You have contemplated to gear up or build your own office and are now thinking of taking offices to lease of some office space, then take a minute of time to contemplate the four pieces of help below:

1 – Tenants Details – Allow the name of the new tenant (making true you give the proper legal entity following: sole trader name, limited establishment name, names of all partners) and the dwelling; if it is a office then also give the establishment No. and registered office dwelling. Also provide any trading name if this should differ.

2 – Your referees details – You will need to provide names, addresses and tel numbers – you will generally to give references from any present landlord, your solicitors, your accountants, a principal supplier and your bank. If it is a new establishment then you may have to acquire personal and bank references for each person and if a new establishment, then for each personal guarantor as the establishment will not have a history.

3 – The rent – Propose an give for the rent you are willing to pay. This is often talkable so do consider making a smaller offer. Be knowledgeable that rents can be subject to Tax relying on whether the landlord has opted to tax or not and although this makes no difference to the amount you pay because you can redeem it, you will have to have enough cash-flow to pay the Tax before you can redeem it but your accountant who can notify you further on this point.

4 – The length of the lease – Once more this is generally talkable. Depending on the area in which you function, leases tends to be in multiples of 3 or 5 yrs. Duration of 3, 5, 6, 10 and 15 yrs are quite commonplace. In general the smaller and economical the shop the more probable that the landlord will consent to a smaller lease phase and the same is correct of under-performing areas where there is a significant turnover of tenants (an area to avoid!).

Landlords are inclined to like extended terms rather than scant but if you are nervous about taking on a long lease, deliberate considering a tenants only break alternative, say at the close of year 3 and maybe also further on in the term. Work out how long you can hold out for fiscally if things go horribly wrong and recommend a break at that point.

Unhappily many shops seem to collapse, so it is a must that you work out your exit procedure in advance. It is so much agreeable to have a clean break from the lease after which your liability will end rather than to try to find someone to take an duty to sub-lease from you as you will remain held to account for the completion of any assignees commitments and for the lease especially if you have a sub-tenant.