What should I check before signing a commercial lease in London?

Before signing, carefully review the lease terms, including rent, duration, break clauses, and repair obligations. Conduct due diligence on the property, including structural surveys and environmental assessments. Verify planning permissions and permitted use to ensure your business operations are compliant with local regulations. Consult with a solicitor specialising in commercial property law to ensure your interests are protected.

What are the common types of commercial leases available on Gumtree in London?

Common types include Full Repairing and Insuring (FRI) leases, where the tenant is responsible for all repairs and insurance; Internal Repairing Only (IRO) leases, where the tenant is responsible for internal repairs; and inclusive leases, where the rent includes certain services like utilities or maintenance. Understand the implications of each type before committing.

What factors influence the cost of commercial property rental in London?

Rental costs are influenced by location, size, condition, and amenities. Properties in central London or areas with high foot traffic typically command higher rents. Consider factors like transport links, parking availability, and local business rates when assessing value.

What are business rates and how do they affect commercial tenants in London?

Business rates are a tax levied on non-domestic properties to help fund local services. As a tenant, you are typically responsible for paying business rates. The amount is based on the property's rateable value, determined by the Valuation Office Agency (VOA). Check the rateable value and potential reliefs available before signing a lease.

What legal requirements should I be aware of when renting commercial property in London?

Ensure the property complies with all relevant health and safety regulations, including fire safety standards. You may need to obtain specific licences or permits depending on the nature of your business. Be aware of your obligations under the lease regarding repairs, maintenance, and insurance. Seek legal advice to ensure compliance with all applicable laws and regulations.