When starting up a business in premises away from home, you'll normally buy a lease as part of it.
Maybe you want to extend the lease of the business you already run or want to buy an existing lease? Ok, if you purchase an existing lease make sure you find out how many years it has left to run and if you are then able to extend. Consider what is to happen when the lease expires. The landlord may not want to extend the lease or he may demand a rent greater than you can afford.
Let's touch on the basics of this property lease extension for businesses.
To begin with you should take a look at how much rent you are paying. Under most leases, rent is liable for review every three/five years. It is crucial to establish when it was reviewed last. Find out too about extending the lease if it becomes necessary.
Find out what your responsibility to repair is under the lease. If you are moving into premises that form part of a larger building beware of the service charges you'll have to pay towards the cost of maintaining the building. Just make sure you don't become liable to pay towards major repairs you won't get the benefit from. And keep bearing in mind lease extension.
What if I buy a hairdresser's that is closing down but want to open a shoe shop? Then you will need the landlord's permission. Be careful with the use clause in your lease as sometimes they are quite restrictive. That would be the case of a lease stating the property can only be used for the sale of paint. That would mean you can only sell the premises to someone who wants to sell paint.
Do all of these make you think it could be a good idea to have a survey? Yes. Your survey should let you know what you are letting yourself in for. A Surveyor can also offer you two other important pieces of advise, they can tell you if the asking rent is reasonable and can provide information about a lease extension.
Also, just before you move, make sure water, electricity, etc. are in working order. Check if you can park a delivery van outside the premises. How would people escape from your premises in the event of an emergency? Although there might be a fire escape in place, find out if you need permission to use it.
The golden tip: read your lease and get the facts straight. Get the low down on lease extension.Then get backing from a specialist property solicitor to avoid headaches and nasty surprises.