We recently read a great blog in Property Week – The Zombie Survival Guide: Top Tips For Retail Leases For 2013. It’s a clear reminder that whilst we have to remain positive that the market will change – it’s important that if you’re in retail, you are aware your tenant could dissolve quickly!
3 key points are noted:
- Preparation is key: when entering into a new agreement, make sure that your lease covers you and the tenant. Failing to have a well thought out lease could leave you in the lurch.
- Use incentives, but be careful: there is the saying “if it’s too good to be true, it usually is”. Think carefully before offering tenants payment agreements and if you do, make sure there are agreements in place that protect both parties.
- Act quickly: if things do take a turn for the worse, make sure you act quick. As mentioned in the blog, licence agreements can leave landlords with little control – make sure you check leases and ask for professional advice early on.
Thinking ahead, and planning sensibly can both protect landlords and tenants. Whilst we still live with day-to-day uncertainty, we can plan and consider outcomes carefully if we take the right advice and be prepared.
If you’re unsure about your lease and your current situation, talk to one of our professional advisers today. Act now and you could save time and money later! Contact us here.