Always consult professional advice when considering property rental or lease. If not before, ensure you run it past a professional before you sign a contract. Use these basic checks leading up to the contract agreement.
- Does the person renting actually own premises?
- Who is responsible for maintenance, internal and external?
- For long term contracts are there any provisions for both parties to consider if they want to continue, or for rent reviews?
- What are the rental costs?
- How often will reviews take place
- Is rent payable weekly, monthly, quarterly? Will you be running in advance or arrears?
- Will it be paid by cash, cheque or electronic transfer?
- Study what the rent rates include
- Does it include rates, and is so at what extra cost?
- Is insurance included?
- Is service and maintenance included, what about cleaning?
- Are any shared services included? (reception, elevators, parking, security services)
- Does amount included utilities? (gas electric, water, phone lines, air conditioning) Do such facilities meet your needs?
- Is adequate insurance in place for the building?
- Is a deposit required, if so how much and is ti refundable?
- Can all or any of the space be subletted?
- Is the building accessible to you at all times?
- What are the security arrangements? Patrolled, camera's, alarm system, physical entry barriers? Are you able to supply these if you want to?
- Does the building meet fire and health and safety regulations? Who is responsible for meeting those needs?
Renewing the arrangement
The Landlords and Tenant Act 1954 has certain conditions under which the leaseholder cannot renew the lease. In most cases leases can be renewed. Look carefully for contracts trying to 'contract out' the adopting of the act. For more information:
Renewing And Ending Business Leases: A Guide For Tenants And Landlords