If you own a property and wish to rent it out for use by businesses as office or retail space, there are a number of factors which need to be understood before you can do so. As a commercial landlord, you have responsibilities to adhere to, and much of the work that needs to be done can be completed cheaply, safely, and easily.
What are my responsibilities as a commercial landlord?
You will be responsible for all the health and safety responsibilities within the building you own – from risk assessments, safety of electrical appliances, managing asbestos and ensuring a registered gas safe engineer inspects the property. Often many of these points are overlooked due to the number of non-professional landlords renting out properties – make sure you do your research and even if you are not involved within the trade in question – seek advice from someone who is.
As a commercial landlord you also have responsibility for the general upkeep and maintenance of the building and its structure. Often however, the accountability is shared between you and the tenant, so if they are paying you a fee for cleaning and maintenance, for example, make sure that the agreement is honoured. In addition, make sure you pay any business mortgages or loans in a timely manner…there is no need to pass down any aggravation from this on to your tenant.
There is a process involved in making sure your property is ‘fit for lease,’ and the rent will be based on a contractual agreement – negotiated and agreed between the parties. The majority of the steps that need to be completed are based within common sense, and as long as there are no disagreements between the people involved, renting out your commercial premises should be a relatively pain free process.