Commercial lease - shop rental

[Nateice]

Hi

I am thinking of putting in an offer for a shop that is up for let but have a few questions first. I am hoping that some of you maybe able to help!

- Do I pay stamp duty on the rental price?

- I am trying to negotiate a lease where I will only be responsable for internal repairs, not external, therefore will I still need to get a survey?

- Does anyone know if a good solicitor that deals with commercial leases, I have looked on line and they all seem to be very expensive. Also do commercial solicitors work on a basis of no sale no fee as do some residential?

- Should I go straight to the agent with an offer or discuss it with a solicitor first?

Many thanks x

 

[sarahlou09]

Hi
I am in a similar situation at the minute.
Depending on the rateable value of the property you could be eligable to business rate relief?
How much are they wanting to rent it for?
You need to have a talk to the agent first before you go to a solicitor & find out more information about the premises!
Hope that helps.

 

[squidgernetball]

I rent my premises from a landlord. I read through the lease, and made sure I understood it. It had a two year break clause both ways (meaning he could chuck me out after two years, and I could get out after two years) which I didn't think was long enough so made a list of all the things I didn't like and asked his solicitor if they could be changed. I negotiated two year break for me, so I can leave after 2 years, but 4 years before he can ask me to leave. I asked for internal only repairs, and permissions to change the inside, all which he agreed to. He also agreed that if planning permission was required for change of use, he will do the application and pay for it. You can pay a solicitor if you want to - no you don't pay any stamp duty, or you can go through it with a fine tooth comb and do it yourself. As long as you understand what you're signing, and it says what you want it to say, paying a solicitor is surplus to requirements. A lot of geeks on here will say otherwise, and that a solicitor will give you peace of mind, but it really depends on what the lease says! Hope that helps!

 

[Nateice]

Hi

Thank you for your replies, they do help.

I am eligable for business rate relief, thanks. The rent is £15k but I am going to negotiate- hard lol.

I was concidering doing it myself as I have had a hell of a lot of experience with residential contracts, solicitors and negotiating, was just a bit worried as I have not dealt with commercial before and may miss something. I will also be going for internal repairs only-just hope the landlord agrees!

Do you know how long after your offer had been accepted that you received your contract?

 

[squidgernetball]

I was negotiating in November and eventually got the keys on Valentines day. I though everyone was a bit crap and really slow. I thought I would be in by the end of Jan at the latest. My rent is really low, and I had a very established customer base - that is a lot of rent to pay, and don't forget all the bills on top! Let us know how it goes. Good luck x

 

[Nateice]

I know, it is a lot but it is quite cheap for London unfortunately.

Thanks again!