When someone is starting a new business, it can seem like an endless stream of costs without any money coming in. It’s great to find ways to budget and, for some, it might be tempting to skimp on legal fees by considering entering into a commercial lease without the assistance of a solicitor.
In theory, this is possible. However, it is highly advisable to engage a commercial lease solicitor in London, like Saracens Solicitors. This article attempts to highlight just some of the reasons why.
The future is unpredictable
One of the major reasons to involve a commercial lease solicitor in London is to safeguard against legal problems in the future. Without a watertight lease, it may not be clear who is in the right in the case of a dispute, in the eyes of the law. This means a potentially expensive legal case. Even if the lease seems simple or there is already goodwill between the parties involved, there is no way to predict what will happen.
Commercial law is extremely complex even for a fully qualified solicitor who does not specialise in this area. Even a commercial lease solicitor in London has to spend a portion of their time in continuous professional development and updating their skills to keep up with changes. A commercial lease can lead to involvement in planning and local regulations on a large scale and even a simple document might include implications that affect the commercial viability of the business that will be housed in the property.
You could save money
Negotiating is a key skill that a great commercial lease solicitor in London can offer. There are many areas within a lease where a potentially financially beneficial arrangement could be reached between the landlord and tenant.
For example, a landlord might agree to future improvements to a building if the tenant signs a longer lease or some other arrangement that offers the landlord more security. This helps both landlord and tenant by ensuring the pristine condition of the commercial property and possibly adding to its long-term resale value.
The ability to negotiate complex deals of this nature is just one of the skills that makes a solicitor more than worth their fees.