GlitterTreats8614
Well-Known Member
Hi ,
I am looking at taking on lease for a salon and just wanted to check whether the terms so far seem normal. I am going to contact a solicitor as well but thought I'd see if anyone on here had any advice when looking at taking on a lease.
10 year lease with option to break by both parties at 5 years.
Annual lease cost at £xxxx for the first 18 months. (as existing).
First rent review at 18months with an increase of 10% subsequent reviews every 3 years thereafter.
Deposit payment of £2000 to be made prior to taking entry to the premises. Held over to completion.
Rent to be payed upfront on a monthly basis. Date to be agreed.
Each party to pay their own legal costs.
My main questions are:
- Have most people signed into minimum 5 years or if not, what have you signed into?
- after the 5 years there could be a rent review and I'm stuck in a lease for that time but the rent could go up to who knows what. Is that the way leases generally work.
Going to start trying to do some research but not 100% sure where to look first!
Thanks x
I am looking at taking on lease for a salon and just wanted to check whether the terms so far seem normal. I am going to contact a solicitor as well but thought I'd see if anyone on here had any advice when looking at taking on a lease.
10 year lease with option to break by both parties at 5 years.
Annual lease cost at £xxxx for the first 18 months. (as existing).
First rent review at 18months with an increase of 10% subsequent reviews every 3 years thereafter.
Deposit payment of £2000 to be made prior to taking entry to the premises. Held over to completion.
Rent to be payed upfront on a monthly basis. Date to be agreed.
Each party to pay their own legal costs.
My main questions are:
- Have most people signed into minimum 5 years or if not, what have you signed into?
- after the 5 years there could be a rent review and I'm stuck in a lease for that time but the rent could go up to who knows what. Is that the way leases generally work.
Going to start trying to do some research but not 100% sure where to look first!
Thanks x