Posted: Wednesday, 26 October 2011 @ 13:09
Approaching your landlord to renegotiate your lease can be a daunting prospect, especially if you’re a small business owner and the landlord is a large institution. Making sure you are fully informed before you start the process is certainly worthwhile – although in my view there’s no better approach than asking an expert to negotiate on your behalf.
I’m often asked by small business owners how they can renegotiate the terms of their commercial lease, especially those who feel their rent is too high, or out of step with current market conditions. For many small and medium sized firms their premises costs can be their most significant regular monthly out-going, so if they can make a saving it can have a significant impact on their bottom line profits.
Some of my most common tips, things like ‘Don’t sign!’ or ‘Consider breaking the terms of the lease’, leave some business owners confounded but with a bit of explanation they realise the importance of taking advice up front, before entering into a commercial lease, and the importance of paying for expert advice when it comes to trying to renegotiate.
I’m perfectly willing to share my Top 10 tips for renegotiating a commercial lease
, and have down so in a Special Report
on our website but there’s no substitute for good legal advice at the right time.
Steve Petty Commercial Property Solicitor
Tel: 01926 629 005
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