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We have a great deal of experience acting for landlords on commercial property matters and regularly advise the owners of commercial property on leases.
Can you buy a commercial property which is already occupied by a tenant?
Yes. Whether or not a property is occupied should be made clear in the sales materials. You will need to ensure that you are fully aware of the status of the tenant and the terms of their occupation.
You may be buying the property as an investment. If you wish to occupy the property for your own business you will need specialist advice to discuss the options as to when and if this will be possible.
I have purchased a commercial property and I wish to rent it out. Where do I begin?
Our team of Commercial property solicitors can provide expert advice from the outset. You should consider appointing a commercial property surveyor to market the property, advise you on and negotiate terms that are acceptable based on current market conditions .
Once agreement has been reached with a prospective tenant we can prepare the appropriate documents based on the agreed terms.
There are a number of things to consider when reaching agreed heads of terms on which we will advise including:
- Contractual term;
- Break dates;
- Rent Review dates;
- Service Charge provisions;
- Insurance obligations;
- Permitted Use;
- Repairing obligations;
- Security of Tenure.
As well as:
- Is rent deposit required?
- Is there a Guarantor?
- Are works to be carried out prior to occupation?
Can the tenant carry out works to the property?
The tenant may wish to carry out works to the property either before it takes occupation or during the course of the term. Works might range from painting and decorating to internal structural alterations to make the property work for the tenant's business use.
Depending on the agreed heads of terms the lease will likely contain provisions controlling the tenant’s ability to make alterations. Usually, Landlord consent is required and we can advise on the appropriate documentation to formalise this including reinstatement provisions where necessary.
