A GUIDE TO SIGN A COMMERCIAL LEASE FOR A SMALL BUSINESS

Are you finally ready to lease your own business but skeptical to sign the contract?

Read on to find out what you should do:

Hire A Lawyer:

Employ a lawyer as they can get you the best deal. Lawyers have detailed knowledge of commercial properties and can negotiate terms on your behalf.

Check The Property’s Commercial Classification:

Commercial properties have certain categories that specify what kind of business can be run on it.

Before renting out, you must make sure your business is authorized to be run on that premises.

If you find the perfect premises, but it’s not the right classification for your business, you can request your local authorities to change the classification.

The Lease Length:

When signing the contract, make sure to look at the duration of the lease. For most cases it is 5-10 years.

If you feel this is too much for a small business like yours, negotiate a few things with your landlord.

A break clause:

This allows you or your landlord to end the lease early on agreed conditions.

Ability to sublease:

This allows you to sublease the property to another business, if you no longer need it.

Payment Conditions:

Most businesses are asked to provide a rent guarantee.

Usually financial accounts suffice, but some landlords may ask for a cash deposit.

Payment Conditions:

Make sure to understand and mutually agree upon the payment conditions of your rent with the landlord.

To get expert support when getting a commercial lease

CONTACT WEMBLEY SOLICITORS

www.wembleysolicitors.com