Whether you are starting out in business for the first time or expanding an existing business from a home office, finding your first business premises can be very daunting.
The estate agent will help you find the perfect location for your business but it is your solicitor who will help you negotiate a suitable lease at the best possible cost.
Jeremy Blatherwick, a director in a partner company at Tallents in Newark says,
When you’re starting out and money is tight, it can be all too tempting to keep costs down by negotiating a lease of premises yourself but if you do you could be committing your business to crippling financial liabilities.
Whereas you are negotiating for the first time, your solicitor will have negotiated hundreds of leases and be aware of potential pitfalls that can catch out the unwary.
Leasing agreements vary greatly and the paperwork can be very complex. At this point potential tenants need to consider whether they want to commit to long term liabilities in exchange for lower rents or take on a short term lease in a serviced facility, which may offer more flexibility but less security.
It will always be more expensive to try and unravel a badly negotiated lease. When you’re just starting out in business you don’t want to be hit by unexpected repair obligations or service charges running into thousands of pounds. Or find out that your lease makes you liable for the cost of expensive alterations required by new legislation.
At Tallents we’ve been negotiating businesses leases on behalf of clients for many years and we understand that new businesses need to keep costs down when they are starting out. A business lease negotiated by our experienced lawyers could make the difference between your business success and failure.