What is a leasehold?
Leasehold means that you have a lease from the freehold proprietor (or landlord) to use the property for a number of years, subject to any rent payable. The leases for commercial property can vary in length depending on the agreement made with the landlord and can be varied in their agreed terms and obligations.
Do I need a survey if I am only taking a lease on a commercial property?
We would advise you to have a survey carried out to ensure that the property being leased meets your requirements. Depending on the agreed terms of the lease, once entered into, you may become responsible for the repair and maintenance of the property both internally and externally. If the property has a defect that would not be highlighted other than by a survey this could become very expensive to put right once the lease begins.
I have been given ‘heads of terms’ for a property, what should I do next?
The next step would be to instruct a solicitor to act for you. They will use the heads of terms to draft the contract, lease (if applicable) and transfer documents.
I am leasing a commercial property; do I need a solicitor?
It is not compulsory to instruct a solicitor but it is advisable to do so. Leases are long, formal documents with lots of legal terminology within them. A solicitor will help clarify the terms of the lease and ensure you fully understand what you are agreeing to.
Can I recover all of my legal fees back from the debtor?
Whilst all court fees are added to the debt, the solicitor’s recoverable costs are fixed by the court and in some instances, do not fully cover the costs involved. However, in most cases the interest claimed in the proceedings makes up for any shortfall.
Can I claim compensation on the debt?
Compensation and interest can be claimed in commercial contracts pursuant to the Late Payment of Commercial Debts (Interest) Act 1998 as long as your terms of contact do not specify alternative rates. Please click here for further details.
Can I claim interest on the debt?
Yes! If your terms contain a clause in relation to interest, or interest can be claimed under the court rules. Please click here for further details.
How long will it take to get my money back off a debtor?
There is no telling what stage of the debt recovery process will produce a positive outcome. Many pay following the issue of our seven-day letter but it is sometimes necessary to take the action as far as enforcement. Our aim is to get from one step to the other in the shortest amount of time, whilst maintaining pressure on the debtor to settle sooner rather than later. Please click here for details of the debt recovery flowchart.
How much will it cost to recover a debt?
Our costs are fixed on a stage by stage basis (letter, issue, judgment etc.) Please click here to see details of our costs and those of 3rd parties (court etc.) involved in recovering your debt.
How can I recover what is owed to me in Scotland?
Claims can be brought against Scottish debtors under the Civil Jurisdiction and Judgments Act here in the UK and then enforced through the Scottish Sheriff’s Office. Please contact us for full details.