Considering the current working conditions and financial impact due to the effects of Covid-19, business owners will no doubt be analysing immediate and longer-term property requirements. In particular, commercial leases can be a long and onerous commitment causing financial strain. Taking proactive measures now can reduce costs, help cashflow and actually be beneficial to both the landlord and tenant. Your existing property may be critical to your business and even if there is a long unexpired lease term ahead, you may still be able to take action now and strategically negotiate favourable terms which help both parties. The renegotiation of terms through an existing lease is not uncommon. Consideration should be given to, but not explicitly; levels of rent payable, length of lease term and options to serve break notices.
We know that times are challenging for all businesses at the moment, especially local SMEs, which is why Bradley Hall is offering a free and no obligation consultation service, to review your existing lease arrangements and level of rent payable. We will provide strategic advice as to how you may be able to manage these commitments moving forward. There are numerous options and solutions which are available. We encourage businesses to act as soon as possible in order to take steps to resolve any financial stress, safeguarding the future of their business, employees and local economy.
Please get in touch and one of our team will be delighted to support you richard.rafique@bradleyhall.co.uk
