Here, Jeremy Wootton, Commercial Property Team at Bennett Griffin Solicitors provides you with the answers you need…
I’m relocating, when should I speak to my lawyers?
Relocation is disrupting for businesses, however involving your lawyer at an early stage in negotiations can help to smooth the way to a less stressful and expensive move.
Why so soon?
Landlords selling or leasing their business space may have considered how to tilt the legal terms in their favour before they market their property. Taking professional advice to balance positions at the outset, before Heads of Terms are issued, reduces the risk of costly renegotiation later on.
What will my lawyer do?
If you’re renting they’ll review your “full repairing and insuring lease”, since a new tenant could find themselves taking on the responsibility for renovating a building that’s already in a poor state of repair. Your lawyer will ensure that any limitations are properly qualified in the legal documentation and they’ll also ensure your liability is clear for when you vacate the building. Your lawyer will work through the technical terms of what happens if you need to break the lease to ensure your obligations are clear and the terms fair. They’ll also consider how you would reassign the lease, should you want to move on, and will ensure clarity on subletting. If you are buying then your lawyer can help with negotiating the terms. Having a clear understanding at the negotiating stage on whether service charges apply to service roads or common areas can save time and money at a later date.
Dealing with buying, selling or renting property is what your lawyers do every day. Utilising their expertise early on in the process will help to make your relocation as pain free as possible.