Business Premises - questions

[TomB]

Hey All,

been a while since I was last here, nice to see everyone is still here

Just wondered if anybody could shed some info/advice on business premises.

there is a little single shop front for rent about 5 mins from my house, a steal at £3.5k a year to rent.

I'm thinking about renting it for my vocal studio and using it for singing lessons.

But i'm wondering what other costs I should be working out for my budget.

I realise there will be some business rates, but i'm unsure about the whole business rates relief and how that works

Plus I would imagine I would need insurance for the place

I would be the only person workign there so I don't think I would need any employers insurance

And obviously heat and light.

But is there anything else I should be thinking about like legal fees for the renting process etc?

Thanks in advance all!

Tom

 

[shredder]

Watch out for the following
1 repairs and dilapidations (putting into good repair at the end of the lease) it is normal for the tenant to be responsible in commercial leases

2 length of lease - make sure you know how long you are committing for

3 rent reviews - something small like this I wouldn't agree to any rent reviews. They are usually upwards only too.

4 landlords costs - standard practice is to ask the tenant to pay costs don't agree to this

5 VAT - check to see if Landlord has Opted to Tax which means he will charge vat on the rent, only a problem if you can't recover Vat

6 Service Charges - check for any liability to pay service charges for common repairs I.e to the roof etc, if there is the Landlord can carry them out and charge the cost to the tenants

7 even although a small rent best speak to a chartered surveyor or lawyer to check the lease for you.