Commercial Lease

moggie4000

I'm in the process of looking for an office to rent and i'm just wondering what are the do's and dont's about leasing.

Are there anything in particular i should be looking out for?

Cheers
Moggie

Victor

What are your needs (size, time, quality, visitors, cost ...)?

The typical leases are:

FRI = Fully Repairing and Insuring => you are responsible for the entire building and must return it in the same condition you received it and you may be required to improve it

IRI = Internally Repairing and Insuring => you are only responsible for interior of the building and must return it in the same condition you received it and you may be required to improve it

Many leases insist that you pay insurance, rates and possibly service charges.

Typical lease periods are 4 years 9 months or 35 years, although break periods and casual leases are possible.

There are lots of options for office sharing.

bridster007

Check that there are no outstanding rates on the buliding, otherwise you will be responsible for them.
If you are entering into a full repairing lease get a survey done so you have a list of existing dilapidations at start of lease. Get these rectified or noted on the lease that you are not responsible for their repair.
Check out cost of everything you are responsible for including rates, landlords insurance etc.
If sharing a building will you have meter for electricty/gas etc ?
May also need to talk to your accountant about VAT issues depending on the lease and term.

dats_right

moggie4000 wrote: »

I'm in the process of looking for an office to rent and i'm just wondering what are the do's and dont's about leasing.
Moggie

Very simply:

Do get a solicitor.

Don't try and do the legal work yourself.