If you are a business owner looking to rent commercial property, you need to pay attention to the definition of premises in your legal fees for buying a commercial property agreement. The definition of premises is a clause that describes the exact nature, size, and boundaries of the property and fixtures, fittings, and car parks of the property that you are leasing.
The Definition Of Premises Is Important Because It Determines Your Rights And Obligations As A Tenant
- The rent is usually calculated based on the square footage of the premises, to make sure the measurement is accurate and consistent with the market value.
- To check whether the rent includes any additional costs, such as common area maintenance (CAM), utilities, insurance, and taxes, or you have to pay them separately.
- The maintenance and repairs, lease agreement by the commercial lease solicitor leeds should specify who is responsible for them.
- Generally, the landlord is responsible for the structural and external parts of the property, while the tenant is responsible for the internal and non-structural parts. However, this may vary depending on the type and condition of the property, and the terms of the lease.
- Inspect the premises before signing the lease and note any existing defects or damages in a condition report, also clarify whether you have to return the premises to its original condition at the end of the lease, or whether you can keep any improvements that you have made.
- The lease agreement should statethe type of business activity that you can conduct on the property to ensure permitted use matches your business needs and complies with the relevant laws and regulations.
- Check whether you have exclusive use of the premises, or whether you have to share it with other tenants or the landlord.
To Ensure That The Definition Of Premises Is Correct In Your Lease Agreement, You Should
- Read the lease agreement carefully understand all the terms and conditions and look for any inconsistencies, errors, or ambiguities in the description of the premises, and ask the landlord to clarify or amend them.
- Seek professional advice from a solicitor or a surveyor to help you review the lease agreement and advise you on your rights and obligations as a tenant and negotiate the best terms and conditions for your lease and protect your interests in case of a dispute.
- Communicate with the landlord regularly and keep them informed of any issues or changes that may affect the premises and pay your rent on time and comply with your lease obligations.
Conclusion
The definition of premises is a crucial clause in legal fees for buying a commercial property agreement, as it determines your rights and obligations as a tenant. You should read the lease carefully, seek a commercial lease solicitor leeds advice, and communicate with the landlord to ensure that the definition of premises is correct and fair.
