Our step by step guide to making your commercial letting quick and simple.

STEP 1: Identify the potential tenant 

 

STEP 2: Check the tenant’s financial standing: 

  • Request the tenant’s bank statements for 6-12 months 
  • You will need at least 3 references: 
    • From the previous landlord 
    • bank 
    • accountant or 
    • trade reference confirming the tenant’s ability to pay the annual rent 

If the tenant is a company, check the Companies House records here. This will indicate if the company exists, identify its’ directors, any loans secured against its assets and whether the company is subject to any insolvency. 

If the tenant is an individual, you can carry out a credit check on them. 

Once you have received the above, you can consider if any additional security is required. 

STEP 3: Prepare the draft Heads of Terms 

When negotiating the commercial terms, you should consider some of the following: 

    • Demise 
    • Term 
    • Rent and Rent Review 
    • Any additional payments (such as service charges, insurance) 
    • Security of Tenure 
    • Assignability 
    • Repairing obligations 
    • Use 
    • Alterations 
    • Additional Security 

STEP 4: Instruct an experienced commercial property lawyer.

A commercial property lawyer can review the Heads of Terms from a legal point of view before finalising them in order to progress the matter smoothly. 

Contact our Commercial Team at Vyman

Our commercial team are experienced solicitors who have been providing specialist advice in this area to a diverse range of clients for many years. Whatever your circumstances, speak to one of our trusted practitioner’s today to discuss your case.

For a brief informal chat or to arrange an initial appointment, call us today on 0208 427 9080 or complete our online enquiry form and we’ll be in touch.

This document is for informational purposes only and does not constitute legal advice. It is recommended that specific professional advice is sought before acting on any of the information given.