Commercial Property Landlord chat
Discussion
So the next step for me is going into the world of commercial property letting we are in the process of buying a site that we are basically developing into a small industrial estate that will have 7 units on the site. As we grind through the tediously slow conveyancing process I'm just on with preparing some leases.
I know there are a few commercial LLs on here so really picking brains....do you contract out your leases? Is there any reason not to contract leases out?
Will probably be back to ask a load of questions around planning/building it's something totally new to me. We have been into residential for 20 years and only really had commercial stuff I have flipped before so yeah a new adventure with a lot to learn.
I know there are a few commercial LLs on here so really picking brains....do you contract out your leases? Is there any reason not to contract leases out?
Will probably be back to ask a load of questions around planning/building it's something totally new to me. We have been into residential for 20 years and only really had commercial stuff I have flipped before so yeah a new adventure with a lot to learn.
Your buying a site for xxxx then presumably paying xxx. You are an inexperienced commercial landlord,
And trying to do the contract which governs how much you are paid, what you are liable for and what you can pin on the tenant, how you can get your property back, on the cheap.
I think proper paid advice would be a good idea.
And trying to do the contract which governs how much you are paid, what you are liable for and what you can pin on the tenant, how you can get your property back, on the cheap.
I think proper paid advice would be a good idea.
Your buying a site for xxxx then presumably paying xxx. You are an inexperienced commercial landlord,
And trying to do the contract which governs how much you are paid, what you are liable for and what you can pin on the tenant, how you can get your property back, on the cheap.
I think proper paid advice would be a good idea.
And trying to do the contract which governs how much you are paid, what you are liable for and what you can pin on the tenant, how you can get your property back, on the cheap.
I think proper paid advice would be a good idea.
surveyor said:
Your buying a site for xxxx then presumably paying xxx. You are an inexperienced commercial landlord,
And trying to do the contract which governs how much you are paid, what you are liable for and what you can pin on the tenant, how you can get your property back, on the cheap.
I think proper paid advice would be a good idea.
I'm not understanding that first point?And trying to do the contract which governs how much you are paid, what you are liable for and what you can pin on the tenant, how you can get your property back, on the cheap.
I think proper paid advice would be a good idea.
B2B leases are a different kettle of fish - get a solicitor to draft you one up for sure. Will cost now but will save you a world of pain if/when something crops up.
Relative to buying and developing a site of 7 units it ll be small change.
To add, most tenants will also have a solicitor review their lease (see 1st point) - in order to handle that even vaguely competently you want it to be well drawn up.
Relative to buying and developing a site of 7 units it ll be small change.
To add, most tenants will also have a solicitor review their lease (see 1st point) - in order to handle that even vaguely competently you want it to be well drawn up.
Edited by Dg504 on Friday 12th December 07:11
The LL of the site my unit is on does his own viewings, invoicing etc - no agent involved, although I'm sure he would have initially used a solicitor to make the leases for signing. I think a lot depends on what size the units are, price, and type of tenant that would be attracted to them as to whether you want to be full hands on or not. Bear in mind the chances of getting a PITA tenant is higher the more units you have, but equally you want them to be as cheap as possible to attract tenants in the first place. Also bear in mind empty units are sitting empty for a LONG time currently. It's not like it was 3 or 4 years ago...
Yeah I will be self managing I've no issue doing all that side of things. The contracts will be done properly or was the specific issue of contracting out I was mainly interested in. In the units I occupied when renting for my own business 1 LL food this but 2 didn't.
I don't think we will have any problems letting is in a very good area and Im aiming to have mainly motor trade so going after a customer base most LLs won't touch but I'll know the good ones locally.
I don't think we will have any problems letting is in a very good area and Im aiming to have mainly motor trade so going after a customer base most LLs won't touch but I'll know the good ones locally.
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