Applying to take over a lease

[tonilee]

I have found the perfect shop in the perfect location, now I need to put in a application for the agent to submit to the landlord

Has anyone got any advise to give for doing this, Im a little scared have never done this before!!

 

[Sparklepink]

a business plan would be a fab start- thats what i had to do when i took over a lease for my salon
referances, finacial forecasts etc...

oooo just remembered we also put our offer in writing first then did the plan etc... once our offer was accepted

hth

Jess
xox

 

[collin]

I have found the perfect shop in the perfect location, now I need to put in a application for the agent to submit to the landlord

Has anyone got any advise to give for doing this, Im a little scared have never done this before!!

This is a big step so make sure
1) you can afford the commitment of taking this on
2) that you have looked at all the costs involved..its not only rent but rates,electric,repairs,phones etcetc
3)make sure you do yourself a sales/overhead forecast then divide the net profit by at least two..thats the reality check bit
4) if you are taking on a leice...go see a solicitor to get it checked over as you will be surpriced how many landlords will try and get away with as much as is possible
5) try and negociate an initial rent free start up period-this will help you no end

in summery...be carefull...check and recheck everything before proceeding.
OMG sound so negative ...so to reverse that...good luck..you are a pro so if all is ok then go for it kiddo :hug:

 

[Sparklepink]

check out Prepare a business plan | Business Link too loads of info on writing your plan etc...

i had to appoint a solicitor who went over the lease i have with my local council and made sure it was all legal etc...

Jess
xox

 

[littlegrohl]

no advice but good luck matey.. xx

 

[nailzoo]

is it an existing lease ?

If so this is called "assigning" a lease according to the terms that currently exist from the current owner to you (they still have to approve you and the sale of the business). They may even want a percentage of the sale price.

Make sure there is plenty of time still left on the lease and check all the terms (including rental rises), they may even rise the rate after a sale (this depends on the original lease terms).

If it's a new lease then you have the ability to negotiate, re-negotiate the terms. The agent may want to check your banking details, credit history, past leasing history etc.

The above details apply to AUS, maybe things are different on your side of the world.

 

[tonilee]

Thanks guys, its not a lease for an exsisting salon, it was previously a printing shop, so am taking over the lease for a shop.

Collin had heard about getting a solicitor, and I am intending on askin for a free month to get in and set up, I am also intending to ask for the rent to be reduced by 1.5k (as suggested by the agent!) I will be applying for a small biz loan to help me finance it also, the sales/overhead halving bit confused me though? (as you know it doesnt take much!!!)
can you explain it a little more please?:hug:

 

[BeckyH]

Hiya Toni,

Having only just left my job as a commercial estate agent to join the beauty field, if you have any problems/questions then I am only too happy to help (if i can lol).