Finding the right premises for your business is important, and you need to get it on terms that suit you, so how do you do that and what are the pitfalls to watch for?
Identifying some suitable commercial premises for your business is one of your first jobs. Once suitable premises have been found, the next stage is to agree the commercial terms on which your business will occupy those premises.
These are known as Heads of Terms or “HOTS”. They are not in themselves legally binding but, once agreed, a party wishing to depart from the HOTS will be on the back foot and any attempt to renegotiate the agreed terms is likely be met with the response, “If this point was so important to you, it should have been raised at the HOTS stage!”
Philip Otvos, Head of Property at Joelson Wilson LLP, and Theo Benedyk, Head of Agency at Lewis Craig discuss what to watch out for when negotiating new lease terms.
Please click here for the full online version of October’s issue (the article is on pages 44 & 45)