Leasehold Extension Solicitors –Helping You Own Property
Do you not have the capital to have your set up and start a business? Entering into a commercial lease might be the best option you have. A commercial lease lawyer can make things easier for you and pave your path.
What is a commercial lease?
It is a legal document drafted by a commercial lease lawyer. It highlights the responsibilities and rights of the commercial landlord and the person who is willing to rent the place. It is a legal document that allows tenants to rent commercial premises and abide by some rules.
The contract usually has the following features put in written form by the commercial lease lawyer
1) It defines the duration of the lease
2) It states the rental amount
3) After what time is the rent to be paid
4) What should be expected from the tenant
5) The dos and don’ts stated by the landlord
6) Any additional terms and conditions that might apply.
A commercial lease lawyer will help set terms and conditions so that it is easy for both parties to stick to the rules.
After opting for a commercial lease, some people want to extend that lease on the property. For that, a commercial lease lawyer needs to step in and take charge of legal matters.
Lease Extension Solicitors And Their Duties
An extension in the lease might prove to be quite beneficial for the tenant. It can help you with selling a leasehold property that is nearing the endpoint of its lease. A commercial lease lawyer can also help with getting rid of some ground rent billings.
A commercial lease lawyer can provide his services by guiding whether to extend the lease voluntarily or statutorily. They can also help you understand legal expenditure.
If the landlord does not agree to an extension of the lease, a commercial lease lawyer can take matters to court and file a tribunal application. This can help an individual settle at a reasonable rate with the landlord.
Lease Hold Extension Solicitors Helping with Time Duration
If there is a small price left on the lease, an extension can help sell the property and elevate an individual’s investment value. A commercial lease lawyer may advise an extension if a client wants to own the property.
However, a commercial lease lawyer might demand some additional payment to modify the terms and conditions of the initial contract that was signed.
Statutory vs Voluntary Extension
A commercial lease lawyer will always advise their clients to go for a voluntary lease extension. This involves the tenant and the landlord agreeing to the terms of a new lease contract. This process is quicker as compared to a statutory lease extension. However, one can face particular difficulties.
Suppose your landlord is bent on charging you some unmentioned costs or is trying to slow down the whole process. A commercial lease lawyer can help you with such legal complications.
Lease Extension Solicitors – Choosing Best Options For You
You have a statutory right of prolonging a lease if you have owned a leasehold flat for about two years or longer. The commercial lease lawyer can exploit this right if a voluntary lease extension or any other set of the condition is not feasible.
A specific amount needs to be offered to the landlord as an initial payment for extending the lease in a statutory lease extension. This is sent in the form of a formal notice by the commercial lease lawyer. The landlord will now have two months to respond to it or to suggest some counter offer.
A Short Summary
Commercial lease lawyers can offer guidance in selecting the best lease option and help you walk through the process from the very beginning till the end of it.