Getting a solicitor to look at a lease document?

Columba Rad

I'm in the process of moving my business to a new retail unit. The landlord is looking for a €5000 deposit (of which covers 3 months rent), they said I'd get back €2800 on month 13. They suggested I get a solicitor to look over the 10 year lease before I sign it.

One question:

1. Any idea what a solicitor would charge to look at the document?

D.W

I'd say if its a fairly standard lease agreement any solicitor worth their salt should do this for well less than €100. They are eager for business so its a good time. Perhaps call a few and ask them straight out-shop around in other words.

Columba Rad

I rang a local solicitors and told them the story, they quoted me €75. I then rang the estate agents back so organise picking up the document, but they said I'd need to make the €5000 booking deposit first, they said this is standard practice and they said they suggested getting a solicitor to guide me through the lease process which could take 2/3 weeks.

This is all new to me by the way

D.W

Columba Rad wrote: »

I rang a local solicitors and told them the story, they quoted me €75. I then rang the estate agents back so organise picking up the document, but they said I'd need to make the €5000 booking deposit first, they said this is standard practice and they said they suggested getting a solicitor to guide me through the lease process which could take 2/3 weeks.

This is all new to me by the way

Its not my area of expertise by any means but..... No way would I hand over 5k without first being able to satisfy myself (via a solicitor) that the contract/lease agreement was sound. Asking for 5k upfront would raise a big red flag in my eyes. What happens then IF your solicitor advises against signing it-do you forfeit your 5k????? Be careful...

VO

Columba Rad wrote: »

I rang a local solicitors and told them the story, they quoted me €75. I then rang the estate agents back so organise picking up the document, but they said I'd need to make the €5000 booking deposit first, they said this is standard practice and they said they suggested getting a solicitor to guide me through the lease process which could take 2/3 weeks.

This is all new to me by the way

Don't give them a penny, they are playing on your inexperience. At present there is acres of warehouse space available to lease and most are offering incentives such as rent breaks etc to try to get tenants. I certainly would not sign up to a 10 year lease given the current climate. My advise would be to get a professional negotiator to do the deal for you , it will cost you a fee but you will save a fortune in the long run.

Don't know if these guys can help as they may only deal with purchasers but worht a call as they should be able to steer you in the right direction

www.buyersbroker.ie

gwhiz

VO wrote: »

Don't give them a penny, they are playing on your inexperience. At present there is acres of warehouse space available to lease and most are offering incentives such as rent breaks etc to try to get tenants. I certainly would not sign up to a 10 year lease given the current climate. My advise would be to get a professional negotiator to do the deal for you , it will cost you a fee but you will save a fortune in the long run.

Don't know if these guys can help as they may only deal with purchasers but worht a call as they should be able to steer you in the right direction

www.buyersbroker.ie

VO is dead right... estate agents are desperate for business and would say mass to get money from you. Im not a solicitor but worked as a Legal Exec for 20 years. Dont give them a penny till Solicitor reviews Lease.

newman10

Columba Rad wrote: »

I rang a local solicitors and told them the story, they quoted me €75. I then rang the estate agents back so organise picking up the document, but they said I'd need to make the €5000 booking deposit first, they said this is standard practice and they said they suggested getting a solicitor to guide me through the lease process which could take 2/3 weeks.

This is all new to me by the way

No way do you give €5000 to the Estate Agents. Tell them it will be given to the the Solicitor when they are happy with the lease.

IMO make sure you have a strong Break Clause inserted. The Landlord may not like it but protect yourself

Columba Rad

Been talking a few solicitors, and they told me to make sure that the €5000 booking deposit is 100% refundable, they also said "this is like a gentleman's agreement, but make sure you can get a refund".

DubTony

Columba, you need to hire a solicitor to look after this. My suggestion is to find one who'll fight your corner to get you a better deal. Most leases are all about the landlord. If you look at it from the point of view that you'll be working your arse off to pay the guys mortgage while he lies back in the sun, you won't take this so lightly.

I don't know what this nonsense about 5K before seeing a lease is all about, and the €2800 refund? What's that?

Have your solicitor call the landlords solicitor and exchange paperwork. Pay NOTHING. Not a penny. When your solicitor has negotiated the romaval of the clauses that will see you hanging by your balls if you break the lease, and everyone is happy, then pay your first 3 months rent and get going.

Try to negotiate monthly rent in advance. This will cut down on your initial outlay and ensure that your cash flow remains constant, and not get hit by a massive bill every quarter.

Negotiate a break clause. Your solicitor will explain this to you, but it basically gets you out of the lease if things go pearshaped.

There's a lot of other stuff. Sit down with a decent solicitor and talk about it. Expect to pay at least a grand to get this sorted. But if your solicitor is any good, it'll be money well spent. Don't have "a solicitor look over it". Negotiate a price with one, and have them work for you.

Seriously, this is too important to be lax about.

Good Luck.

Columba Rad

Thanks guys, advice has been noted. I will update you on situation will good news hopefully.