Getting advice about the lease terms
Should you get advice about the terms of your lease?
A retail lease is one of the most important financial contracts you can enter into, so it’s vital to understand the commitment that you’re making.
Once the lease is signed, both the landlord and tenant are committed to the terms and conditions within the lease. The tenant’s duty to pay rent regularly is a key term of the lease.
The lease is a contract that you probably won’t be able to end early, so it’s worth getting legal advice about the details in the lease before you sign it.
As well as understanding the lease terms, you should make sure that it includes everything that was agreed to in the negotiations and that you can comply with the terms of the lease.
Be sure you understand if you have to pay for outgoings and repairs and maintenance of the premises, including any fixtures and fittings.
Because of the investment you are making, consider how each section of the lease could affect your business.
If the lease has a relocation or demolition clause, negotiate a deal with the landlord with the expectation that they will decided to end the lease early. If they don’t, you have a good deal. If they do, then you are protected.