Renting commercial property UK, for any length of time is subsequently a detailed process, and definitely one of the largest expense of a business. Given that, it is vital to make sure you understand what is involved in this process.
First of all, it is important to make sure that your commercial real estate property need is managed by a team of experienced professionals who will take care of all the complexities related to finding a good property and documentations. Do a thorough research, and make sure you hire a broker or firm that can guide you well.
In addition to this, this comprehensive guide will take you through generic steps that will help you lease commercial property in a smooth manner. However, besides these tips, we also advise that you seek professional advice before entering into any agreement.
Ask Fundamental Questions
When deciding on renting commercial property UK for your business, ask a few fundamental questions to yourself. These questions must include:
Is this building located at the suitable location?
Are the amenities suitable for needs of your business?
Will the building and amenities remain useful for your business needs in the future?
Do your research thoroughly and embark on the process.
The Property Owner
When it comes to renting commercial property in UK, there are specific legislations that you need to follow. These legislations are framed by Landlord & Tenant Act 1954, concerning sub-letting. So, the person or the firm you are renting from should be the legal owner of the property.
Your Responsibilities
As a tenant, it is important for you to understand the rules and instructions that your property owner advises you. Sit down with your agent and property owner and ensure that you are made aware of all your responsibilities, towards landlord and property.
Each party should assume different responsibilities for the duration of the lease. These can include maintenance and repair of the premises, damage or wear and tear caused during the lease term and other physical factors. Also, make sure that the building complies with the regulations related to all current access, fire and safety regulations
Financial Obligations
Before moving into new the new building, you must know your financial liability is only for the duration of the beginning and end of the tenancy. Here are some aspects that you must take into account:
How much is the monthly or annual rent?
When will the rent be paid?
Is the rent in arrears or in advance?
What are the payment methods?
Do you need to pay deposit?
Is the rent inclusive of maintenance charges?
At which point of time during the tenancy the rent will be reviewed?
If you’re a business that runs from 9-5, you shouldn’t be facing any issues in terms of access. But, if you own a business that is active 24*7, you should clear the access terms of the premises to ensure smooth functioning at the late stage.
Security should be an important consideration, when renting commercial property in UK. Check that all the security measures are in place and sufficient for your peace of mind.
Take into consideration the given steps when renting commercial property and make sure you get all the documentations double checked before finalising any deal.
