Leases govern the legal interaction between landlord and tenant and can at times be complex and overwhelming.
Once signed there usually is no going back and they can be a minefield if not properly understood. It is extremely important to get advice prior to signing.
Leases govern the legal interaction between landlord and tenant and set out the rights and responsibilities of each party for the duration of the lease term. It is essential that it is understood and managed efficiently to ensure that the relative positions of both parties are preserved.
The first step in undertaking any new lease contract is to read, understand and summarise the lease document into a format which captures the essence of all terms and conditions and ensures our clients have a full understanding of exactly what it is that they are committing to. This review must be completed prior to signing anything. There are also many critical dates and obligations to uphold in a lease and if these are missed or ignored, it can significantly undermine the tenant’s position and their security.
The best time to fully understand what is in a lease, is before signing it. A little advice early could save a lot of pain and expense later.
Typical lease management tasks include;
- Vet all extraordinary payments to landlords.
- Check outgoings budgets against actuals and previous years performances.
- Liaise with lessees on all matters relating to leasehold accommodation.
- Negotiate all rent reviews and lease renewals.
- Assist in formulating and then implementing strategy plans for minimising accommodation costs.
- Bring to the attention of management, items of pending expenditure in accordance with the various leases to ensure that covenants are not breached.
- Negotiate new leases.
- Produce a monthly report recording progress with any negotiations, pending events and updating the schedule of leases highlighting any changes.
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