Posts Tagged Solicitors

Finding the Best Information on Freehold Purchases

Posted on June 30, 2011 | Real Estate Law.

Most people would seek proper legal advice before embarking on any kind of legal process. Buying the freehold to your flat should be no exception in this way. In fact this is a particularly involved process to go through, so it makes sense that you would want to ensure you get proper advice from the right people before you decide what to do.

The basic idea with freehold purchase is that you give up the leasehold you currently hold in exchange for the freehold. However you cannot do this alone; no fewer than 50% of the people who own the flats in your block must be agreeable to taking on the process as well.

This is one of the reasons why it is a good idea to seek out the advice of a solicitor who has a significant amount of experience in this field. Many solicitors specialise in one area of law, and it is no exception when it comes to freehold purchase. If you go to a solicitor who advises on a number of areas of law, they may not be able to give you the level of specialist information and advice you need at this point. An experienced solicitor in this area should be able to tell you all about buying the freehold of your flat and what you must do to fulfill all the requirements as such.

Very often it won’t cost you anything to have an initial discussion about your situation with a qualified solicitor. Take the time to find someone who is devoted to this area of interest and make a list of the questions you would like to ask before you get in touch. If they have a website you may well find that some of the most basic questions about freehold purchase are answered on there, so check it out first.

In theory you could ensure that you have a basic working idea about the process before you even go to a solicitor. But it is certainly not advisable to try and go about buying the freehold to your flat without having specialist legal advice on your side. The chances of making a mistake would increase dramatically in this way.

So you can see that getting proper advice prior to doing anything is definitely the best way to proceed. It will also pave the way to a successful conclusion and the ability to finally have the freehold you really want.

Using Solicitors for Commercial Property Lease Negotiations

Posted on June 16, 2011 | Real Estate Law.

Leasing or renting a commercial property is a major part of a business’ running costs. Therefore it is crucial that the terms and conditions agreed upon are best suited for the business.

On the whole, commercial leases are a lot less standardised than residential leases. Commercial leases are much more negotiable, so it is important that businesses do not accept property lease terms that restrict and tie a business to an unsuitable lease of premises – especially in times of a volatile economic climate.

Commercial tenants are not protected to the same extent as a residential tenants. The contract negotiated upon with the commercial tenant is binding, if all the obligations of the contract are not fulfilled then it could cause serious financial problems.

Here is a list of important points to consider when negotiating a lease:

  • Try to negotiate the longest possible rent free period in order to cover the cost of decorating the premises. This allows you time to redecorate, move in/out furniture, change carpets etc.
  • Make sure that you insist on a document from the landlord listing the current defects with the premises accompanied with photographs. You do not want to be fixing or being billed for disrepair that you are not accountable for.
  • Subsequently, make sure that you exclude your liability for any existing design defects on the premises.
  • Check with the landlord that asbestos is not present anywhere on the premises.
  • Make sure that the landlord will fully comply with the Disability Discrimination Act 1995 and will meet any costs for necessary adjustments or modifications.
  • Discuss rights for free car parking or whether credit is available against the cost of public parking.
  • Is a covenant needed to prevent any competing business from using adjoining or neighbouring premises?
  • Is the right to renew the lease adequate?
  • Be sure to negotiate tenant-only unconditional termination rights. Try to negotiate an ample period of notice, eg. 3 months notice by the tenant to the landlord.
  • Do not offer rent deposits, bank guarantees or any sort of personal guarantee unless it is absolutely necessary.
  • Question any service charges and find out and ask the landlord to explain why you have been charged for them.
  • Make sure that the Energy Performance Certificate supplied by the landlord will not be prohibitive or excessive. Negotiate a reduction in rent or service charge to make up for energy costs if they could be excessive.

This is a general list, it is not exhaustive and depending on circumstances, some points may not be relevant to all tenants. A business can benefit greatly by saving time and money when negotiating a property lease therefore legal advice from expert solicitors is crucial in order to get the best possible deal.