There are many occasions in life you might want to check some legalities or just good plain advice out with solicitors in Newark as an individual. The law can be so complicated that the layman just does not know their way around it or sometimes it’s just good to get some independent advice from an expert to make sure you have all the bases covered. One of these occasions could be if you are a landlord and have some commercial propert y to rent out.
Commercial properties can be very difficult to rent out at the moment with the financial climate being very cold, especially on the high street. Some good old fashioned advice may be what you need to get the ball rolling or perhaps a legal technicality might be causing you some concern.
If you have a commercial property that has been sitting on the books for a while looking for a tenant have you thought about an offer centered around an initial rent free period? A rent free period might just be the thing that a new business could be looking for to reduce their initial start up costs. Get a good business working in your premises and they could well be great clients for you for many years.
How long you want the rent period to be should be part of the contract with it being able to be terminated by either party with at least three months notice. This together with a contract term which maybe for a year or perhaps five needs to be checked on by solicitors Newark.
It’s certainly always wise to ask for references from the potential tenant and if it’s a brand new business with no track record, how about making sure that the tenant has a guarantor in place just in case things don’t work out exactly as they expected. The last thing you want is for the tenant to default on the rent after a few months and you are left with finding another tenant quickly or having a sitting tenant that you have to take to court because they have stopped paying the rent.
Since October 2008 you now need a EPC or an Energy Performance Certificate for all commercial properties that you rent out. A lot of landlords do not realise this extra expense they have even before they have secured a potential tenant.
When it comes to the upkeep of the property will you have it written in the contract by solicitors Newark that they are down to the tenant? This could cause a stumbling block for a new tenant, for no sooner than they have started trading they then have to find money to cover for a leak in the roof.
Perhaps a better solution would be for there to be a rolling service charge with the tenant paying a fixed proportion of any repairs thereafter. This would probably be a lot more attractive for a potenetial tenant.
The last thing to consider is if the landlords legal costs are part of the tenants negotiation. Normally a tenant would pay for them but in attracting a new prospect you might consider not charging or only a proportion of the charges from solicitors in Newark.