Commercial Property Leases
Our commercial property solicitors, based at our head office in Birmingham are specialists in dealing with commercial property leases for both Landlords and Tenants.
Process of leasing a commercial property – Landlords
- Firstly we would have an initial meeting or a telephone conversation to discuss the key points and agreed terms of the lease, which will normally have been dealt with by an agent
- Once we have understood your aims, we can give you an indication of the time frames and expense involved
Process of leasing a commercial property – Tenants
- Again, during an initial meeting or telephone conversation, we will discuss the agreed terms of the lease and provide you with the opportunity to ask any questions or identify any concerns you may have. We can then give you an indication of the timeframes and expense involved
- In the meeting or a telephone conversation, we will consider whether you intend to carry out any works at the property, which may require the Landlord’s consent. This would usually be dealt with by way of a licence.
How long does a commercial property lease take to complete?
We would normally expect commercial property leases to take between 6 and 8 weeks inclusive from the date the draft lease is prepared, to completion of the lease, but we will always try to work to your timescale where reasonably possible.
What costs and fees are involved in leasing a property, for Landlords?
For Landlords, you can expect to pay for official copies of the register of title to the property and our costs for dealing with the lease on your behalf. These costs will depend on the length of the term of the lease and how much rent will be paid each year.
What costs and fees are involved in leasing a property, for Tenants?
You may decide that property searches are required, which cost approximately £450+VAT. If the lease requires registering at the Land Registry, the Registry charges a fee for this (approximately £40, but this depends upon the annual rent).
For higher value rents there may also be a liability for Stamp Duty Land Tax, but if this is the case we would advise you of this at the outset.
What is the role of a commercial property solicitor for a Landlord leasing a property?
- After the acting initial consultation, we will draft the lease and send this to the Tenant’s solicitor, together with the supporting documents that are applicable for your commercial property
- We will prepare replies to standard enquiries
- We will deal with the requirements of the Landlord and Tenant Act 1954 if applicable
- Lastly, we will complete the lease and collect the necessary funds e.g. rent and service charge, to send to you
What is the role of a commercial property solicitor acting for a Tenant leasing a property?
- To review the lease, which will have been prepared by the Landlord’s commercial property solicitor
- To make any required amendments to the lease, which are necessary to protect your interest
- To check the title to the property and raise any necessary enquiries
- To request the property searches and review the results of these
- To report to you in relation to the content and impact of the lease
- To prepare the necessary stamp duty land tax return and submit to HMRC (if applicable).
- To register the lease at the Land Registry (if applicable).