A guide to the process of a Commercial Lease

If you are deciding to take a lease you will be classed as the tenant. Below is a quick-fire guide that sets out the steps of a commercial lease:

1. Terms should be agreed upon between parties such as the length of the term and rental.
2. Instruct a Commercial Property Solicitor.
3. The solicitor will open a file and send out client care paperwork.
4. You will need to complete the necessary paperwork and send identification.
5. Your solicitor may put searches, if required, in place upon receipt of the title from the Landlord’s solicitor.
6. The Landlord’s solicitor will send a draft lease to the Tenant’s solicitor.
7. Your solicitor will amend the lease with any required amendments.
8. Your solicitor will report to you on the terms of the lease and any searches you have carried out.
9. The document will continue to be amended until it is an agreed form.
10. All parties are to sign the lease in readiness for completion.
11. Your invoice and statement will be prepared to show any monies you are due to pay prior to the start of the lease.
12. Both solicitors agree to a completion date and your solicitor carries out their final searches.
13. The lease completes.
14. Each party swaps their signed original lease.
15. Your solicitor may apply to register the lease depending on the length of the term.
16. The registration completes and your solicitor confirms this and will close your file.

Our Commercial Property Team are experts in their field and deal with commercial leases daily. If you would like any more information they can be contacted by calling 01302 341414 or 0114 272 1884, alternatively you can fill out our online enquiry form.

We have further articles on our website relating to commercial leases and commercial property, here are four that you may find helpful:

• What is the difference between residential and commercial property?
• What obligations do commercial landlords have? 
• 10 things to consider before signing a commercial lease