Commercial Property News

Senior Partner Richard Hegarty

Commercial Property Partner Richard Hegarty says businesses might be tempted to try and handle negotiating the lease themselves, but it is their lack of experience that makes them more vulnerable, and they need to realise the importance of using experienced property lawyers.

Richard explained, “The new code is not compulsory but is regarded more as a basis for negotiation rather than a blueprint for a lease.”

“The code is still quite complicated, and businesses should take into consideration the time they want to spend trying to understand the lease, and what happens when something goes wrong at a later stage."

He continued, “When people are starting up we know that every penny counts, and they might think they will save money handling the lease themselves. A commercial property lawyer is really like an insurance policy. We are highly experienced at negotiating leases and can often obtain a better deal than they could themselves. The savings they could make can dwarf the legal costs involved, and they have peace of mind knowing they are fully aware of their rights and commitments in the lease.”

The new code suggests that landlords may not want to tie tenants in for lengthy periods. Richard says that when a company is unsure of its future, perhaps because it is new or in an unstable market it can make sense to have a shorter lease period. However, many other businesses prefer to have the security of knowing they will not be looking for other premises or incurring moving costs in the near future.

“When you are busy running a business the last thing you want to contend with is the pressure of having to find new premises. The length of a lease is very important, and a commercial property lawyer would be able you help you make a decision to suit you and your business,” commented Richard.

Details of the new code can be seen at www.leasingbusinesspremises.co.uk

Richard Hegarty can be contacted on 01733 295600
or email: richard.hegarty@hegarty.co.uk