The Impact of Coronavirus on commercial leases – what tenants need to know
With the current economic climate, tenants of commercial property may find themselves having to exit premises early. Whether due to the overall financial impact of Covid or the change in direction of operation, the result of businesses no longer requiring the need to occupy a building is on the increase.
Due to these continued challenges faced by businesses, tenants are finding themselves in need of understanding their property obligations should they have to vacate their rented premises.
Whether dealing with complex and high value dilapidations or instructed on smaller dilapidation claims, AG understand the challenges faced by occupiers in fulfilling their leasehold obligations whilst focusing on their core business.
Here are our four top tips on limiting Dilapidations Liability;
- Take advice prior to signing the lease in the form of a Pre-Lease Survey which can be prepared by a Chartered Building Surveyor.
- Commission a Schedule of Condition before the lease to limit your repairing & decorative liabilities.
- Assess your dilapidations liability 12-18 months prior to lease end and adopt a bespoke exit strategy with your Chartered Building Surveyor.
- Appoint a Chartered Building Surveyor to negotiate the dilapidations claim on your behalf.
If you would like to find out more about how we can help your business with an exit strategy from a commercial property download our Occupiers Guide to Dilapidations here.
“AG have been providing us with dilapidation’s advice for over 3 years. The advice is always professional and has assisted in making significant cost savings against budget. All of the team are friendly, approachable and always act with the client’s best interests. I would have no hesitation in recommending them to others.” Dan Walley – Travis Perkins