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’ and ultimately the terms of the lease that follow 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
- Retail Units/Shops
- Pubs & Restaurants
Do I need a solicitor whilst Drafting Commercial Leases?
At P.A. Duffy Solicitors our expert solicitors understand the significant financial commitment attached to commercial leases therefore it is important to undertake the correct legal procedures when drafting a commercial lease. By seeking expert legal advice, both parties can be rest assured that they are receiving a fair settlement.
Our solicitors can also execute tailor-made solutions to leases for various clients. Once you have made your enquiry to P.A. Duffy, our specialised Commercial Leasing solicitors will reach out to you, to provide their expert advice. We will tailor our services to you, whether you are a landlord or tenant, we will evaluate your case and discuss your requirements to ensure that you achieve the best legal outcome for yourself and your business.
Who pays the legal fees for a commercial lease?
If you are the tenant in the lease agreement, then you are entitled to pay your own legal costs. In the case of a lease with a lease period of more than three years, must be registered to protect the interests of the tenant.
How long does it take to negotiate a commercial lease?
The time frame to negotiate a commercial lease varies, as each case is individual. Some cases could take as little as a day whereas others could last a year or longer. Usually, the length of a commercial lease negotiation is between three to nine months. Often, the reason for delay is if both parties are not conforming to the negotiation therefore stopping the negotiation from progressing.
How we can help
At P.A. Duffy Solicitors, we can offer our services of lease transactions for both landlords and tenants. 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. Simply, complete our online enquiry form and we will be sure to get back to you.