Commercial Leases and COVID-19
Although there is uncertainty due to COVID-19, your potential commercial premises can still be secured if you are a tenant and let out if you are a landlord. Here at The Sethi Partnership Solicitors we are encouraging our clients to continue with their commercial transactions however factoring in the disruptions.
We know that tenants are looking for more flexibility and this was a trend prior to Covid. Landlords have generally been willing to assist up to a certain degree.
Some examples we have seen are:
· Agreeing a longer rent free period. This is beneficial for both parties as it allows the tenant to go into occupation of property and start setting up their business, the earlier these leases are completed the better as this will mean a longer rent-free period.
· Negotiating a reduced rent for a set time period such as 6 months or 1 year
· We have even had suggestions of a reduced rent subject to a complete removal of social distancing measures from the Government
From the landlords perspective it is not ideal however the above scenarios mean they have secured a tenant for a property which would be otherwise empty.
The Government are set to make further announcements for an exit plan and whilst disruptions will continue for the foreseeable future, an exit plan is positive news for all commercial landlord tenants.
We can accommodate for this period of social distancing as we have an online verification link, so there is no need to attend the office. When it comes to signing documents, we have an external office that adheres to social distancing measures where a member of staff can witness your signature, and all fee earners are remotely working so it is business as usual.
Contact our Commercial Property solicitors in Ruislip, Middlesex
To discuss your commercial property leases, call our property team today on 020 3856 8156 or complete our online enquiry form and we will be in touch.