Where the transaction concerns a new Lease, the first step of the process will involve the parties agreeing (in principle) to Heads of Terms for the Lease.
However, before you do this, I recommend that you instruct a solicitor expert in Commercial Property, who will help guide you through the process.
All new Commercial Lease matters require an outline of the basic terms that need to be agreed at the outset, to ensure all parties are aiming for the same goals. This is best dealt with in a document called the ‘Heads of Terms’. For more information on Heads of Terms, please click here.
The Lease will be subject to various legislation. For a Commercial Lease, the drafter will need to pay particular attention to The Landlord and Tenant Act 1954 (as amended by The Regulatory Reform (Business Tenancies) (England and Wales) Order 2003).
In matters concerning Sub Leases, a further document called the ‘License to Sublet’ will be required. This is drafted by the Landlord’s legal representatives and it must be approved by the Sub-Tenant’s solicitor.
Beware – leases are substantial and often complex documents. You must be aware that some Head Leases will set out various requirements that have to be observed in the way in which the Sub Lease is to be drafted. I recommended that you consult one of our specialist Solicitors, who can give you clear and thorough advice on the best way to deal with the assignment and registration of the Sub Lease with the Land Registry for you.