As a landlord you have to ensure your commercial premises are both fit for purpose and the intended use of the premises meets with local planning regulations. You should also ensure the rental value you wish to impose is set in line with any local demand and other property rates.
As a tenant it is important to agree upfront with the landlord how much the annual rent will be and when you will have to pay this and with most commercial business leases granted for 5 years it may also be worth requesting that a ‘break clause’ is included. In case you need to expand further within that timeframe and move premises again this will allow the contract to cease. Finally, remember to ask whether VAT will be charged on top of the rent. With VAT set at 20%, it is important to note this will increase your costs significantly if you are not VAT registered.
For any further advice on business premises leases or business premises leases in Essex contact Hook and partners today for professional advice.