you to consider whilst negotiating the terms of your lease:
Security (deposit or personal guarantee for the safeguarding of the premises)
Outgoings (utilities, rates, taxes and levies)
Option to for assigning or subletting
Option to renew
Incentives (monetary contributions)
Use of premises
Obligation to repair
What can I do if I am not happy with the commercial lease my business has entered into?
We will review the paperwork with the terms that were previously set out and will notify you of any changes or discrepancies we find in the lease agreement. We will re-negotiate the terms of the contract and will resolve disputes between parties – if necessary.