Leasehold Liability Assessment
If you are an occupier under lease within commercial property, then it is likely that you are liable for the repair, reinstatement and redecoration of the property.
All too often, this forms very onerous liabilities which are often overlooked whilst you focus upon your core business. Well managed property and informed decisions can be used to underpin and enhance your business objectives. However, poorly managed property can turn into a very real liability - particularly at the end of the lease when dilapidations matters will arise.
Consideration should therefore be given at lease acquisition as to the obligations and liabilities you are inheriting. All too often, occupiers take space in a poor condition whilst accepting lease obligations to ensure full repair at lease expiry. Clearly there is disparity which could leave you with a financial burden.
A thorough assessment of the property and leasehold obligations prior to committing yourself could be worth its weight in gold with mechanisms employed within the lease to limit your long term obligations and liabilities.
In multi-tenanted buildings or estates, it is also likely that you will be liable for a proportion of the service charge for the maintenance and upkeep of the communal areas. Our Service Charge consultancy can advise you upon defending unreasonably high claims, limiting your contributions and ensuring that the monies and contributions are well spent and substantiated.
