mooty started this topic @ 09:52 on 01/10/2006
Hi All,
I hope you wont mind me asking a couple of questions regarding the rental of retail premises - Bit green in this area!
With regards to retail premises itself, how does the payment usually work, quarterly in advance, monthly? I assume its up to the landlord, but an idea would be good. Is a deposit necessary to be held throughout the lease?
Also, what sort of lease length is normal? Is there a minimum/maximum usually? Again this could be down to negotiation, so might be jumping the gun a bit!
Could you give me a rough estimate on what is likely to be needed for legal costs in general?
Any help/advice would be very welcome! Many Thanks.
Steve
RE: Leasing Retail space
bhimalhira-associates | 08/10/2006 08:02 PM
The questions you have asked normally depend on the landlord and if he is leasing the property privatly (i.e. by himself) or via an estate agent.
Rent is normally paid upfront- it can range from monthly to quarterly.
Deposit is normally 3 months rent.
So before the landlord will hand over the keys you will need 3months rent + 3months rent (deposit). The deposit will normally be paid back at the end of the lease once everything is checked and you have kept up to date with the rent.
The lenght of lease is negotiable, but the landlord will normally look for as long as possible. If there are several people fighting over one lease, the landlord will go for the best offer, the rent value is sometimes increased along with a longer term.
Hope this helps.
------------------------
Regards,
BHIMAL HIRA & ASSOCIATES
Business and Management Consultants
Web: http://www.bhimalhira-associates.co.uk Email: info@bhimalhira-associates.co.uk
