This episode of the Moorcrofts Means Business Podcast, sees Moorcrofts commercial property partner, Julia Ferguson, welcome special guest Alex Cummings from Cummings Commercial.
Tune in as Julia and Alex discuss the process of finding business premises.
Topics covered include:
- Key considerations to keep in mind during the search process: From location and size to amenities and lease terms.
- Heads of Terms (HOTs): The complexities of HOTs, shedding light on the key terms agreed upon between landlords and tenants, emphasising the importance of understanding and carefully negotiating these terms to ensure favourable outcomes for both parties.
- Rent: Exploring the financial aspects of leasing commercial property, including market rates, rent-free periods, and rent deposit requirements.
- Alterations: The implications of making changes to leased premises, highlighting the importance of understanding lease obligations and seeking landlord consent for alterations.
- Repair - FRI/IRI/SOC: Addressing repair obligations, providing clarity on the different repair liabilities, including Full Repairing and Insuring (FRI), Internal Repairing and Insuring (IRI), and Schedules of Condition (SOC).
- The benefits of using both a solicitor and an agent: The importance of engaging professionals, when searching for business premises, highlighting the advantages of leveraging their expertise, local knowledge, and negotiation skills to secure favourable lease terms and to navigate the process effectively.
Downloads:
- Heads of Terms Factsheet
- Alterations Factsheet
- Repair - FRI/IRI/SOC Factsheet
- 30 Key considerations when moving office Factsheet
- Example space audit
Whether you're a first-time renter or looking to expand your business, this episode offers valuable guidance to help you navigate the commercial property market with confidence.
Tune in now to gain a deeper understanding of the essential steps involved in finding the perfect business premises for your needs.