//LEASING

There is only two ways you can leave rented premises without penalty if you still have a current lease; 1) by assigning the lease to another party or 2) by both you and the Lessor agreeing to terminate the lease. If you vacate while the lease is still valid, you can be held liable for the rent for the balance of the term of the lease, and other charges which can amount to tens of thousands of dollars.

If you are having difficulty meeting your obligations under the lease Contact us Adcocks for assistance.

Your lease should determine who is responsible for the maintenance of air conditioners and other equipment on the premises. Adcocks will be able to help you to understand your lease and assess who is responsible for repairs and servicing.

As your ability to carry on the business you are buying is going to be largely dependant on the premises, one of your first priorities is to protect your right to operate from you’re the current premises. BEFORE you sign a Contract to buy a business, you MUST seek the advice of one of our Conveyancers to ensure an option has been included for you to take over the existing lease or have a new lease. Ask the Agent for a copy of the existing lease and what will be required of you to get approval from the Lessor.

You should also make enquiries on any prior or existing issues regarding repairs and maintenance, and speak to the Council to ensure they have no outstanding issues which may effect your right to occupancy. Contact us for assistance

Any prospective purchaser is going to require confirmation that their right to operate from your current premises is protected. Before you engage an Agent to sell your business, you should ensure your responsibilities under the lease are met. This should include the rent and outgoings being paid to date and repairs and maintenance due by you are complete.

You should also speak to the Lessor, or Lessor’s Agent to find out what their requirements are in order to approve either a new lease or the assignment of the existing lease. Where you can, it is always better to have your current lease terminated, and a new lease entered into between the Lessor and the Purchaser. Contact us for assistance

In most instances, yes. However, it is dependant on the terms of your lease. If you are considering sub letting, you need to speak to Adcocks about what your responsibilities are and will be under your lease, in particular, if the sub tenant damages the premises. Contact us to make a time to discuss your intention.

Typically, if work required is due to wear and tear, it is the Lessor’s responsibility. However, if it due to misuse or malicious damage, the responsibility may be the Lessee’s. Some leases also specify who is to pay for what during the term of the lease. At Adcock’s, we will be able to advise you on what your lease provides for, and who is to pay.

A Disclosure Statement under the Retail and Commercial Leases Act is required to be issued with all leases. The Statement includes such information as the permitted uses of the shop, the lettable area, access arrangements, the basis of the rent and a range of other items.

//Adcocks includes a Disclosure Statement (if required) as part of their Lease.

A Lease provides you with a legally enforceable contract to occupy the property and pay a given rent and outgoings for a fixed period. If your Lease is not secure would your business survive if you had to relocate quickly? The Lease provides you with “Security of Tenure” and allows you to sell your business and provide “Security of Tenure” to the purchaser. Without a Lease you may not be able to sell your business.

//Adcocks have a great deal of experience in commercial leasing.