I am buying/taking on a business premises, what should I be considering?

You need to consider the individual circumstances of your business, are the premises required for a short-term occupation or is it a more long-term proposition? If it’s short-term occupation then you’re better off thinking about a lease.

In fact, the lease does have certain benefits to buying a property outright. Firstly, you can have a flexible arrangement and you can have a regular break clause coming in which allows you to bring the lease to an end earlier. A lease often also benefits from security of tenure which means there’s a right statutory right to actually renew the lease when it comes to an end so even if you’ve only got a short five-year lease you could then be in a position to renew that at the end of the five years as the business plan changes. 

Here is a video recorded by Head of Commercial Property, Alison Turner:

For more information, contact our Commercial Property Team on 01302 341414 or fill out our online enquiry form.

We have further articles on our website regarding Commercial Property, here are three that you may find useful:

• How long does it take to complete a business lease? 
• How do I get out of my business lease agreement?
• Do we have to pay to have our business premises put right when we leave?