A business lease is a commercial agreement between a landlord and a tenant, that gives the tenant the right to use a property for a business purpose, over a specified period of time, for a defined sum of money. The legally binding contract contains clauses and provisions defining rights and obligations of the tenant and landlord. These can sometimes be biased in favour of the landlord and therefore need to be carefully scrutinised by a specialist solicitor.
The ‘Heads of Terms’ is a document initially produced to specify the basis of the agreement. This will include details of the landlord, the tenant, the property, the lease and the price. Once this has been accepted and approved by both parties the process can move on to the next stage.
The “Contract’ is the legal document that defines the particulars of the agreement, details of which include:
The ‘Transfer’ is required to certify the registration. This involves the completion of the relevant deed document (e.g. a TR1 or TP1 determined by whether the transaction concerns whole or part of the property). An OS1 search is required to determine any third party interests, and an SDLT1 needs to be sent to HRMC to pay the stamp duty. Once this has been effected, an AP1 form can be sent to the land registry.
We are able to draft a new business lease or review an existing one, for a fixed fee, starting from £250.