Thursday, 14 October 2010
Signing the lease on your offices
The questions to ask before you sign on the dotted line
Finally putting pen to paper and signing the lease on your new offices is one of the most exciting landmark moments in your office move. Not are you securing an exciting work space, but you will be entering into a contractual agreement that could have long-term implications for your company, so it is important to prepare adequately when you come to arrange your lease.
Before you commit to the lease discuss the terms thoroughly with your property solicitor and your landlord. Make sure you ask:
- How can I terminate the lease? You could lose money or forfeit your deposit, so it is imperative that you can be either certain that you will stick to the terms stipulated in your lease and see through the duration of your tenancy or that you are aware of any penalties that may arise if you choose to break your lease early.
- Can this office grow with my business? If you are a burgeoning company it is important to find a space that will grow with your needs. Taking on extra staff can compromise your office if you take an office that matches your maximum capacity at the outset, so you must leave room if expansion is a future possibility for your company.
- What are rental terms? Clarify how much is owed in rent each month and check any clauses with your property solicitor that may mean your rent could escalate during your tenancy.
