Commercial leases
Whether drawing up commercial leases for landlords or reviewing leases for tenants, understanding our clients’ businesses and their commercial objectives is key to providing the personalised and efficient service they need. Our aim at Taylor Willcocks is to build long-term relationships with our clients for our mutual benefit, often starting with a simple commercial lease.
Landlords will require leases which clearly define both their own and the tenant’s responsibilities with no room for misunderstanding and to preserve the commercial value of their investment. Tenants will want security, but also flexibility. They might want renewable short-term leases or longer leases with break options but will want the freedom to assign or underlet.
Both landlords and tenants will want fair but clearly defined rent review provisions.
Code of practice for commercial leases
The voluntary Code of Practice for Commercial Leases in England and Wales has been drawn up by professionals representing all sides of the property industry including the Royal Institution of Chartered Surveyors (RICS) and The Law Society. Although it is still only a voluntary code it has been adopted by many forward-thinking property professionals and is an important consideration in the advice we give our clients.
Excluded leases
Leases are frequently excluded from the provisions of the Landlord and Tenant Act 1954. The former procedures which involved obtaining a court order have now been superseded by quicker and simpler procedures but it is essential that they are correctly followed.
Licensed premises
Many of our clients’ leases relate to the licensed trade and we act for many owners and managers of bars, restaurants, clubs and hotels. The work often involves not only licensing applications but also planning issues as a result of alterations or changes of use.
For commercial property or business lease enquiries, contact paul.trim@taylorwillcocks-cheam.co.uk