As a business owner, you may be considering a commercial property lease to secure business premises for your company. This means you will occupy a property or part of it for specific business use in return for rental payments. As a potential commercial tenant, you should know what key terms to expect in a commercial lease agreement to ensure your lease agreement protects you and grants you the rights you may require to run your business. This article will outline the key terms that business tenants should understand in a lease agreement.<\/p>\n\n\n\n
A lease is a legally binding contract in the form of a lease agreement between a tenant and a landlord. <\/p>\n\n\n\n
What makes the occupation of property a lease rather than any other contract is that the tenant has sole possession of the property as their commercial premises. As such, they can prevent anyone else from entering, including the landlord, without good reason, and they have a legal estate. Legal estate means they enjoy some of the rights the landowner enjoys over the land.<\/p>\n\n\n\n
As a commercial tenant, the lease term details the time you commit to staying on the premises. When you consider the lease term at the start of your lease, you will need to consider factors such as:<\/p>\n\n\n\n
You should note that the length of your lease term will determine the amount of Stamp Duty Land Tax (SDLT) you will be liable to pay for your lease. Therefore, the longer your lease term, the more SDLT you will have to pay.<\/p>\n<\/div>\n\n\n\n\n\n Continue reading this article below the form\n <\/i>\n<\/a>\n