We know how important a landlord-tenant relationship is.
A landlord looks for the perfect tenant and a tenant looks for the perfect landlord. However, disputes between both parties often occur and legal advice and guidance are necessary.
Our solicitors can deal with a number of issues regarding the drafting of and advising on legal documents including agreements for lease (including pre-lets), leases, re-gearing of leases assignments; licences, authorised guarantee agreements, rent deposits and surrenders.
More specific and sometimes contentious issues regarding property management, evictions, rent and security deposit breaches, rent arrears, repairs and maintenance disputes and lease surrenders, Our experience and knowledge also mean we can draft and negotiate documents such as renewals, rent reviews, sub-lettings and lease assignments for our clients.
Important things to consider:
- The Landlord and Tenant Act 1954 governs the legal obligations of both landlords and tenants. If you’re a landlord or tenant, that is where you’ll find your rights and responsibilities.
- Landlords and tenant share and sign many important pieces of documentation, arguably the most important being a tenancy agreement which provides both parties with confirmation of their rights.
- Clear and agreed heads of terms will speed up any process. Involving Kidwells in this stage will mean we can highlight any key points and apportionment of risk before the lease is presented.
Support and guidance with every stage
Having an unsuitable lease can hamper the way you run your business, it could make it difficult for you to sell your business and could prevent you from selling your lease. Kidwells are used to advising as to the complexities of leases and will produce a lease report for you so that you know exactly what your obligations are as part of our Lease Review service.
If you’re a sole trader rather than a limited company, when you sign a commercial lease you are personally liable for the debt. Similarly, some landlords insist on personal guarantees to get around the protection of a limited company. Whether it’s advice on liabilities as a sole trader or you’re a Landlord who requires a personal guarantee drafting do not delay getting in touch.
A commercial lease typically deals with the following:
- the type and address of the property being let;
- the term of the tenancy and whether the tenancy is for a fixed term or renewable after a period of time;
- the amount of rent payable, how often and when the rent should be paid;
- the type of business that may be conducted on the premises;
- ownership of any leasehold improvements; and
- the provisions of any security/damage deposit.
In addition, a commercial lease may also identify the following:
- provisions for lease renewal;
- landlord improvements and signing incentives;
- tenant improvements;
- whether the tenant can assign or sublet the property:
- notice provisions for termination of the tenancy; and
- insurance provisions.
A commercial property lease usually continues until its end date unless you include a clause to end it earlier, hence the importance of getting advice at an early stage to negotiate such terms.
Break clauses can be negotiated and included in the lease allowing you to terminate the lease without facing a penalty- providing notice is given in accordance with the lease obligations. If such clauses are not contained, you may find yourself entered into a long term lease with no financial means to satisfy the debt, leading to lengthy, stressful and costly legal battles.