On leasehold commercial properties have a lease from the landlord (the person or company that owns the building). Most landlord are companies that own an entire street they will have no intention of ever running any business and are solely interested on the rent paid as a return on investment. They do not want an empty shop and in most cases will work with you to keep the premises trading.
Most leases are granted under the 1954 Landlord and Tenant Act or A Law Society Lease (2008). Both leases are very similar in both cases the lease is a full repairing and insuring lease which means:
The tenant is responsible for all repairs and upkeep of the premises.
The building is insured by the landlord but the tenant pays the premium.
Leases will have other terms e.g. rent is payable every 3 months in advance, you must decorate the premises every 4 years external and 8 years internal. Now under the acts it is also agreed that the landlord will only charge fair market rent. The tenant has right to renewal of the lease as long as the landlord does not want to redevelop the premises or require the premises for their own use.
t is always essential that you seek legal advice before entering into any contract, we have solicitors that can help you with the purchase / sale of any commercial unit.
We would desperately like a copy of a blank Law Society Lease to be displayed for customers, if you have a like we would love to hear from you