7 Essential Terms to Include in Your Commercial Lease Agreement
When you decide to let any property or building there are some important provisions which should be included in the lease:
- The rent payable, the rent payment dates and whether or not you will allow your tenant a rent-free period.
- If the lease is going to be long enough to need a review of the rent, then you will need to decide how often this operates
- The length of term, including any tenant and/or landlord break options and whether the lease is to be excluded from protection under the Landlord and Tenant Act 1954 so the tenant has automatic rights to renew the lease.
- Whether assignment, subletting and group sharing is permitted or prohibited.
- What will be the repairing and decorating obligations imposed on the tenant and the nature of any permitted alterations
- The permitted use and whether any changes can be made to this.
- Allocation of insurance obligations for the building, with specific details as to what is to happen in the event of the destruction of the building by an insured/uninsured risk.
This list is not exhaustive and if you do have premises to let in whole or in part you should seek legal advice at the earliest opportunity.
If you have any questions or would like to book an appointment with a solicitor, please do not hesitate to contact us. Call us on 01273 604123 and ask to speak to Carol or email her directly at firstname.lastname@example.org
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