Commercial Property Lease
Our experienced team of solicitors at Watermans Legal can help you through the complex process of leasing a commercial property.
Commercial Property Leasing
With our extensive experience in letting retail, office, and industrial spaces, the experienced team at Watermans Legal are well placed to lead you through the complex process of leasing a commercial property. We work with landlords and tenants across the whole lifecycle of their commercial let, from transactional advice and valuations, to lease advisory and management.
Depending on your needs, this may require the drafting and creation of a new lease, sub-letting, or assigning an existing lease on a property to a new tenant, or arranging the renunciation of a lease at the end of the tenancy. The obligations and terms under leases may bind you as a landlord or tenant for a number of years. In order to avoid any pitfalls or unforeseen issues, it is vital to seek legal advice at an early stage, prior to entering into a contract.
Our trusted legal team have over 30 years of experience and extensive market knowledge. Having previously acted in lease transactions, ranging from shops and cafes, restaurants and pubs, to industrial units, we know what questions to ask, what pitfalls to be aware of, and how to negotiate the best possible terms on your behalf. With our expert due diligence at every stage of the process, we use everyday language, and detailed feedback to enable you to make informed and confident decisions.
Contact Watermans Legal today to find out more about commercial property leases.
Our Legal Service for Tenants
At Watermans Legal, we can act for you in taking on your commercial lease. We will also act for you at the end of your lease, advising you on crucial timings and dates for giving your landlord notice and serving this on your behalf. In addition, we provide legal advice on any obligations relating to your lease renunciation.
For lease assignation, where you are taking over the remaining term and obligations of an existing lease, it is also important to have due diligence and the right advice. With the landlord’s consent in place, we will prepare the necessary documentation, and liaise with all solicitors to ensure a seamless transfer of the lease.
At Watermans Legal, we like to make things easy for you. That is why our comprehensive advisory and conveyancing service includes:
- Negotiating terms, including rental figures, length of lease, and break clauses
- Reporting on the proposed lease in language you can understand
- Checking title deeds, including for any obligations and lease limitations
- Reviewing the insurance and VAT requirements
- Seeking the EPC, asbestos and fire safety report and property enquiry certificates
But that’s not all we offer. On top of that, our service also includes:
- Advising on rent deposits and personal guarantees requested
- Assisting with licencing (for example for alcohol sales)
- Dealing with the contract (missive) between you and the landlord
- Completing a Land and Buildings Transaction (LBTT) Return
- Registering your lease documents in the Books of Council and Session
Renunciation of Lease (ending a Lease)
If you wish to exit the lease then there are certain procedures you must follow. For example, there may be a break option within the lease which allows you to end the lease before the expiry date. The lease will state how this must be achieved. It is likely that you will be required to serve a notice to the landlord before a certain date to confirm your intention to exit the lease. We can draw up and serve the notice on your behalf. Failure to serve the notice correctly may result in the lease continuing beyond the break option date.
A Renunciation of Lease is a formal document signed by both parties to confirm that the lease is at an end. From the tenant’s point of view, a renunciation is an extremely important document as it frees the tenant from any further obligations within the lease.
Call our Commercial Property Team today on 0131 467 5566 or get in touch with us via our online enquiry form below.