full insuring and repairing lease
- Thread starter OXO GIRL
- Start date
You need a schedule of condition drawn up by a qualified surveyor.
Are you getting proper professional advice on this? Don't balk at the fees. They will be a drop in the ocean compared to the mess you could find yourself in if you sign an unfair lease. There is no redress.
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The world of commercial leases has been likened to swimming in shark infested waters.
Without protection you likely will get bitten.
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Have you ever wondered why the Property Agents never get eaten by the sharks? - Professional Etiquette!
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Big alarm bell ringing on you various posts.
Plus side - you are actually asking questions rather than guessing.
Negative side - you are entering into a premise-based business without experience or capital. How much research have you done on the actual cost of setting this up fully? If you are doing any kind of premise refurb I can say with 99.99% certainty that you will go over time & over budget. (if you don't you can earn good money advising others!)
As others have said, don't cut corners on good quality advice - this is the Wild West!
Plus side - you are actually asking questions rather than guessing.
Negative side - you are entering into a premise-based business without experience or capital. How much research have you done on the actual cost of setting this up fully? If you are doing any kind of premise refurb I can say with 99.99% certainty that you will go over time & over budget. (if you don't you can earn good money advising others!)
As others have said, don't cut corners on good quality advice - this is the Wild West!
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C
ComPropSolicitor
A way/the easiest way to protect yourself is to ensure (1) that the Property is in a good state of repair and condition before you take occupation but, (2) also to fully document its condition before the Lease is signed and completed - that's known as a schedule of condition.
If you don't have one of these then technically speaking you are likely to be required to put the Property back into a state of good repair and condition. This is important because if it is not in a good state of repair and condition before the Lease then you can be required to spend thousands on bringing it up to scratch - this is why getting a solicitor is important.
if you have the schedule and its worded correctly then you will only be on the hook (so to speak) to the condition of the photographs.
If you don't have one of these then technically speaking you are likely to be required to put the Property back into a state of good repair and condition. This is important because if it is not in a good state of repair and condition before the Lease then you can be required to spend thousands on bringing it up to scratch - this is why getting a solicitor is important.
if you have the schedule and its worded correctly then you will only be on the hook (so to speak) to the condition of the photographs.
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