What are the solicitors fees for taking out a lease as a Landlord?
There are many different types of commercial leases and in order to provide a fee it is useful to know the following information:
– What is the proposed tenant using the property for;
– How long a term you is the tenant thinking of taking the lease on for;
– What the rent is;
– Are there any rent reviews;
– Is the lease to be excluded from the Landlord and Tenant Act 1954 part II;
– Are you permitted to freely assign and/or underlet the property;
– Are you being asked by the Landlord to provide a rent deposit;
– Are you going to create any alterations to the property;
– Is the landlord carrying out any works for you prior to you committing to the lease;
– Are you looking to enter into an agreement for lease conditional on you obtaining a change of use for planning purposes;
The above information will help us to give you an accurate fee quote. Generally the information which we have requested above will be contained in the heads of terms which are generally issued by the commercial agent. If you send these to us, we can quickly provide an accurate quote for acting/
We need to know the above information so we know how many documents we will be expected to draft. It is important to use a solicitor who commonly acts for Landlord, and knows the Landlord’s amendments to make to the documentation. Here at PLS Solicitors, we have a variety of solicitors. Some commonly act for the Tenant’s whereas others commonly act for the Landlords.
It is important to appreciate that money spent at the outset to get the lease right could potentially earn you money in the future should you chose to dispose of the property.
If you intend on disposing of the property with the benefit of the lease, then investors will scrutinise the terms of the lease, to ensure that their investment is a good one. Investors will pay particular attention to:
– The location of the property;
– Who the tenant is;
– How long the tenant has occupied the property;
– Have their been any landlord and tenant disputes;
– Is there a rent deposit deed;
– Are there any personal guarantees if the Tenant is a company;
– How freely can the tenant assign or underlet the property;
It is therefore, really important to ensure, that the solicitor who drafts the lease, provides you with good commercial advice on the proposed heads of terms and also uses a good commercial precedent to draft the lease with. At PLS Solicitors, our solicitors who commonly act for Landlords, have all acted for many institutional landlords and therefore fully understand the process and which precedent leases to use.
Please feel free to contact our team of solicitors who act for landlord on email@example.com or 0844 8111 410, and we will be more than happy to provide you with a fee quote for acting.
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