Our commercial team has already been discussing with our clients their options available once the current movement and social distancing restrictions are loosened and eventually lifted.
Some of our smaller clients have found that their businesses have either completely come to a stop or have shown a substantial downturn, meaning that they are already considering their options once the country starts to be released from the current imposed restrictions. Additionally, our larger business clients have found that working from home means that they are considering whether they need their larger premises.
Commercial business have been provided with business rates relief. However, those who are in rented premises will still be contractually obliged to continue to pay their rent to their Landlord meaning that their outgoings are outweighing their incoming. The majority of commercial tenants will occupy premises under a documented lease which provides the circumstances in which either the Landlord or Tenant can bring the lease to an end. This is normally only where the agreed term comes to an end or the Landlord consents that the Tenant may assign their lease to another party. Many of our clients are considering whether they will be able to meet their continuing rent demands moving forward or whether working from home has been adapted so well that they no longer require the sizable premises they have.
Best Solicitors are here to support both Landlords and Tenants in dealing with all their business needs once the Country starts to return to some normality. If tenants wish to terminate their leases before the end of the contractual term, then we suggest that you firstly seek advice of our commercial property team who will be able to review your contractual obligations and assist in dealing with the Landlord in reaching an agreement which works for both parties.
We are also on hand to assist Landlords in varying their tenants’ leases to provide more favourable terms so that their tenants can try and overcome the current financial hardship which many businesses are facing.
Although it will be difficult for both Landlord’s and Tenant’s during these unprecedented times, we are on hand to try and assist in finding the best outcome for all parties and aid in businesses seeing a recovery from the current financial uncertainty.
To discuss the specific needs of your business whether a Landlord, Tenant, Partnership or PLC, please speak with a member of our commercial team who will be happy to help.