The topics that you will need to cover include:
- Checking with your legal advisers
- Who the lessee will be. Is it in your company’s name or in your own personal name in which case you will be personally liable?
- The term of the lease.
- Any break clauses which allow the lease to be ended before the end of the term.
- Full details of the property including other factors such as car parks or right of ways.
- Whether a guarantee will be required.
- The amount of rent that is payable and whether it includes outgoings or not.
- Outgoings and who will be responsible for those charges such as water, rates, gas, electricity, telephones etc.
- Whether there is any rent reviews and how the rent increases are calculated.
- What services, if any, will be provided by the landlord.
- Who is responsible for insurance of the building?
- Who is responsible for repairs and maintenance?
- The lease should state clearly what usage the premises can have. That is, what type of business can be operated there?
- Details of what fit outs or what alterations you can make to the premises.
- What happens if you make improvements? Will the landlord reimburse for that.
- Whether you are allowed to assign the lease.
- Whether you are able to sublet part of the premises if you want to.
- Whether the tenant has the right to repossess the premises if you fail to pay the rent.
- What happens if the tenant or the landlord fails to honour their obligations to repair and maintain the building? This will depend on whose obligation it is.
- Whether the landlord can bring action for distress, in which case the rent are in arrears and the bailiffs will seize goods and equipment to meet the costs involved.
- Whether the lease can be extended
- What are the obligations of the landlord
- Whether it is possible to ask for a premium when the lease is assigned to someone else.
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