If you are a landlord or a tenant, commercial or retail, Shire Legal can assist you with leases and licences. It is important that you seek legal advice from a solicitor before entering a lease, as it has the potential of becoming a negative impact on your business’ cash flow at a later stage.
Shire Legal can assist you with:
- Drafting and reviewing retail and commercial leases
- Negotiation for the terms of the lease (including rent, transfer options, duration, exit and renewal options)
- Subletting of premises
When should I see a lawyer?
You should see a lawyer before you sign anything, including the negotiated “terms of lease” or “agreement to lease”. Such a document may be considered to be legally binding, therefore it is crucial that you have a lawyer review the document before it is signed, to ensure that the document accords with whatever agreement you have negotiated with the other party.
Does the lease need to be registered?
It is a legal requirement that leases for a term over three years must be registered on the title of the property. Leases for a term less than three years do not need to be registered, but can be.
Renewal of the lease
Leases typically are for a fixed initial term of, say, 3 or 5 years, with an “option to renew” period of a further 3 or 5 year period. If you as a tenant wish to stay on at the property and renew the lease, then it is imperative that you give formal notification to the landlord between the renewal dates provided in your lease. If you give notice too early, or too late, the landlord does not have to accept your request. In recent years, the Courts have dealt with numerous cases where the tenant did not effectively exercise the option by using the wrong type of wording in the notice, being out of time etc. Shire Legal can assist you with the renewal of your lease to ensure that it is done in accordance with the terms of the lease and leasing law.
You can read our blogs about leases here.
Understand your lease agreement, before signing.