More and more spaces are being leased out by landlords these days because of the rise of new buildings being built. Not only are living spaces frequently rented out for apartments, houses, and condominiums but there is also a great number of people renting out spaces for commercial or office purposes. Because the nature of the leases are for long-term use, it is inevitable to have disputes between the landlord and the tenant. Such a long-term commitment may bring up some issues that may be detrimental to at least one party, if not for both. When engaging with such leases, it is important to have landlord and tenant solicitors to help you get the best from your contract lease – whether you are the landlord or the tenant. And sometimes, when issues already arise during your contract lease, these solicitors would come in handy as you would be able to file for your rightful claims depending on the gravity of the dispute. So, what exactly can you benefit from landlord and tenant solicitors?
Collective Enfranchisement is the legal term in which tenants of a building who owns flats and other spaces could come together to buy the freehold or tenure of the building. By doing so, tenants would be able to get minimal lease rates for longer periods of time because it eliminates the ground rent. With tenant-owned buildings, tenants could also dictate the term of their leases so it could be any length which is beneficial to them. Because the building is owned by the tenants, generally speaking, the management of the building should also be by the tenants. This gives tenants more access in making their stay – whether for residential or commercial purposes, a better one for them. However, a criteria to this is that a building should have at least 75% or more residential spaces. Still, tenant-owned buildings have a better selling stand with potential buyers, so it is actually a good idea to pursue.
Extending your Lease
If you are a business owner who leases a space for your business operations, then you should review possible lease extensions with your solicitor. Landlords and tenants are both legally bound to enter in a contract before any of the transactions happen. A contract will indicate the legalities of the lease like when the lease will start, how much the monthly payments are and if so by how much percent will it increase annually. Leasing out a space for your business is a good tactic when you are operating most especially a start-up business or a small to medium enterprise. This way, you would be able to maintain a steady amount of expense each month for as long as your lease is due, unlike in dealing with the different fluctuations of expenses with owning or buying a land. You lower your risk for your business and you would be able to save more money to use for your operations. Before your lease expires, it is probably a good idea to start drafting that lease extension if you know what is good for your business.
Getting First Dibs
Have you ever come across with a space, a flat, a room, an apartment, a house, or a condominium in which you would like to lease out but do not really have a solid decision or sufficient funds at the moment you saw it? Then you should have your solicitors draft a Right of First Refusal Contract that you could set with the landlord. This is a contract in which you will gain the right to set a lease contract agreement with the landlord before anyone else. This is also beneficial for landlords with a possible lessee that is only starting up a business and whose financials are not yet solid. This would lower your risk as a landlord because within the timeframe allotted in the contract, you would be able to gauge the capacity of the business to pay for the monthly lease price.
Getting What you Pay For
One of the most common causes of landlord and tenant disputes is actually money related. Of course as a tenant, you would want to get your money’s worth and you would want all of the expenses disclosed before you sign the contract. On the other hand, as a landlord, you would not want to give a price that is too low that would not give you the best earning opportunities without being too brutal on your tenants. That is why there are certain cases when there are disputes because of the Service Charge being charged per month. Some tenants do not disclose this added fee prior to the contract lease while some charge ludicrous amounts represented by emergency repairs or maintenance and upkeep expenses which tenants do not usually benefit from. When this happens, seeking help from expert solicitors is your best bet within that small period of time you can actually file for service charge disputes.