Commercial property lettings guide
Letting commercial property can be complicated and time consuming when you don’t know how or what you need to prepare. This guide provides valuable information advising landlords how to make the letting process easier.
1. Accurate valuation
We offer a free, no obligation market appraisal and advise you on how to let your property quickly and at the best possible price. Our valuations are based off current market conditions and demands and take local, key factors into account such as parking, local amenities, transport links etc. Contact Frost commercial or complete our online rental valuation request form.
2. Appoint a commercial letting agent
By appointing The Frost Partnership commercial estate agency we guarantee:
- Trust. The Frost Partnership has been operating in South Buckinghamshire, Berkshire and Middlesex for over 100 years; our testimonials reflect our success and valued reputation in the area.
- Expertise. We are qualified members of accredited trade body’s such as National Association of Estate Agents (NAEA) and Royal Institution of Chartered Surveyors (RICS), qualified to provide expert professional services and advice. Read more about our credentials.
- Exposure. Our network of offices across Buckinghamshire, Berkshire and Middlesex provides your property with greater local exposure.
3. Marketing your property
Once you appoint The Frost Partnership we will act quickly to prepare the property particulars and take photographs in preparation for marketing your property.
- ‘For Rent’ signboards. A signboard outside commercial property is still proven to be one of the best ways to increase local awareness and attention.
- Your property is instantly sent to active tenants looking for commercial properties like yours through our Property Alerts service.
- Your property will be featured on our website, and our website is advertised via national and international media publications and property web portals worldwide.
- We carry out networking, direct marketing and public relation events locally and internationally
The Frost Partnership has specialised in land and property since 1906. Our network of estate agencies across Buckinghamshire, Berkshire and Middlesex instantly exposes your property to the widest range of potential tenants.
4. Preparing property information for tenants
To ensure a quick letting transaction we recommended landlords prepare a comprehensive pack of documents relating to the property for potential tenants to review. Although it is not compulsory to provide this information, if it is available it should be provided to the tenant on their request. Providing this information could result in reduced legal fees by negating requests from tenant’s solicitors seeking the information or simply help let your property quicker.
- Planning permissions, lawful use certificates and Use Classes
- Commercial Energy Performance Certificate (EPC). Tenants will request to see this information and it is the landlords’ duty to provide an up-to-date EPC when asked. It may also be beneficial to improve the EPC rating on your property, as a lower EPC can result in lower utility bills and might be more attractive to potential tenants. Arrange your EPC.
- Business rates and reliefs - this is a tenant’s responsibility to pay however information should be provided if it is available
- Stamp Duty Land Tax on leases - this is the tenant’s responsibility to pay, however information should be provided if available
- Local searches, this is the responsibility of the tenant, however if you have valid and current searches available, this information could be made available to the tenant.
- Topographical survey
- Asbestos survey
- Ordnance survey
- Environmental report
- Site/ground investigation report
- Detailed plans of the development or property, floor plans etc.
- Draft contract
5. Commercial property use class
Commercial properties and land are divided into different use class categories by The Town and Country Planning (Use Classes) Order 1987 as amended, which determines what business can use the property. It is important to provide your agent and any prospective tenant with all the use classes your commercial property allows - especially if your property already has planning permission to permit a different business use on the premises. The more use classes the property has the wider the range of tenants it will appeal to.
6. Health and safety for tenants
It is the responsibility of the landlord to ensure the property meets legal health and safety standards before the property is let. Health and Safety responsibilities include:
- Gas safety
- Electrical equipment checks
- Fire alarms
7. Contract and negotiation
As soon as an offer is received we will contact you to communicate the full details of the offer along with any special conditions to help you decide whether or not to accept. There is no obligation to accept the first offer you receive. However, once you have decided to accept an offer, a draft lease or license agreement will be prepared for both parties to approve the nature of the agreement, rental price, terms and proposed timeline of the lease term.
8. Exchange of contracts
Once both the tenant and the landlord are content with the contract and the required funds have been transferred and accepted by the landlord – the property is let.
9. Schedule of condition
A Schedule of Condition report details the exact condition of the property on the day the tenant moves into it. Generally this entails detailed photographic images that are attached to the lease and acknowledged by both the landlord and tenant. If the property is a new building there is little requirement for the schedule of condition report, for all other properties the schedule of condition can be highly beneficial to protect the tenant and the landlord on expiration of the lease. Since the tenant is obligated to hand the property back to the landlord in good order, fair wear and tear accepted – the schedule of condition report will protect the tenant if the landlord is being unreasonable about releasing the deposit, but it will also protect the landlord if there are unexpected decoration costs or loss of rent while the landlord makes good the premises for re-letting after the tenancy expires.
10. Property management
Managing tenants and property during the lease term can be time consuming. The Frost Partnership property management services include rent reviews, lease renewals, day-to-day management of maintenance issues, dilapidation concerns and many more services. Contact our commercial team or learn more about how our commercial property management services can help you.