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what do i ask?

  • 15-01-2005 6:20am
    #1
    ²°°³webkev²°°³
    Registered Users, Registered Users 2 Posts: 154 ✭✭


    I am starting up a shop with my dad and have found a suitable property..

    I rang up the agent and he said the lease was for ten years with 3 years remaining at 62000 per annum?

    what does that mean? how much will i got to pay up front? how do i ask without giving impression im property retarted?
    what else should i ask about in terms of insurance and electricity and heating and stuff?

    please please help me :)


Comments

  • #2
    Victor
    Registered Users, Registered Users 2 Posts: 78,580 ✭✭✭✭Victor


    ²°°³webkev²°°&#179 wrote:
    I rang up the agent and he said the lease was for ten years with 3 years remaining at 62000 per annum?
    A let the shop to B for 10 years (unusual, typical terms are 35 years or under 5 years), B is now selling the lease.
    ²°°³webkev²°°&#179 wrote:
    how much will i got to pay up front?
    That depends (a) on the deposit paid originally to the landlord (b) whatever the highest bidder is willing to pay. You get money (a) back at the end of the lease you loose money (b).
    how do i ask without giving impression im property retarted?
    Say you are phoning for your boss (stops them asking **you** questions) ask them to send you the fact sheet by fax/post. Use someone else's (that you know) address if you don't want to give your hand away. The fact sheet will detail the property and the main terms of the lease. The two main types are FRI and IRI.

    FRI=Fully repairing and insuring, .i.e. everything
    IRI=Internally repairing and insuring, you are only repsonsible for the interior of the building, not roofleaks, cracked external walls, etc.
    what else should i ask about in terms of insurance and electricity and heating and stuff?
    Invariably you will have to pay everything, unless otherwise noted - rent, council rates, maintainence fees, repairs, electricity & heat, redecoration, refuse charges, car parking, .... the lot.

    If the unit is in a shopping centre, some of the arrangements may be handled by a management company to keep things simple.

    €62,000 sounds like a very big, or very expensive shop. Give me a shout if you need anythign explained.


  • #3
    ²°°³webkev²°°³
    Registered Users, Registered Users 2 Posts: 154 ✭✭²°°³webkev²°°³


    THanks for the reply Victor :D
    much appreciated


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