A commercial property lease is granted by a landlord. The lease gives a tenant exclusive possession of a property or a piece of land for a set period of time.
The lease defines the landlord’s and the tenant’s rights and obligations over the fixed term. This includes payment of rent, repairs and maintenance, insurance obligations, allowed uses of the property (for example, a shop or a warehouse) and more.
When a tenant takes out a lease, they pay a deposit to the landlord as security. It is not a legal requirement to draw up a rent deposit deed but it protects both the landlord and the tenant.
The deed sets out the circumstances in which the landlord may deduct money from the deposit such as if the tenant defaults on rent. It can also protect the landlord and the tenant if one of them becomes insolvent or breaches certain terms in the lease, depending upon how it is drafted.
Our commercial conveyancing solicitors can negotiate and draft a rent deposit deeds that protects your interests.
A commercial lease can last for at least 10 years. Within that time circumstances change, and a lease may need to be restructured to meet your evolving business needs. When you need to amend or vary a commercial lease our commercial property solicitors can draft a deed of variation.
We can assist you with negotiating a commercial lease to meet your requirements. We will discuss with you whether the changes you need are legally viable, and how any changes will impact the terms of the lease. We can offer you bespoke and pragmatic advice that protects the future of your business
Davisons commercial conveyancing solicitors can negotiate lease terms on your behalf, protecting your present and future business interests. We will tailor our advice to your specific requirements and work proactively in partnership with you throughout every transaction.
We can review and draft legal documents including rent deposit deeds and we can provide advice on assigning and varying a lease.
Lease assignment is transferring the legal interest of a property from one tenant to another. A tenant of a commercial lease can assign a lease to a new tenant with the landlord’s permission.
A commercial lease normally runs until the end of a lease term unless there is a ‘break clause’ within the lease that allows it to end earlier. A break clause specifies a date on which a lease can be broken without either party paying a penalty.
A tenant can also end a commercial property lease early if the landlord agrees or the lease is assigned to another tenant.
A landlord can end a lease early through a break clause or through a ‘forfeiture clause’. A forfeiture clause gives the landlord the right to end a lease early if service charge or rent is not paid. However, this could be challenged by the tenant.
