What's happening?
A commercial lease sets out the rights and obligations of the landlord and tenant, including rent, outgoings, term length and options to renew. These terms are generally negotiated between the parties and can vary considerably depending on the type of premises and the bargaining position of each side.
What could it mean for me?
- Outgoings clauses can significantly affect the tenant's overall costs
- Make-good obligations at the end of the lease can be costly if unclear
- Options to renew need to be exercised correctly and within time
- Personal guarantees may expose individuals behind a tenant company
What are my options?
- Have the lease reviewed before signing, whether you are landlord or tenant
- Negotiate outgoings, make-good and renewal terms
- Consider whether a personal guarantee is appropriate or can be limited
What happens next?
- Provide the draft lease for review
- We identify key terms and any concerns
- Negotiate proposed changes with the other party
- Finalise and execute the lease
How can MGE Lawyers help?
We act for both landlords and tenants preparing or reviewing commercial leases, aiming to make sure the terms reflect what has actually been agreed.