Commercial New Tenant Report
IntroductionKnow your future costs when taking on a new commercial tenancy. A full "repair and insure" lease is an agreement between a landlord and tenant.The tenant takes over a building for an agreed term, and agrees to to take full responsibility for the upkeep, repair and the insuring of the property.
This is great news for landlords, they get their rent every year and don't have any maintenance to pay on the building as the new tenant pays for everything. If a tenant takes control of a building and changes any part of it, they will have a responsibility to restore everything back to its original state.
For a tenant, this type of arrangement can add unforeseen costs and monthly burden to their overheads if they inherit a building that has problems.
Possible ProblemsIf a building is relatively new, the upkeep of the exterior shouldn't be a problem, assuming that it has been built to a good standard. But taking on any building over 20 years old, precautions should be taken.
Problems you may come across could be:
- Damp - Rising, penetration, condensation
- Roof level problems - flat roofs, high level brickwork, box gutters, rooflights
- Asbestos - Old worn asbestos should be covered or removed
- Subsidence and structural issues.
With the right information, a tenant can negotiate the terms of the FRI and conditions can be made to include who's responsible for the costs of roof repairs should a report find that a roof is coming toward the end of it's serviceable life.
For more information and prices please call 01664 431370.
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