Commercial Leases

Commercial leases usually follow an industry standard ‘full repairing and insuring’ (or FRI) format which is broadly acceptable to institutional lenders and tenants, however each and every transaction is bespoke and we ensure the legal documents are specifically tailored to suit your best interests.

The interests of the Landlord and the Tenant are invariably at odds, so we won’t act for both, but we are always mindful that the best outcome is a solid working relationship between Landlord and Tenant which will see both parties through for the duration of the lease and beyond.

We are very conscious that time is money: we have a range of cost options to suit your budget and we cut straight to the key issues to address your particular objectives. The earlier on in the transaction that we are involved, the better placed we are to add value.

Commercial Leases – Landlords

If you have a property you plan on marketing for rent, or have found a property you want to buy for investment and letting, speak to us early on about the best way to structure the offer.

Commercial Leases – Tenants

If you have found the perfect property to house your business and are speaking to the Landlord or letting agents, we’re well placed to advise on negotiating the letting terms to your best advantage.

Heads of Terms

Whether or not you have had commercial agents involved in the initial negotiations, we can advise on the key points of the letting. These ‘Heads of Terms’ issues usually include, in addition to the rent:

– Length of term and implications
– Rent reviews
– Break clauses
– Security of tenure under the Landlord and Tenant Act 1954 (Part II)
– Assignability and underletting
– Responsibility for repairs, maintenance and insurance
– Service charges

Legal Documents

Following agreement in principle, we draft/negotiate and complete the legal documentation working as closely (or not) with you as you require. For a tenant taking their first lease, this might mean talking you through each step, identifying and addressing your concerns, and flagging up potential pitfalls. For experienced landlords, it may simply be a case of getting the deal done in record time with minimum contact and fuss. Legal documents for a new letting often include the following in addition to the actual lease itself:

– Agreement for Lease
– Rent Deposit Deed
– Personal Guarantee
– Licence to Alter Relating to Fitting Out Works
– Exclusion of Security Notice & Declaration
– Consent from the landlord’s Secured Lender or Superior Landlord

Existing Commercial Leases

Where you already have a lease in place and are looking to bring in a lawyer after the event or switch from your current legal services provider, we can help you with;

– Lease Renewals, either as new leases or short ‘lease by reference’ documents
– Applications for New Leases
– Operating a Break Clause
– Tenant Default
– Rent Review Memoranda
– Application to the Landlord and/or Superior Landlord for consent to:
o assign (sell) the lease
o underlet/sublet the lease or part
o alter the property where the landlord’s consent is required
o vary the terms of the lease
o change the use of the property where the landlord’s consent is required

Commercial Leases – Derby, Ashby, Burton & Swadlincote

Our Commercial Property team are based across our Derby, Swadlincote, Burton and Ashby-de-la-Zouch offices. We have been providing legal expertise to our clients across the East Midlands and beyond for over a century.

For help and advice, please call us on freephone 0800 011 6666 or mail us at legal@timms-law.com