Property Dispute Resolution Partner, Claire-Elaine Arthurs, will be presenting a Four Part Series exploring the common issues that arise with Commercial Property Leases. She will be considering how a proactive approach can manage risks, avoid disputes and allow both Landlords and Tenants to get the best out of their Tenancy.
Part 1: Begin as You Mean to Go On
Once a new letting has been agreed on a commercial property, the race is then on to get the paperwork completed as quickly as possible so that the new tenant can take up possession. The Heads of Terms presented to the Party’s Solicitors are brief and the legal teams are left to negotiate the detail often without ever having seen the premises. This means the leases agreed are not as tailored to the property as they might be and practicalities relating to the management of the asset are often not given sufficient consideration. This can leave parties with a Lease that is challenging to manage and ripe for dispute. A little more input from those with first-hand knowledge of the property at these preliminary stages can save considerable time, effort and cost along the line.
With the lease in place, it is often the case that, once completed, it is then consigned to the filing cabinet and does not see the light of day until the tenancy ends or there is another issue. At that point it may then be discovered that key dates and details of the lease have been overlooked. This reactive form of management means that issues can easily escalate unchecked, work flows are harder to manage, and costs are significantly higher. By putting in place a more proactive and preemptive approach to managing a portfolio it is possible to avoid the peaks and troughs of firefighting, while maximising the bottom line.
In this webinar, Claire-Elaine Arthurs identifies some helpful considerations to take into account at the negotiation stage and explores some ideas about creating a more proactive approach to portfolio management.
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