Residential Property Leasing

Residential Property Leasing

We deal with multiple types of Leases on a regular basis, including:

  • Shops
  • Cafes
  • Restaurants
  • Tattoo Parlours
  • Pubs
  • Industrial Units.

We can advise on all aspects of commercial leasing including drafting a new Lease, dealing with an Assignation of Lease, Sub-Leasing and Renunciation of Lease We can act for Landlords or Tenants. When taking out a Lease on a commercial property it is important to seek independent legal advice as Leases can often be complex.

For your Commercial Property Leasing we can :

  • Negotiate terms to suit your needs such as rental figure, term of the lease, the potential of a break clause, etc
  • Deal with the contract (missives)
  • Send you a detailed report on the lease terms using everyday language
  • Check Title Deeds
  • Complete due diligence to protect your position (this will include seeking various reports such as Asbestos Report, Energy Performance Certificate, Property Enquiry Certificate etc)
  • Complete your LBTT Return to Revenue Scotland (Land & Buildings Transaction Tax)
  • Advise on Rent Deposit Agreement
  • Advise on Guarantee
  • Assist with Licence

A Brief Guide to Shop Leases

If you want to run a café or a shop the premises will normally be subject to a lease. So you take over from the current tenant and become the new tenant. This means that you take over the lease, as opposed to having a new lease prepared. All the parties – the landlord, old tenant & new tenant will sign an Assignation of Lease.

Some key points to address about an assignation of lease;

  • Check the terms of the lease, including the period of the lease outstanding, the rent payable, rent review, property maintenance & insurance obligations
  • The landlord will need to approve the references for the new tenant and the landlord’s legal fees will be payable by the tenants (often more than you would expect)
  • The landlord will probably request a tenants deposit of around 3 months rent
  • Check if VAT is payable on the rent and the business rates for the premises
  • If you are buying the business draw up an inventory of business items included in the price.