Lease agreements
One of the critical issues involved in both business start-up and growth is finance. In many cases businesses are not in a position to purchase a premises and therefore opt for a lease, to allow them more flexibility.
It is crucial for business owners to have a written lease agreement in place to guarantee the security of tenure for the period of the lease. A lease is an agreement between the landlord and the tenant that clearly set out the rights and obligations of both parties.
In broad terms the tenant will be allowed to occupy the premises in accordance with the terms of the contract, free from any interference by the landlord provided that the rent is paid. The tenant also has the protection of legislation.
We have devised the following checklist of items that clients should consider before consulting with us.
- What length of Lease do I require?
- The exact area should be defined.
- Do I have access to all services such as water, electricity, and telephone?
- Is the rent subject to VAT?
- Insurance. What level of public liability and contents insurance do I need?
- Can I negotiate a break clause allowing terminating the lease after a certain fixed period e.g. six months?
- Is there a rent review clause?
- How much are the rates on the premises?
- Does the premises have planning permission for the activity I intend carrying on?
You may wish to terminate your Lease prior to the completion of the term. Our team can also advise you on the appropriate steps to take if your business does not work out or if you outgrow the space that you have leased.
Talk to Sean O’Riordan
T: 021 4279800 E:seanoriordan@fitzsols.com
Talk to Philip O’Leary
T: 021 4279800 E: philipoleary@fitzsols.com
