What are the solicitors fees for taking out a lease as a tenant?
There are many different types of commercial leases and in order to provide a fee it is useful to know the following information:
– What you are using the property for;
– How long a term you are 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. You will also need to note that Stamp Duty Land Tax applies to leases over a certain threshold and also depending on the length of the term of the lease, you may want to carry out full commercial searches, for example, to check that the property beenfits from the proposed use you believe it does. We always advise our clients to commission these searches, as the last thing you want to do, is to sign up to a lease and then to realise that the property does not benefit from the use you thought it did, so in essence you cannot use it, however you are contractually liable to pay the rent throughout the length of the lease, unless you can agree to surrender the lease early or assign or underlet it.
We need to know the above information so we know how many documents we will be expected to review and amend. It is important to use a solicitor who commonly acts for Tenants, and knows the Tenant’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 will save you money at the end whereby the landlord may attempt to sue you for dilapidations at the end of the contractual term of the lease, or may attempt to unlawfully prevent an assignment.
Please feel free to contact our team of solicitors who act for tenants 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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