Signing a commercial property lease is a big step to take for any business, and one that can be end up costing you a fortune. But thankfully, a surveyor can help, before you spend thousands on a property in disrepair! Here’s what you should know before you sign!
A Heavy Financial Burden
Commercial leases are a tricky subject, and if you’re not careful you could end up spending more than just your monthly rent. Most commercial leases favour the landlord, and will naturally assume that he property is in good repair. The reality is, so often, quite different.
Whatever the condition of the building is when you accept the lease, you’re accepting the responsibility for that building. The condition, maintenance and repair of the property, is entirely up to you.
It’s important to bear in mind however, that when you leave the property you’ll have to redecorate and if you’ve made any alterations, they’ll have to go, even if you think you’ve made the property better.
What lies ahead then, after you’ve signed a commercial property lease, is a long road with finances that can spiral out of control. And don’t forget that your landlord has the right to charge you for any reinstatement work you fail to carry out. If they decide to sue you for damages, then you could face a lengthy court case and be forced to pay thousands of pounds in damages.
A Surveyor Can Help
Never fear however, help is at hand, in the form of a qualified surveyor. A surveyor can inspect the property and let you know where the main issues are. They can also look over the lease, and make sure the terms you are being offered are fair and you’re not being put at risk.
Once you’ve spoken to a surveyor, then you can decide whether you want to proceed with the building. Even if you find that there’s work to be done on the building, you can still save yourself the financial hassle of having to renovate once you move in.
Landlords will often agree to do any repair work before a tenant moves in, so as to reduce the liability as tenant. This repair work, often highlighted beforehand by a surveyor, could end up saving you thousands.
Make sure you know exactly what you’re dealing with before you sign anything with a landlord. What’s written in the lease becomes law when signed, so you need to make sure of your rights.
Working With Your Lawyer
You might think that a lawyer can check over the lease for you, and you’d be right. A lawyer can certainly cast their eye over the document and help you negotiate your terms but it’s important to remember that a lawyer can’t answer your specific questions about the property itself. Is it fit for what you want to use it for? What possible issues are there with the property and what will it take to fix them. We recommend that you visit a qualified chartered surveyor beforehand, who can then work with your lawyer to ensure that you get the best deal possible on your commercial property lease.
If you’re thinking of buying or renting a commercial property, and want to have a building survey done on it before you sign the lease, then give us a call on 0151 486 3437.