Office Lease Information for Tenants
Office Lease Tips for Tenants
Taking on an office lease is one of the biggest financial commitments that your company will make. Remember that when, for example, you sign a 5 year lease with an annual rent of £50,000 you are taking on a £250,000 financial liability.
Office leases can be very difficult to get out of without you having to incur signicant expense - so it really will help to develop a basic understanding of office leases so that you can find out how to avoid the common mistakes.
Office Leases are Legally Binding
An office lease is a contract in which the Landlord (the owner of the property) grants your company (the tenant) the exclusive right to use all or some of the property in return for payments of rent.
In almost every case the Office Lease will be drawn up by the landlord and submitted to you for review and signature. You must resist any temptation to sign the office lease until you have had it cleared (and probably renegotiated) by your own commercial property lawyer.
An Office Lease is more than just Rent
To the uninitiated an office lease is all about agreeing the rent and the lease length, right? Wrong! Getting the right deal for your company is more than just negotiating hard on the office rent. Your commercial property lawyer is there to help you get the best possible deal over the entire lease.
If it isn't in the Office Lease then it doesn't exist
Do not rely on anything that has been orally communicated to you by the landlord - before, during or after the office lease is signed. You want everything that has been agreed to be reflected in the signed office lease (as this is the document that will be used to resolve any disputes that may arise during the course of a tenancy).
Prevention is better than cure
A Commerical Property Lawyer is a key person in your office relocaton project team. They are on hand to make sure that the terms that you have agreed with the landlord are reflected in your office lease. They will also negotiate the office lease detail so that your exposure to potential liabilities is minimised and make sure that you are fully aware of your ongoing Tenant responsibilities as per your office lease.
Office Leases Best Practice
Never sign any office lease documentation that you don't understand. Always get legal advice from a Commercial Property Lawyer.
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