Residential Property Leasing
We deal with multiple types of Leases on a regular basis, including:
- Tattoo Parlours
- 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.