Commercial Property Tips for 2010

To mark my arrival at Cousins Business Law I've put together this list of dos and dont's for businesses to help them avoid the potential pitfalls and capitalise on opportunities during 2010.

• Landlords should be proactive on recovering rent arrears to avoid being left high and dry by struggling tenants. Look out for warning signs that might mean a tenant has financial issues, like delays in payment or publicity surrounding the performance of the organisation. If it goes into administration, it becomes much more difficult to take action and recoup arrears.
• With the stamp duty threshold going down, there are a number of ways to save tax on both high and low value transactions so ask your commercial property lawyer about how this could save you money.
• Anyone thinking of signing personal guarantees to secure liabilities of their company should not rush into it. If the business is unable to pay then a huge liability could then fall at your feet. Take advice before going down this road.
• In the current climate, the chances are good for pub tenants to buy the freehold of their pub cheaply or to renegotiate a lower rent with their landlord. Discuss tactics with your commercial property specialist before approaching the brewery
• Over the next 12 months, business rates relief is still going to be available for commercial properties. Speak to your legal adviser about how this might benefit you or whether business rates can be avoided altogether.

I've got lots more tips for business premises owners and those about to take or extend a lease.  Do get in touch if you need help and advice.

Steve Petty
Commercial Property Solicitor
01926 629 005