Are you looking to start your own locksmith business, or expand your already existing locksmith business? If so, it is essential that you ensure you have reviewed all the legal considerations of entering into a commercial lease. A commercial lease provides stability and surety to your locksmith business, and will allow your business to grow and prosper, while avoiding potential disasters associated with incomplete commercial lease agreements.
How can I ensure my commercial lease is secure?
As a locksmith, the last thing you want to do is set up your business in one premises, only to find that upon the completion of your commercial lease, you have to look for a new location for your business. This situation is a worst case scenario, however, there are many commercial land owners out there who are less than reasonable in this regard. Consequently, it is crucial that you ensure that the term of your lease is set in stone, that the rent payable is clear, and that you have the option to renew your commercial lease for your locksmith business.
Term of the lease
As a business owner, the first part of the commercial lease that you should ensure is set in stone, is the term of the lease. This can vary, and is very much dependent upon your attitude as the business owner, and how you negotiate with the owner of the commercial property. Therefore, there is no set time frame that is required to finalise the process. Bear in mind that if the lease is too short, you may not have sufficient time to establish your business before having to decide on your option to renew the lease. Otherwise, if the lease is too long, you may be liable for years of rent in the event that your business is unsuccessful. Once you have decided upon the term that is best for you, you should ensure that all the dates are absolutely correct before signing the contract.
Rent and rent review
Once you know how long the lease will last, you must then determine what amount of rent you are willing to pay. This is generally a simple aspect of the lease, as you either agree with the price set by the owner or you do not. However, in many commercial leases, there are clauses that provide for rent review. This means that the owner of the property will be able to adjust the rent you pay according to certain factors. As a business owner, this can prove to be a confusing and daunting aspect of commercial leases, as rent revue is generally in conjunction with an option to renew. However, if there is a rent review clause in your commercial lease, you should ensure that you believe it is fair and reasonable before continuing with the process.
A commercial lease is a complicated beast, with many facets that can leave the uninitiated reeling with the sheer scale of legal issues to consider. It is always advisable to seek legal guidance before signing a commercial lease. After all, this is your business, your life and your pride and joy that you are dealing with. To leave your locksmith business in the hands of the owner of a commercial property or their solicitor would not be advisable. You need not place your business in the hands of your solicitor either. In deciding the term of the lease, the amount of rent and when you want the option to renew the lease yourself, you can effectively take control of the process. This will provide you with the confidence that you are signing a commercial lease of your making, with the legal expertise to ensure nothing has been missed. By clicking here, you will be able to see how a commercial lawyer can help you with creating your own commercial lease.
If you have any other questions relating to the legal considerations of a commercial lease for your locksmith business, feel free to call Legal-Vision for a fixed-fee quote.