In today’s market, more and more people are considering starting up their own businesses. The biggest factor to consider with a start-up company is where to lease property as location is a key factor for the success of any business. As a future business owner, you also need to make sure that you know all there is to know about commercial property leasing before signing any agreements.

What is a lease?

A lease is a legally binding contract, so while leases may be complex and difficult to comprehend, it’s essential that you fully understand the terms and conditions before making a commitment.

It’s also important that you understand your rights and obligations in relation to the lease in order to deal with any disputes that may arise, and to know who to contact for help.

Legal and commercial advice should be obtained before:

  • making any commitments to buy, lease, take on an assignment or incur any other obligations;
  • signing an offer to lease or any other lease related document;
  • payment of any deposit or other monies; and
  • occupying the leased premises

Together with legal and financial advice, you should also seek business and property advice in order to ensure the lease is based on sound business and property principles.

Commercial property leasing legislation

An understanding of commercial property leasing Act is essential if it regulates your lease. Even if your lease is not regulated by any Act, it’s a good idea to make sure you’re familiar with it as you might wish to negotiate some of the provisions of the Act into your commercial lease.

Seven steps to commercial property leasing

Leasing generally involves the following seven stages. Each of these activities can be extensive so ensure you allocate adequate time to deal with each step properly.

  • Step 1: Consider your leasing needs
  • Step 2: Inspect and research premises
  • Step 3: Obtain preliminary documentation
  • Step 4: Obtain professional advice
  • Step 5: Negotiate the lease
  • Step 6: Preparation of final documentation
  • Step 7: Fit-out of the premises

In commercial property leasing, disputes can arise between tenants and landlords from time to time and should be resolved as cost-effectively and with as little damage to the relationship as possible. Whatever method you use to resolve the dispute, you must be logical and clear about the facts and prepare your case well. Be prepared to argue your case calmly and organise the evidence to support your position.

First, read the lease and other associated documents to clarify the rights and obligations of each party about the issue in dispute. In many cases, a well-written lease will set out what both parties have agreed, and the action required will often be obvious.

If you are unsure as to the rules and regulations regarding commercial property leasing, you need to get advice from a company that is in the know; The Property Partnership. From negotiating to concluding a lease agreement, The Property Partnership can help you. To find out more about how The Property Partnership can assist you, visit their website