When was the last time you considered your property obligations or reviewed your lease for the critical dates relating to rent reviews, lease expiries and break options?
It may seem unimportant (or boring!) but there can be substantial cost savings, as well as the reduction of future stresses by keeping on top of critical dates and other lease admin.
Work through our simple checklist to feel in control of your lease obligations. Understand what needs to be done when and discover whether there may be possible savings.
Diarise Key Dates – Every lease is different and dates vary. Notice provisions need to be considered together with break options where many months’ notice is often required otherwise the opportunity to leave is lost.
Business Rates – In April 2023 the new rating list was released, which has changed the business rates payable by most occupiers in all sectors. There is the possibility that you might be able to appeal to reduce the new rateable value assigned to your premises. You could achieve savings over several years by checking this.
Energy Efficiency – With utility costs still high, it’s possible there might be changes you could make to your property to reduce your costs. Does your lease allow you to make these changes and could your landlord be encouraged to pay for the works?
Lease End Dilapidations – Most leases place an obligation on the occupier to leave a property in good repair and with all alterations removed when they vacate. You have probably set aside money to cover this future cost but when did you last review this figure? The cost of undertaking works has risen sharply over recent years so it is prudent to review any allowances to ensure that these are still consistent with the lease liability. We recommend doing this on a regular basis.
Space Utilisation – Does your working environment still reflect the needs of your business? With the new ways of working post covid, many offices could be made more efficient, thereby saving money. However, this investment may be difficult to justify if only a short lease remains in place.
Jaggard Macland specialise in supporting companies with all aspects of their leasehold property and can assist you with any of these items. Some of the services we offer tenants include:
Search and Relocation
Rent Review Negotiation
Lease Expiry Negotiation
We offer a free initial consultation or lease appraisal and give our clients peace of mind knowing that they are getting the best available offer.
Contact Simon Harper:
Mobile: 07801 109649