What are the most important questions I should consider before signing a commercial lease?

• The most  important factors to consider include:
  • the duration of the lease including how much longer it has left if you are taking over an existing lease;
  • whether the lease has an option to renew;
  • the amount of rent and how often it has to be paid;
  • whether the lease has a right of assignment permitting you to transfer the lease if you decide to sell the business. If it does not you should negotiate such a clause into the lease before you sign it;
  • whether the lease contains a dispute resolution clause;
  • whether the lease allows for your type of business to be conducted;
  • whether the lease will allow you to sub-let floor space if you do not need all of the premises; and
  • responsibility for ongoing costs such as:
    • council rates;
    • water costs;
    • electricity costs; and
    • legal fees.
• You can use our Phone a Lawyer service for a preliminary legal consultation if you think you may need legal advice