The purchase of a home is a big commitment. Likewise, renovation or building works to such properties also involve large lots of energy, time and expense. Building and construction works by their very nature are complex, with many moving pieces. There are ways however, to minimise potential issues. Firstly, for domestic building works that are [...]
Yes, “outgoing” in the sense of additional tenancy costs (not me after 3 negronis!). The term “outgoings” in a commercial lease generally refers to additional expenses relating to the property that the tenant must pay in addition to the rent. These typically include (but aren’t limited to): rates, levies and assessments imposed by any local [...]
An integral aspect of commercial leases is the configuration of ‘rent reviews’ according to which rent is adjusted and agreed intervals during the lease term. These intervals are the agreed review dates. The rental payable by the tenant after each scheduled review date is adjusted in accordance with an agreed formula that is set out [...]
Often in entering into a new commercial lease, the landlord will insist that the tenant offer a separate personal guarantee, particularly where the tenant is a company or an individual with little to no assets. A personal guarantee is basically a legally enforceable personal promise made by an individual to the landlord guaranteeing the obligations [...]
