At P.A. Duffy & Co. Solicitors, we can offer our services of lease transactions for both landlords and tenants in Northern Ireland. We understand that leasing of commercial property can be stressful and present many challenges. We can help reduce this stress by offering our specialised legal advice.
What are leases of commercial property?
A commercial lease is a legally binding contract which is formed between a business tenant (lessee) and a landlord (lessor) subject to a set of terms agreed. Often these are initially agreed as what is commonly known as ‘Heads of Terms’ and those ‘Heads’ are later incorporated into the lease. The ‘Heads of Terms’ are important as they determine matters such as the rent payable, the usage allowed, the term of the lease, rent review and rights granted to the Tenant or rights reserved by the Landlord over the Property.
The leasing of Commercial Property is also governed by a piece of legislation known as the Business Tenancies (NI) Order 1996 – it is essential that this legislation is considered and advised upon when entering into a commercial lease.
Most Common Commercial Lease Agreements include:
Pubs & Restaurants
What happens If I want to terminate my lease early?
Terminating a commercial property lease early in Northern Ireland can be complex and may involve certain consequences, such as potential financial penalties. The specific steps and consequences may vary depending on the terms of your lease agreement and the negotiation with the landlord. In the event you terminate your commercial property lease early, you can expect:
Financial Penalties: Be prepared for potential financial penalties. Depending on your lease terms, you may be required to pay the remaining rent for the lease term or specific penalties outlined in the lease agreement.
Repairs and Dilapidations: Check the lease for obligations related to repairs and dilapidations. You may need to restore the property to its original condition or address any outstanding maintenance issues.
Can I sublease my commercial space to another tenant?
Yes, in Northern Ireland, you can generally sublease your commercial property to another tenant, provided that your original lease agreement allows for subleasing, or you obtain the landlord's consent to do so. It's crucial to review the terms of your lease and, if necessary, seek written approval from your landlord before proceeding with a sublease.
Additionally, it's advisable to draft a comprehensive sublease agreement that outlines the terms, rent, and responsibilities of the subtenant, and to consult with a solicitor experienced in commercial property law to ensure that the sublease arrangement complies with all legal regulations and protects your interests.
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