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Are you thinking of taking on a commercial lease?

Maybe you have an existing business and are looking for new premises due to your business expanding or evolving. Alternatively you maybe a micro business looking for a commercial premises to start operating from. 

Whatever your reason Attwells will help you navigate the commercial leases process and ensure you do not fall into any possible pitfalls. We pride ourselves on offering our clients jargon-free legal services and transparent pricing

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Renting Commercial Premises 

This is an exciting and daunting time, renting commercial premises for the first time can feel like a huge step. Most business owners feel the same way due to the financial commitment renting a commercial premises can entail. This often is compounded by legal jargon; contract clauses and regulations featured in most leases. Therefore, we always recommend you seek business legal advice prior to signing any commercial lease arrangement.

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What to consider before leasing a commercial premises?

Room to Grow?

When thinking about taking on a commercial lease you should consider if the premises allows your business enough room to grow. Reviewing or having a three or five year business plan will help you consider possible requirements. Your solicitors will be able to help you factor these into any agreement. 

Longevity

Typically, commercial leases are five or more years. Therefore, you need to plan for all possible outcomes. Being able to sub rent the commercial premises for example to another business would give you the option to move or close prior to your lease expiring. Equally you may wish to consider a payment holiday clause or break clauses that can limit your financial commitment.  

User Clause

Depending on your business type or the sector your business operates in you may require some flexibility in the services you can offer. For example, during covid-19 a lot of pubs and restaurants have offered a takeaway or collection service. A user clause could prevent you from diversifying your business. Consequently we would recommend you discuss your future plans and any contingency plans you have with your solicitor. A good property law expert will be able to draft a contract that provides you with the flexibility required. 

How can Attwells help?

We offer two services: A full commercial lease review would be recommended for SME’s or large enterprises. Whereas our summary commercial lease would benefit small shop owners or those just starting out.

Below we have a breakdown of our services. This includes the cost and what is and isn’t included. If you have any questions or would like to instruct Attwells please click the button to arrange a call back.

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Full Commercial Lease Legal Service

How much will it cost?

  • Up to £50,000 per annum Annual Rent - £1279 plus VAT.
  • Above £50,000 per annum Annual Rent – Price upon application

In addition to the fixed fee above the following fees may also be payable:

  • Payable in all cases - Bank Transfer Fee (per transfer) - £40 plus VAT
  • Payable in all cases - Electronic Identification Fee (per person) - £10 plus VAT
  • Payable if SDLT is due - SDLT Form Fee - £75 plus VAT
  • Payable if requested - Search Fees - £300 plus VAT

What is included?

  • Ensuring the Landlord’s Solicitors have drafted the Lease in accordance with the Heads of Terms.
  • Negotiation of the terms of the Lease with the Landlord’s Solicitors
  • Review of Title, Searches and Landlord responses to CPSE enquiries
  • Report to you on the terms of the Lease
  • Completion of the Lease
  • Payment of SDLT (if any) on the Lease
  • Registration of the Lease (if applicable) at HM Land Registry

What is excluded?

  • Legal advice outside the scope of the service described above
  • It does not include a Rent Deposit Deed - £500 plus VAT
  • It does not include a Licence for Alteration - £749 plus VAT
  • It does not include any superior landlord’s consent if the lease is an underlease
  • It does not include an Agreement for Lease where the legal fees start from £950 plus VAT
  • It does not include the costs of buying a business too.

    Please click here for more information on legal fees for buying a business.

Disbursements

  • Land Registry Fees £40 if length of lease is more than 7 years
  • Final Searches £20 if length of the lease is more than 7 years

SDLT may also be due and you can calculate your liability If VAT is payable on the premises then SDLT is payable on the Annual Rent + VAT.

Who will do my work?

Your matter will be undertaken by one of our Commercial Property Solicitors: Nick AttwellMatthew DesboroughJoseph Harrison, Phillip Hewett or our Trainee Solicitors under the supervision of Nick Attwell.

How long will it take?

Timescales vary and on average it will take 4-6 weeks but it depends upon a number of factors outside of our control. We will endeavour to complete the matter as quickly as possible within your timescales.

When will I pay?

You will need to pay 50% of the fixed fee on account together with any search fees if requested. The balance of fees and disbursements will be due on completion.

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Summary Commercial Lease Review Service

How much will it cost?

Fixed Fee- £549 plus VAT*

*If following our Summary Commercial Lease Review Service you decide that you would like us to look after your matter fully, we can offer you a 10% discount on our Full Service Fees. 

What is included?

  • Receiving a copy of the Lease and Plan and reviewing these
  • Providing a summary report highlighting the following points:
    • The Rent, Rent payment dates and any additional payments required under the Lease 
    • Whether any Service Charges are due under the Lease
    • Review of the Rent
    • Does the Lease have the right to renew at the end of the term
    • The position on VAT in the Lease
    • The authorised use of the Property under the Lease
    • How the Lease can be transferred or disposed of during the term
    • Termination provisions of the Lease and the Landlord’s right to re-enter
    • An analysis of the Plan and whether the proposed plan is acceptable. 
    • Any unusual provisions contained within the Lease. 

What is excluded?

  • Detailed Tax advice on all taxes but specifically Stamp Duty Land Tax (SDLT), Inheritance Tax (IHT) or Capital Gains Tax (CGT)
  • Resolving any issues arising from the Lease
  • Reviewing any Land Registry Title documents, Searches or CPSE responses received from the Landlord
  • Raising any additional enquiries with the Landlord’s solicitor 
  • Breach of contract claims
  • Planning advice
  • Dealing with any finance requirements
  • Any calculation of SDLT
  • Review of any ancillary documents including Rent Deposit Deed, Licence for Works or Agreement for Lease. Any review of these documents that you require will be subject to the following additional charges.
    • Review of Rent Deposit Deed- £100 plus VAT
    • Review of Licence to Alter- £249 plus VAT
    • Review of Agreement for Lease- £549 plus VAT

Services not included in the list above (for a non-exhaustive list please see the Additional Services leaflet enclosed)

Who will do my work?

Your matter will be undertaken by one of our Commercial Property Solicitors: Nick AttwellMatthew DesboroughJoseph Harrison, Phillip Hewett or our Trainee Solicitors under the supervision of Nick Attwell.

How long will it take?

We will aim to have the Summary Commercial Lease Review report to you within 72 hours of receipt of:

  • Payment on Account and confirmation of full instruction
  • A copy of any agreed Heads of Terms
  • A copy of the proposed Lease
  • A copy of the proposed Plan 
  • Any supplemental documents (subject to the additional fees)

When will I pay?

You will need to pay 100% of the fixed fee on account

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