Other areas of law we can help with at our Ilford, East London office include property law for leases particularly, commercial leases, assignments and acting both for the landlord and the tenant.
Instructing an experienced commercial lease solicitor will generally save you time and legal costs due to streamlining.
If you need highly experienced advice on any commercial lease, whether drafting, negotiating, reviewing, renewing, assigning or subletting, whether as Landlord or tenant, in London, get in touch for a discussion or quote.
Commercial lease legal advice in Ilford, London
We deal with many types of transactions, including but not limited to:
- Shop and retail leases
- Restaurant leases
- Pub leases
- Industrial units
- Office leases
- Cafes and sandwich bars
- Mixed-use commercial and residential properties
- Landlords – the most important considerations with commercial lease terms
- The chance of tenant default
- Ease of re-letting if the tenant defaults, and time is taken to find a new tenant.
- Is the security needed in the form of a personal guarantee?
- Is mortgage lender consent required before agreeing a long commercial let?
- Who will pay for repairs and other expenses?
- Rent deposits and/or personal guarantee.
- Whether to agree with a break clause – if so, on both sides and tenant only?
- Rent review period
- Lease or licence?
The reason for determining one or the other is primarily that if the relationship is construed as a Lease then the provisions of the Landlord and Tenant Act 1954 part II will apply. These provide security of tenure for the tenant and make provision for compensation if the landlord does not agree to the renewal of the lease at the end of the initial term and the rent that the Landlord can demand on the renewal.
The existing term can only be brought to an end by the use of the procedures and provisions contained in that Act. The tenant has a statutory right to a new lease. The grounds on which a landlord can refuse a new lease are limited to specific circumstances.
In the case of licences, they terminate on the date specified or agreed between the parties and in the absence of agreement by the giving of reasonable notice.
Some of the main factors which indicate the relationship to be a lease as opposed to a licence are matters such as:
Exclusive possession (specific area)
- A covenant for quiet enjoyment
- A long length of term and for a fixed term and a fixed rent.
- The rent is exclusive of services or other property outgoings.
- The right of entry or inspection or rights of way to the owner (Landlord)
It may be that some occupiers will ask to take a Licence rather than a Lease. Their reasons for doing so may include the following:
Stamp Duty Land Tax is not payable upon Licences, whereas it is often payable on Leases.
An occupier under a Licence does not normally have to pay business rates, whereas a tenant under a lease does.
However, owners should think carefully about such requests.
If you need solicitors for a new commercial lease or licence or an assignment, sub-letting or commercial lease dispute, we offer an experienced, practical and cost-effective choice.
Whatever your legal needs are, our solicitors love to help and welcome you to our offices located in Ilford, London. We know what is at stake and we make our expert lawyers available whenever they are needed without an iota of doubt.